Money 4 Nothing cover image

Money 4 Nothing

BMI Sells Out

Dec 16, 2023
The podcast explores the recent sale of BMI and its implications for songwriters. It discusses the history of BMI and ASCAP, the concept of consent decrees, and the complex nature of licensing rates. The podcast also delves into BMI's filtering system, the importance of support in the music industry, and the flow of money within the industry. It raises concerns about a tech company owning a major player in music and the influence of a record label CEO on streaming services.
58:58

Podcast summary created with Snipd AI

Quick takeaways

  • The sale of BMI, a non-profit organization for songwriters, to a private equity fund backed by Google raises concerns about the future of songwriters' income.
  • ASCAP and BMI emerged in the early 20th century to ensure fair compensation for the public performance of music, but their operations have been criticized for lack of transparency and fair distribution of funds.

Deep dives

BMI goes private, raising concerns about songwriters' income

BMI, the creative performance rights organization, has been sold for $1.7 billion to an anonymous investment group. This sale raises concerns about the future of songwriters' income, as BMI has operated as a non-profit organization for 80 years and serves as a source of income for many songwriters. With the transition to a private entity, there are worries about the organization's pursuit of profit and the impact on songwriters' royalties. ASCAP, BMI's rival, has already criticized the move, highlighting the importance of paying songwriters, not shareholders. The sale also brings up questions about the changing landscape of the music industry and the role of organizations like BMI in ensuring fair compensation for songwriters.

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