SOCAN Celebrates 100th Year with a Record $512M in Royalties Distributed to Creators and Publishers
The music rights org turns 100 this year. Amidst its report of record revenues from 2024, it has issued a plea for Canadians to consume more homegrown music.
SOCAN CEO Jennifer Brown
SOCAN, Canada’s largest member-owned music rights organization, turns 100 this year. It's celebrating with a major milestone – but also issuing a warning to the Canadian music industry.
The organization has reported a record-high half-billion dollars in total royalty distributions to music creators and publishers.
Today (April 2), SOCAN released its 2024 Annual Report, which shows a total of $512.4-million in distributed royalty payments. SOCAN revenue also grew to $559.4-million in 2024, a 7% increase over 2023. SOCAN currently has nearly 200,000 songwriter, composer, and music publisher members.
SOCAN's record royalty distributions were 17.5% higher than 2023. That includes royalties paid to music creators and publishers derived from data matched to revenue received in 2023 and beginning of 2024.
That would seem to be unqualified good news, but in a statement, SOCAN called the results "bittersweet for the member-owned, not-for-profit." That's because SOCAN data shows less than 10% of music consumed online in Canada was written or composed by Canadians.
"Never in history has consuming Canadian meant more to our nation," SOCAN writes. "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."
SOCAN CEO Jennifer Brown (one of Billboard Canada's 2024 Power Players) drives home the "support local" message.
“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,” she says. “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.”
Clearly, the performing rights org is hopeful that the current surge in patriotic Canadian pride in the face of a trade war with and threats of annexation from the U.S. may have an impact on the way we all use and consume music.
The report features other data, including an increase in revenue from music uses that took place in Canada 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, meanwhile, increased an impressive 14.9% to $137.8-million, a testament to the talent and success of Canadian music creators on the global stage.
SOCAN also boasts a new software platform to be be complete in 2025, improved distribution processing times, an educational SOCAN Academy initiative, and development and networking programs. "Even with these essential enhanced efforts, SOCAN was able to maintain their expense-to-revenue ratio at 12%" the report says.
SOCAN's Annual and General meeting is scheduled for May 21, in Toronto.
