SOCAN 2021 Financials: $353M Paid To Affiliate Members
SOCAN has reported its 2021 financial results, including $416 million in collections for licensed music and $353 million paid to the more than 180,000 songwriters, composers, publishers and visual
By External Source
SOCAN has reported its 2021 financial results, including $416 million in collections for licensed music and $353 million paid to the more than 180,000 songwriters, composers, publishers and visual artists the organization represents.
Collections increased by 6%, despite several revenue streams continuing to be impacted by the pandemic.
Financial highlights include:
Total collections: $416-million (6% increase over 2020).
Domestic collections: $310-million (+6% year-over-year).
Total collections from internet use of music: $135-million (+30%).
Strong Reproduction Rights results with Internet audio-visual more than doubling, synchronization up 37%, and international reproduction rights revenue +32% over 2020.
Total international collections: 6% increase to $106-million.
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Internet collection increases have been driven by a rapidly expanding world market for music delivered via the internet. Stabilization in Internet music revenue is starting to occur due to market saturation, while Internet audio-visual is still seeing significant increases with the introduction of new services in Canada, most recently Disney +, Amazon TV, and Apple TV, the report states.
"Internet royalties now make up nearly 40% of the quarterly SOCAN domestic distributions, which is why the Online Streaming Act currently being tabled by the federal government is so important," said Jennifer Brown, SOCAN CEO. "It is imperative that streaming services contribute to the Canadian cultural ecosystem by promoting Canadian songs and ensuring fair compensation for our members’ work."
However, the overall increases in internet revenue didn’t have much impact on rank-and-file members: the average SOCAN writer-member received $67 in royalties from online streaming in 2021.
The report adds that in 2021, the PRO sharpened its focus on service to members by making key additions to the leadership team, expanding the Reproduction Rights department to enhance dedicated service to clients and members, and divesting from wholly-owned companies.
As SOCAN looks toward recovery in the live music sector, which continues to face pandemic-related challenges with concert revenue down 75% from pre-pandemic levels, the rights org has partnered with the Canadian Live Music Association to deliver Aid#ForTheLoveOfLive benefiting 30 small venues across Canada.
Eligible live music venues can apply by linking here with a deadline of July 13.
For an overview of SOCAN's 2021 activities and financials, link here to view the PRO’s annual report.
