SOCAN Announces $2M Emergency Relief Fund
Interest-free advances will be considered based on each member’s most recent earnings history, urgency and need.
By FYI Staff
SOCAN has announced a $2-million emergency royalty advance fund to struggling members as a result of the COVID-19 crisis.
The program comes as a result of information gleaned from discussions with members. The interest-free advances will be considered based on each member’s most recent earnings history, urgency and need.
“SOCAN has our members’ backs," said Eric Baptiste, CEO of SOCAN in a statement Thursday. "Getting funds to struggling members as soon as possible is of the utmost importance, and we will do whatever we can to help. We have a long history of supporting our members in times of need."
Domestic music publisher members are also able to access support from the fund.
Members who have been affected by the COVID-19 crisis and wish to apply for the program should contact SOCAN's Membership team at 1-866-307-6226, or by email at email@example.com
Priority will be given to SOCAN members who are faced with a loss in live performance royalties or screen composers whose productions have been suspended.
The interest-free advance program will be followed by additional support initiatives that will be announced in due course as needs are better identified.
SOCAN collects license payments from businesses that use recorded and live music. It then identifies the music that was used to those who hold the rights to it and distributes what they have earned in regular royalty payments.