BMI Payment Schedule 2024 – Eligibility, Threshold, How to track it?

BMI’s 2024 payment schedule involves quarterly royalty distributions in February, May, August, and November. You may check the payment dates from below.

BMI Payment Schedule 2024

The BMI payment schedule for 2024 is based on quarterly royalty distributions. According to BMI’s official website, royalty payments are made in February, May, August, and November. 

Quarter Earning Period Payment Date
3th Quarter 2023 October-December 2023 February 16, 2024
4st Quarter 2023 January-March 2024 May 17, 2024
1st Quarter 2024 April-June 2024 August 16, 2024
2nd Quarter 2024 July-September 2024 November 15, 2024

However, this schedule is subject to change at BMI’s discretion. Additionally, there are specific minimum thresholds for payment via check or wire transfer, with the minimum amount being $250.00 for May and November distributions, and $25.00 for the August distribution. 

BMI Payment 2024 Eligibility 

BMI payment eligibility depends on two main factors: affiliation and performance of your music.

Affiliation:

  • Songwriters and Composers: You must be affiliated with BMI as a songwriter or composer. Affiliation involves signing a contract with BMI, granting them the right to collect and distribute royalties on your behalf. This process includes paying a one-time affiliation fee.
  • Music Publishers: Music publishers can also affiliate with BMI to manage royalty collection for their clients’ works.

Performance of your music:

  • Your music must be performed publicly in a way that falls under a BMI license. This includes radio and television airplay, streaming services, live performances in licensed venues, etc.
  • Performances covered by other PROs (Performing Rights Organizations) are not eligible for BMI payments.
  • Public domain works do not generate royalties unless they are significantly reworked or arranged.
  • Song Registration: Registering your songs with BMI ensures they are properly tracked and royalties collected accurately.
  • Accuracy of information: Make sure your contact information and song details are updated in your BMI account to ensure payments reach you.
  • Split sheets: For collaborative works, establish “split sheets” outlining royalty share percentages among writers,publishers, etc.

BMI Payment Schedule 2024

BMI Payment Thresholds

BMI payment thresholds are the minimum amounts you need to earn in royalties before they will send you a payment. These thresholds depend on your chosen payment method:

  • Check or wire transfer: $250 for payments in February, May, and November; $25 for the August payment.
  • Direct deposit: $2.00 for any quarter.

The higher thresholds for checks and wire transfers are in place to help BMI manage administrative costs associated with issuing smaller payments. Direct deposit, on the other hand, is more automated and efficient, so the minimum threshold is lower.

Payment Method Minimum Threshold (February, May, November) Minimum Threshold (August)
Check or wire transfer $250 $25
Direct deposit $2.00 $2.00

How to track your BMI payment ?

There are several ways to track your BMI payments and stay informed about your earnings:

  • Log in to your account: https://www.bmi.com/login
  • Go to the “Statements” section: This section displays your royalty statements for each quarter, including details like earned royalties, licensing sources, and deductions.
  • Review current and past statements: You can access statements for past quarters and track your earning history.
  • View upcoming payment information: You can see if you’ve met the minimum threshold for the upcoming distribution and the estimated payment amount.

Factors Affecting BMI Payment

Several factors significantly influence the amount you receive in BMI payments. Here are some key elements:

Performance:

  • Frequency and Reach: The more frequently and widely your music is played, the higher your potential royalties.
  • Type of Performance: Public performances covered by BMI licences generate royalties, while those under other PROs or in unlicensed venues don’t.
  • Territory and Licensing Fees: Royalties vary depending on where your music is played and the specific licensing agreements in place.

Song Structure and Composition:

  • Number of Writers: Each writer shares the royalties proportionally as per the split sheet, affecting individual earnings.
  • Length of Composition: Longer songs typically generate more royalties, but it’s not just about duration; shorter,highly streamed songs can also be lucrative.
  • Composition Type: Instrumental works might see lower royalties compared to vocal songs due to different licensing fees.

BMI’s Distribution Process:

  • Timing and Thresholds: Align your earnings with quarterly distribution dates and minimum thresholds for chosen payment methods (check/wire transfer vs. direct deposit).
  • Deductions and Adjustments: Understand potential deductions for administrative fees, taxes, and adjustments based on factors like co-writing agreements.

External Factors:

  • Industry Trends: Fluctuations in streaming service subscriptions, radio listenership, and live music attendance can impact overall royalty pool size.
  • Economic Conditions: Broader economic factors can influence the music industry and indirectly impact royalty distributions.

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