Meanwhile, Sony sweeps all three Publishers Quarterly categories for Q3 2023, while Warner Chappell jumps to second place on Hot 100.
In short: It doesn't, currently.
"We have zero tolerance for this behavior," Boom Music Group said in a statement.
The performance rights organization said its new-model goal is to distribute 85% of the licensing revenue it collects to songwriters and publishers.
While there's plenty of consternation around BMI's turn to a for-profit model and plans to sell, some in the business are recommending a wait-and-see approach.
In a letter to BMI CEO and president Mike O'Neill, songwriter groups ask for "real, substantive answers" about how its new business moves will affect signees.
New Mountain Capital is buying the performance rights organization, sources tell Billboard.
The complicated process of readjusting royalties owed for the 2018-2022 will include settling over- and under-payments.
The Radio Music Licensing Committee is still awaiting the outcome of appeal, in effort to combine the processes and pit the PROs against each other.
Not to be confused with Phonorecords IV, covering royalty rates for the 2023-2027 term, which were approved last year.
