Calls on Canada to listen to more local talent amidst international music increasingly shaping listening habits in the digital landscape.
TORONTO, April 2, 2025 /CNW/ - Today, SOCAN announces, that in 2024 total royalty distributions to music creators and publishers hit a record-high $512.4-million. Similarly, annual revenue from music licenses once again exceeded a half-billion dollars. The results are bittersweet for the member-owned, not-for-profit as SOCAN data shows less than 10% of music consumed online in Canada is written or composed by Canadians. #SupportCanadianMusic
SOCAN revenue grew to $559.4-million in 2024, a 7% increase over 2023.
- Revenue from music uses that took place in Canada increased by $18.1-million to a high of $421.6-million. The increase is led by revenue from digital sources totaling $208.7-million, a 10.8% year-over-year increase, and General Licensing and Concerts increasing 15%.
- Revenue from music uses in international territories increased an impressive 14.9% to $137.8-million, a testament to the incredible talent and success of Canadian music creators on the global stage.
SOCAN royalty distributions hit a milestone half-billion dollars in 2024, 17.5% higher than 2023.
- 2024 distributions include royalties paid to music creators and publishers derived from data matched to revenue received in 2023 and beginning of 2024.
- SOCAN members benefited from improved distribution processing times and data clean up facilitated by the integration of SOCAN's enterprise software platform expected to be complete in 2025.
Never in history has consuming Canadian meant more to our nation, and as SOCAN celebrates 100 years, the organization urges Canadians to support homegrown talent. The music that Canadian songwriters and composers create is important to Canada's local economy, our culture, our storytelling, and our global identity.
"Canadians are increasingly choosing local products and services, driving the success of Canadian businesses and entrepreneurs. It's important to show the same support for our songwriters and composers — not just today, but always," said Jennifer Brown, SOCAN CEO. "Canadian music fans, businesses and government, alongside the international music companies choosing to grow their business in Canada all play a role in showcasing music as part of Canada's cultural identity."
In 2024, SOCAN continued to invest in its members, supporting them with education via their new SOCAN Academy initiative, providing opportunities to collaborate and connect with peers, and work on craft development, and by advancing the new technology integration and important advocacy efforts. Even with these essential enhanced efforts, SOCAN was able to maintain their expense-to-revenue ratio at 12%.
For a complete overview of SOCAN's 2024 activities and financials, please visit www.socan.com and be sure to follow @socanmusic every Wednesday to reflect on the stories, moments and members that have shaped SOCAN's incredible 100-year history.
SOCAN Annual and General meeting is scheduled for May 21, 2025, in Toronto.
About SOCAN
For 100 years, SOCAN has been Canada's largest member-owned music rights organization, resolutely upholding the fundamental truth that music has value. SOCAN collects license fees for the public performance and reproduction of music, matches them to rights holders, and distributes them as royalties to music creators and publishers in Canada and around the world. With a century of expertise and innovation, SOCAN continues to advocate fair compensation for the work of its nearly 200,000 songwriter, composer, and music publisher members. Learn more at www.socan.com.
SOURCE SOCAN
Media contacts: Nicole Van Severen [email protected]
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