The Society of Composers, Authors and Music Publishers of Canada (SOCAN) collected $330 million ($249.3M USD) in total revenues for its fiscal year, ending Dec. 31, 2016, it was announced at its Annual General Meeting in Montreal this afternoon. The figure is a seven percent year-over-year increase. The PRO said it recorded “new highs on almost every front.”
More than $289 million ($218.3M) in combined domestic and international royalties were distributed to SOCAN members, up 5 percent from 2015, and “exceeding $285-million for the first time ever,” it stated.
Sixty-seven million ($50.6M USD) in foreign royalties, a 31 percent increase since 2013, from its members’ music played internationally on radio, television, online, on-stage and in other public performance uses.
Of particular note, streaming revenues grew 118 percent over 2015, bringing in a total of $33.8 million ($25.5M USD) for SOCAN’s 150,000 members. “Although still relatively small given the prominence of streaming services, internet revenue more than doubled in 2016, reaching $33.8-million due to very strong growth from existing licensees and new service providers entering Canada,” according to the SOCAN release.
"These results further increase SOCAN's position as one of the top music rights organizations in the world that is shaping the music landscape," SOCAN CEO Eric Baptiste said in a statement. "They demonstrate our strength in licensing the performing right as well as our business innovation to globally transform music rights. We continue to focus on ensuring that more royalties are provided to Canadian songwriters, composers and music publishers and the millions of foreign rights-holders we represent."
Also in 2016, nearly 4,500 businesses that use music became “licensed to play” with SOCAN and 6,500 additional songwriters, composers and music publishers signed up for membership. “Looking for opportunities to lead the global transformation of music rights,” the organization also launched its Royalty Guru service and API portal; acquired Seattle-based MediaNet and New York-based music technology company Audiam.
For full financial statements and overview of 2016, go to www.socanannualreport.ca.
