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Subjects: Nonprofit Organizations, Polls, Opinion & Research, Business
The efficiency of our operating expenses has never been so optimal; Digital collections continue to diverge from traditional sources, but these license increases do not benefit all SOCAN member creators equally.
TORONTO, June 26, 2023 /CNW/ — As the Canadian music industry gradually emerges from pandemic restrictions, SOCAN has seen a significant year-over-year increase in licensed collections from the use of global music repertoire in Canada. Digital collections continued to grow, nearly surpassing traditional broadcast revenues, while concert collections surpassed pre-pandemic levels.
- Total Revenue: $484 million — a 16% increase from 2021.
- National Collections: $374 million (+20% over 12 months).
- Revenue from online music usage: $167 million (+24% over 12 months).
- Copyright Collections: $15 million (+35% over 12 months).
- Collection from international sources: a 3% increase to a total of $110 million.
The nonprofit has increased its collections while reducing its cost-to-income ratio to 11.7%, down 1% from 2021.
With almost 6,000 new members in 2022 and a current total membership of over 185,000 members, more Canadian music creators and publishers are earning royalties than ever before. It is more important than ever to support their work, which is an integral part of our culture and our national pride.
While the increase in collections translates into an overall increase in royalties paid, we find that not all creators benefit equally from the increase in digital royalties. Canadian music makers don’t enjoy the same visibility in digital spaces as they do in traditional spaces like radio.
The distance is considerable. In fact, domestic royalties paid to SOCAN’s Canadian creators have declined by 9% over the past five years, driven by growth in digital revenue at the expense of traditional sources.
“SOCAN’s member-centric strategy to maximize royalties and revolutionize our services is having a positive impact,” said Jennifer Brown, CEO of SOCAN. There are still strong headwinds for Canada’s music creators and publishers, but SOCAN is playing a critical role in harnessing the impact of digital forces by identifying and collecting royalties on new music and advocating for government policy changes. Bill C-11 was an important step in supporting and promoting Canadian music in the digital space.
SOCAN’s annual report is available here.https://www.socanannualreport.ca/
About SOCAN
SOCAN is a rights management organization connecting more than four million creators worldwide and more than a quarter million companies and individuals in Canada alone. Its membership includes more than 185,000 songwriters, composers and music publishers, while more than 100,000 companies across Canada are licensed to play. Through the judicious use of cutting-edge technology and unique data, SOCAN is committed to defending a fundamental truth: music has value, and creators and publishers deserve fair compensation for their work. For more information: www.socan.com
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Press release sent on June 26, 2023 at 8:00 p.m. and distributed by:
