, “Growth requires investment, not just maintenance… This new [commercial] model will grow at a faster rate than BMI has grown historically.”collections by 15.6% to $1.573 billion and distributions were up 10.2% to $1.471 billion from the prior year totals of $1.361 billion and 1.335 billion, respectively.
In order to accomplish the transformation to a commercial enterprise, BMI will require investments to upgrade technology and adopt new ones; and enhance and expand current services and products while also adding new services and product capabilities. Those efforts may mean partnering with or buying other companies, O’Neill said. While such moves will come with a cost, O’Neill says “the beauty is that BMI has no debt so we will be able to use leverage to finance” BMI’s planned growth initiatives.
On the other hand, if BMI, which is said to carry a more than $1 billion valuation, had been sold as a result of the earlier Goldman Sachs’ process — or if the PRO is eventually sold — the radio owners would be the beneficiary of that payment.As to what these new planned initiatives could be, O’Neill was vague except to say that BMI wouldn’t be branching into mechanical licensing but may pursue growth opportunities outside the U.S.
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