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 members.
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 doubling.
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 125,000.
For full financial statements and a complete overview of 2013, please visit www.socanannualreport.ca.
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
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