Royalties distributed to songwriters, composers, and music publishers increase 22% in 2023.
TORONTO , March 27, 2024 /CNW/ - Today, SOCAN announces, for the first time in its history, that total annual revenue will exceed half a billion dollars collected in 2023. Similarly, distributions to music creators and publishers grew impressively to a record-high $442-million.
SOCAN revenue grew to an estimated $523-million in 2023, an 8% increase over 2022. The nearly $40-million growth is attributed mainly to increased revenue from digital and international sources, and continued return-to-normal activity bolstering General Licensing and Concerts.
Revenue from music uses that took place in Canada rose 8% to a high of $404-million. The increase is led by revenue from digital sources totalling $188-million, a 13% year-over-year increase, and General Licensing and Concerts increasing 28% to $48-million.
Revenue from music uses in international territories increased 9% to $120-million, a testament to the incredible talent and success of Canadian music creators on the global stage.
SOCAN distributions hit historic highs totalling an estimated $442-million in 2023, 22% higher than 2022.
2023 distributions include royalties paid to music creators and publishers derived from data matched to revenue received in 2022 and beginning of 2023.
SOCAN members benefited from significant increases in international distributions from $95-million to $102-million, an 8% increase, and Concert distributions from $6-million to $17-million, an over 200% increase, with return-to-normal activities.
In a year marked by record-breaking revenue and distributions, SOCAN recognizes this is not the experience of all Canadian music creators and publishers, and acknowledges that many SOCAN members are facing challenges with participating in royalties from digital sources.
"We take great pride in serving our songwriter, composer and music publisher members, and as we commemorate the 100th anniversary of the enactment of the Copyright Act of Canada, our dedication to legislative advocacy is stronger than ever," said Jennifer Brown, SOCAN CEO. "We must work to level the playing field and SOCAN is wholly committed to creating the environment for a more promising and prosperous future for all of our members."
SOCAN continues to invest in its member-first strategic plan initiated over two years ago, focusing on advocacy efforts, providing more member education and craft development opportunities, and prioritizing member experiences and outcomes. In 2023, SOCAN made the important decision to partner with Spanish Point Technologies to optimize the operational experience for members. The large-scale implementation and data migration is expected to be delivered in 2025.
As a result, the non-profit organization is experiencing improved member satisfaction and royalty outcomes while maintaining an expense-to-revenue ratio of 12%.
SOCAN's annual report and final financial statements, including a complete overview of 2023 activities, will be available in advance of the SOCAN Annual and General meeting, scheduled for June 19, 2024, in Montreal.
About SOCAN
SOCAN is a rights management organization that connects more than four million music creators worldwide, and more than a quarter-million businesses and individuals in Canada. More than 185,000 songwriters, composers, and music publishers are its direct members, and more than 100,000 organizations are Licensed To Play music across Canada. With a concerted use of progressive technology and unique data, SOCAN is dedicated to upholding the fundamental truths that music has value and music creators and publishers deserve fair compensation for their work. For more information: www.socan.com.
SOURCE SOCAN
Media contacts: Nicole Van Severen [email protected]
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