BMI's Sale: Putting Profits Over People?

The looming $1.7 billion sale of BMI to New Mountain Capital has raised alarm bells in the music industry. As BMI potentially shifts from a nonprofit to a for-profit entity, the voices of songwriters and independent publishers, who make up a significant portion of the music world, are growing increasingly worried.

These concerns are not unfounded. Songwriter groups have penned a second letter to BMI, echoing their disappointment and demanding answers about what this sale means for the creative minds behind the music. Their worries are fueled by a staggering $145 million in earnings that have mysteriously gone undistributed to songwriters, leaving them in the dark about the fate of their hard-earned royalties.

The apprehension is clear: as BMI's ownership transforms, will it place profits above the welfare of composers, publishers, and songwriters? This shift raises questions about whether BMI, like many major corporations today, will adopt a "profits over people" mentality.

The secrecy surrounding the sale only deepens these concerns. Who are the undisclosed shareholders in this deal? As the music industry braces for change, the fear is that the heart of the art, the creators themselves, may get lost in the shuffle. Some wonder, could these shareholders be major players like Sony, UMG, Warner Chappell or other entertainment entities with conflicts of interest?

The potential transformation of BMI is more than a financial shift; it's a pivot that risks undermining the very essence of the music industry – the people behind the melodies and lyrics. A potential additional threat to independent writers and publishers is the reality that today two of the four PROs accept members by invitation only, limiting who can participate in the estimated 4 billion dollars of performance revenue distributed annually to the creative community.  

What is essential at this moment is that BMI responds to the call for transparency, accountability, and the reminder that the soul of music should always take precedence over corporate gains.