British collection society PRS for Music grows revenue 4.4% but reports rise in overall costs and reduction in amounts distributed to members
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Canadian performance rights organisation, Socan, is celebrated record-breaking royalty collections for a third consecutive year
By Jamie Raybould on 20 Jun 2018
Canadian performance rights organisation, Socan, has confirmed that a record-breaking C$352 million in total royalties have been collected in 2017. The news was announced at a general meeting in Toronto yesterday.
The organisation also noted a 44% increase in revenue from internet sources, totalling in just under C$49 million, a record C$295 million was distributed to music creators and publishers.
The record was an 8% year-on-year increase, after a record-breaking 2016 and 2017, and saw a 48% increase in foreign royalties since 2013, coming to a total of $76 million, an all-time high.
“We are delighted to deliver to our members a record overall amount of royalties in 2017”
Socan CEO, Eric Baptiste, comments: ”We are delighted to deliver to our members a record overall amount of royalties in 2017, but there is still much work to be done to ensure that Canada’s music creators and publishers receive what they rightfully have earned and deserve a larger piece of the pie for their extraordinary work.
“Today, Socan is accessing, creating and harnessing technology so that we can even more fully and completely identify, license, track, match and distribute more for our members. Socan continues to fight for the rights of our members to receive a fair portion from businesses that use music to help their bottom line.”
The organisation has recently worked with the University of Toronto’s Department of Computer Science & Innovation Lab, developing artificial intelligence and machine learning. The organisation has also been celebrating the announcement that it has exceeded the 150,000-member milestone.
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