Canadian Music Week has just unveiled a one-day international creative-economy summit on May 7. The Mastering Of A Music City is scheduled as part of CMW's annual confab in Toronto.
Foreign Income Fuels SOCAN Revenue Growth
Foreign income from foreign media using Canadian-owned copyrights helped push the revenues of the Society of Composers, Authors and Music Publishers of Canada (SOCAN) to a new high in 2015.
According to a preliminary year-end report for the year, the PRO has outperformed its own lofty expectations by setting a new high for royalties identified, collected and distributed to its more than 130,000 members, while also reaching new records in cost-effectiveness:
- A new record for total revenue of approximately $310-million, the first time in the organization's history that it has exceeded the $300-million milestone – an increase of at least 3% over the record $299-million of 2014.
- Corporate net expense ratio of 9% after the already ground-breaking 9.5% in 2014, another record smashed not only for SOCAN but likely for any major music rights organization in the world.
- At least $62-million in foreign royalties identified, collected and distributed for members whose music is played internationally on radio, television, online, on-stage and other public performance uses – a 14% increase over 2014, and a 60% increase since 2007.
- Total royalty distributions to members of approximately $275-million – a 15% year-over-year increase.
"When we think of Canada's music creators we naturally think of stars like The Weeknd, Andrew Lockington, Drake, Grimes, MAGIC!, Christine Jensen, Luc Plamondon, Coeur de Pirate and Stephan Moccio, and indeed these SOCAN members have truly earned their stature," said CEO Eric Baptiste. "But Canada's music creators and publishers are enjoying massive, collective success in virtually every area, whether hip-hop, alt-rock, country, EDM, roots and traditional, blues, soul, classical, jazz, film and television composing and other genres. What we are seeing now is a phenomena unprecedented in Canadian music history. Canada is a music-making global powerhouse, and SOCAN is proud to be one of its biggest engines."
SOCAN is bringing in and distributing more with less. Royalties delivered are rising while corporate expenses are decreasing. The organization is achieving this by attracting top-talent, investing in new technologies, creating new business partnerships and alliances and anticipating the future in a rapidly changing music ecosystem.
Baptiste added: "SOCAN's success isn't by magic, it's through a brilliant and dedicated team of more than 280 music industry professionals passionately fighting and working every single day for our members' rights and the fair compensation that these songwriters, composers and music publishers have earned for their own passionate work."
SOCAN is a member-based organization that represents the Canadian performing rights of more than four-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 130,000 Canadian members, and the Canadian music ecosystem 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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