TORONTO, June 9, 2014 /CNW/ - SOCAN - The Society of Composers, Authors
and Music Publishers of Canada - today announced complete financial
results for the fiscal year ended December 31, 2013. The announcement
of final official results followed the organization's preview of
financial figures on January 31, 2014, and coincided with SOCAN's
annual general meeting, held this year in Montreal.
A record year for total revenue, with $276-million brought in for members, an increase of approximately
nine per cent over 2012.
International revenue of $51-million, the first time that SOCAN members have surpassed the $50-million mark
for royalties originating from outside of Canada - an increase of eight
per cent over 2012.
Internet streaming revenues of $3.2-million were distributed to members - another first.
A record low 12.9 per cent net expense ratio - an improvement of 2.5 points over 2012.
A record $240-million distributed to members, a year-over-year increase of nine per cent (excluding years with
extraordinary arrears payments to members).
Financial results have benefitted from SOCAN's long-term investments in
technology, streamlining processes and overall improved efficiencies,
while improving services. These changes will positively impact future
results by lowering overhead expenses and increasing distributions to
Despite the negative impact of an unusually strong Canadian dollar in
recent years, the increase in international royalties in 2013 continues
the positive trend since 2007 that has seen royalties surge from
$39-million in 2007 to $47-million in 2012 and now $51-million in 2013,
with the number of SOCAN-member songwriters, composers and music
publishers who receive royalties from outside of Canada more than
In 2013 SOCAN surpassed the 120,000 milestone for total number of
members. The organization also reported that total number of businesses
licensed to play music legally and ethically numbered more than
For full financial statements and a complete overview of 2013, please
SOCAN is a member-based organization that represents the Canadian performing
rights of more than three-million Canadian and international music
creators and publishers. SOCAN is proud to play a leading role in
supporting the long-term success of its more than 120,000 Canadian
members, and the Canadian music industry overall. SOCAN licenses more
than 125,000 businesses in Canada, and distributes royalties to its
members and music rights organizations around the world. SOCAN also
distributes royalties to its members for the use of their music
internationally in collaboration with its peer societies. www.socan.ca
For further information:
Media Contact: Andrew Berthoff, 416-442-3836, email@example.com