Canadian PRO SOCAN posted a $9.2 million increase in revenue over 2013 for a record total of $299.5M from license fees collected primarily from concerts and new media such as Netflix and music streaming services.
According to Licensing VP Jennifer Brown, the growth in online licensing income offset subtle declines from traditional fee payers in TV and radio.
Internet streaming revenues increased to $21.3M, and international revenue increased 8.3-percent to $55.5M.
Faced with big IT investments to handle the billions of lines of data supplied by new media firms such as Spotify, Pandora, YouTube, and Netflix, SOCAN was still able to reduce its overhead to less than 10-percent on a net expense ration and distribute $241M to its membership. SOCAN membership tipped the 130M mark in the past year, an increase of nearly 6,000 over 2013.
To get a sense of the size and scope of its membership, 93,333 new works were registered by its constituency of songwriters and composers in 2014.
The PRO licenses more than 125,000 businesses in Canada, and distributes royalties to its members and music rights organizations around the world.
The not-for-profit hosts its annual awards show next Monday (June 22), celebrating many of its most successful and accomplished writers, composers, and music publishers.
Among them: Randy Bachman, who will be honoured with the Lifetime Achievement Award; Mars Bonfire, who penned "Born To Be Wild", will receive the inaugural SOCAN Cultural Impact Award; multi-platinum selling Dallas Green will receive the SOCAN National Achievement Award; and MAGIC! is to receive the International Achievement Award, which recognizes the group's success with the hit single, "Rude."
Left to right: Tavish Crowe, Johsh Ramsey, Carly Rae Jepsen and SOCAN CEO Eric Baptiste.