Canada’s SOCAN Announces 8 Percent Growth in Revenue, Huge Jump in Streaming
Canadian performing rights organization SOCAN had a record year in 2016, generating an estimated $330 million CAD ($253.4 million USD) in total revenue, an 8 percent bump from 2015.
Canadian performing rights organization SOCAN had a record year in 2016, generating an estimated $330 million CAD ($253.4 million USD) in total revenue, an 8 percent bump from 2015. Notably, SOCAN’s streaming revenues were up more than 460 percent with $13 million ($10 million USD).
The precise figures will be determined following the March 2017 meeting of the SOCAN board of directors, according to a press release.
The estimated $330 million is an 8 percent increase over 2015’s $307.8 million. In 2014, $299.5 million was generated. SOCAN said it distributed more than $285 million ($218 million USD) to its members “for the first time ever,” and $66 million ($50 million USD) in foreign royalties, which is an increase of 30 percent from three years ago.
SOCAN also estimates domestic revenues of nearly $265 million ($203 million USD), also up 8 percent from the previous year and a “new high for SOCAN.”
“SOCAN’s work to lead the global transformation of music rights continues, benefitting music creators and publishers even more in terms of royalties identified, collected, and distributed in Canada and worldwide,” said CEO Eric Baptiste, in a statement. “Our efforts to improve our technology, partnerships and alliances, to be more accurate, more comprehensive, and faster are paying off for our members with new revenue and distribution records across-the-board in 2016.”