SOCAN Announces 2010 Financial Results

Music Use Higher Year over Year

TORONTO, May 4 /CNW/ - Eric Baptiste, CEO of SOCAN, presented the organization's 2010 results at a CISAC* committee meeting in Toronto today. Total revenues for the music performing rights organization were $275 million in 2010, representing an 11% increase over 2009. Net corporate expenses for the not-for-profit organization were 14.3% of revenues, an improvement from 14.6% in 2009.

"Directly and indirectly through music publishers, SOCAN provides the principle source of income for most of Canada's songwriters, lyricists and composers," said Mr. Baptiste. "As such, we are pleased that revenues achieved a significant increase in 2010 and that we were able to put almost 86 cents of each dollar collected into the pockets of our members."

The 15.6% year over year increase in domestic revenues in 2010 (at almost $230 million) was attributed to a strong economic rebound of most businesses using music, an increase in the number of businesses using music, and arrear payments for the performance of music on the internet. Almost 72% of domestic revenues came from the traditional media stream, which includes licence fees paid by radio, television, and cable broadcasters for the use of music in their programming. SOCAN's general licensing stream, which includes payment by business establishments that use background music, for example, to enhance the atmosphere in their bars, restaurants, and fitness facilities, comprised 8% of domestic revenues, while concerts totalled 7%. As well, 13% of domestic revenue in 2010 was derived from license fees for the use of music on new media platforms, including ringtones, satellite radio, and internet (note: internet revenues in 2010 included arrears from 1996-2009).

In addition, $42 million was collected from SOCAN's international peers for the performance of Canadian music around the world, representing an 11% decrease year over year due mainly to the strength of the Canadian dollar. Also, $63 million was distributed to foreign societies for the performance of their members' music in Canada.

SOCAN, the Society of Music Authors, Composers, and Publishers of Canada, represents the Canadian performing rights of over three million international music creators and publishers. SOCAN is proud to play a leading role in supporting the long-term success of its more than 100,000 Canadian members, as well as the Canadian music industry. Its role is to administer the performance of music in Canada by collecting licence fees and distributing royalties to its members and peer organizations around the world. SOCAN also distributes royalties to its members that it receives from its peer organizations for the use of Canadian music around the world. www.socan.ca

* CISAC is the International Confederation of Societies of Authors and Composers which aims to increase both the recognition and protection of creators' rights worldwide. SOCAN is one of 229 authors' societies and guilds in 121 countries that are members of CISAC.


SOURCE SOCAN

For further information:

Media Contact:
Betsy Chaly
Director, Marketing and Communications, SOCAN
chalyb@socan.ca 
(416) 442-3836


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