The Society of Composers, Authors and Music Publishers of Canada (SOCAN) has topped $300 million (CAD) in total revenues from its membership for the first time since forming in 1990 after a merger between two PROs, CAPAC and PROCAN.
The performance rights organization collected CAD $307.8 million ($240.04 USD) in domestic and international royalties for the fiscal year ending Dec. 31, 2015, from the performance of music from more than 135,000 songwriters, composers and music publisher members. (A preliminary financial report released in January put the figure at $310 million).
More than $276.2 million in combined domestic and international royalties were distributed to SOCAN members, up 15 percent from 2014. Foreign royalties brought in $62.7 million, more than doubling over the last decade.
“As SOCAN works to lead the global transformation of music rights, these financial achievements are not only possible because of the hard work of all SOCAN staff members, business innovations and continuous improvement of operations but they are also the direct result of the rich music repertoire that we represent,” SOCAN CEO Eric Baptiste said in a statement.
SOCAN 2015 financial highlights:
— $276.2 million distributed to members in 2015, a 14.7 percent increase over 2014.
— $62.7 million in foreign royalties identified, collected and distributed to SOCAN members whose music is played internationally on radio, television, online, on-stage and in other public performance uses – a 13.4 percent increase over 2014, and a 60.3 percent increase since 2007.
— Live music fans enabled SOCAN members to realize collectively more than $20 million for the first time in SOCAN’s history, with $21.1 million in live performance revenue brought in and distributed.
— Streaming revenues increased 24.4 percent over 2014, due to the strong growth of new and existing service providers, bringing in a total of $15.5 million for music created by SOCAN members.
More than 4,000 additional Canadian music-using businesses were licensed by SOCAN in 2015 and 6,000-plus songwriters, composers and music publishers signed up as new members, bringing the total membership to over 135,000.