SOCAN – The Society of Composers, Authors and Music Publishers of Canada – today announced financial results for the fiscal year ended December 31, 2012.
“Despite the huge disappointment from the July Supreme Court of Canada decision on music downloads, 2012 overall must be regarded as a positive year for SOCAN and our more than 115,000 members,” said Eric Baptiste, CEO of SOCAN. “Canadian and international songwriters and music publishers continue to have a significant positive impact on domestic and world music economies. Expanding revenues from a wider variety of sources underscores the value that music brings to our lives, and businesses increasingly appear to be realizing the importance of compensating fairly those who create it.”
Total revenue was $252.1-million, versus $266.7-million in 2011. The difference was due almost entirely to the Supreme Court of Canada’s decision relating to downloaded music. The ruling against songwriters and publishers resulted in SOCAN refunding $21.4-million in compensation previously brought in under Tariff 22A that would otherwise have been distributed in 2012 and early 2013 to creators and publishers.
Excluding the Tariff 22A refund to digital distribution corporations, total SOCAN revenue increased $6.8-million, or 2.5 per cent, year-over-year, reflecting both the underlying strength of businesses using music in Canada and the dedication of SOCAN’s teams to proactively license the performing rights of SOCAN’s members, a revenue source of growing importance for thousands of Canadian creators in a fast-changing music industry environment.
2012 Financial Highlights
SOCAN is a member-based organization that represents the Canadian performing rights of more than three-million Canadian and international music creators and publishers. SOCAN is proud to play a leading role in supporting the long-term success of its more than 115,000 Canadian members, and the Canadian music industry overall. SOCAN licenses more than 125,000 businesses in Canada, and distributes royalties to its members and music rights organizations around the world. SOCAN also distributes royalties to its members for the use of their music internationally in collaboration with its peer societies.
Communications & Marketing, SOCAN