SOCAN Confirms Record 2023 Financials

AGM highlights commitment to strategic transformation and welcomes new board of directors in support of Canadian music creators and publishers

MONTRÉAL, June 19, 2024 /CNW/ - SOCAN today confirmed at its annual general meeting (AGM) in Montréal final 2023 financial results, including a half a billion dollars ($523-million) in collections and record high royalty distributions ($442-million) to songwriters, composers, and music publishers in Canada and around the world.

Highlights of SOCAN's 2023 results:

• $523-million total collections ? an 8% increase over 2022.
• 9% year-over-year increase in total international royalty collections ($119.9-million).
• 8% year-over-year increase in revenue collected in Canada.
• 13% year-over-year increase in revenue from digital sources.
• $442-million total distributions ? a 22% increase over 2022.
• Concert distributions increased from $6-million to over $17-million.
• Reproductions Rights royalty distributions increased to $9.9-million.
• Expense-to-revenue ratio was maintained at 12%.

"We are delighted with our record performance in 2023, but we recognize that our record-breaking revenues and distributions do not fully represent the challenges faced by Canadian music creators and publishers. Many SOCAN members have seen declining returns and insufficient promotion in the digital landscape, and there is the potential impact of generative artificial intelligence replacing the valuable work of music creators," said Jennifer Brown, CEO of SOCAN and a recent honouree as Billboard Canada's Top-10 Power Players. "That is why we are redoubling our efforts to deliver the technological advancements, government advocacy, and dedicated service that SOCAN members need to thrive in today's evolving music ecosystem."

In 2023, SOCAN focused on its ongoing transformation to support its members, which involved reprioritizing its projects and operational initiatives. These initiatives included establishing a partnership with Spanish Point Technologies, a leading technology solutions provider. This partnership is slated to revolutionize the collection and distribution of royalties in Canada.

SOCAN's advocacy efforts in 2023 identified core AI principles that put human creativity at the forefront. The organization actively promotes these principles within domestic and international regulatory frameworks, advocating for them directly with government.

In addition, SOCAN launched important initiatives to offer a tailored experience for existing members and the 5000 new members added in 2023. This involved expanding the team dedicated to member service in Québec and developing an ambassador program to support regional and audiovisual member segments, both in Canada and around the world, from within their respective communities.

These strategic shifts are geared towards better serving SOCAN's more than 190,000 members and aligning with its member-centric vision.

At the annual general meeting, SOCAN congratulated the newly elected 2024 board of directors, made up of songwriters, composers, and music publishers. The directors were elected for different terms supporting SOCAN's transition to a staggered election process to maintain continuity on the board while improving the transfer of information and experience.

SOCAN 2024 board of directors

Writer Directors:

Publisher Directors:

Next year, the organization will move to an annual board election cycle, where six director positions will be up for election each year.

For an overview of SOCAN's 2023 activities and financials, please visit www.socan.com.

About SOCAN?? 

SOCAN is a rights management organization that connects more than four million music creators worldwide, and more than a quarter-million businesses and individuals in Canada. More than 190,000 songwriters, composers, and music publishers are its direct members, and more than 100,000 organizations are Licensed To Play music across Canada. With a concerted use of progressive technology and unique data, SOCAN is dedicated to upholding the fundamental truths that music has value and music creators and publishers deserve fair compensation for their work. For more information: www.socan.com.???? 

SOURCE SOCAN