SOCAN has announced that, for the first time in its history, total annual revenue will exceed half a billion dollars, which was collected in 2023. Similarly, distributions to music creators and publishers grew impressively, to a record-high $442 million.
SOCAN revenue grew to an estimated $523-million in 2023, an eight percent increase over 2022. The nearly $40-million growth is attributed mainly to increased revenue from digital and international sources, and continued return-to-normal activity bolstering the pools for General Licensing and Concerts.
Revenue from music uses that took place in Canada rose eight percent, to a high of $404-million. The increase is led by revenue from digital sources, totaling $188-million, a 13 percent year-over-year increase, and General Licensing and Concerts increased 28 percent, to $48 million.
Revenue from music uses in international territories increased nine percent to $120 million, a testament to the incredible talent and success of Canadian music creators on the global stage.
SOCAN distributions to our members hit historic highs, totaling an estimated $442 million in 2023, 22 percent higher than 2022.
Our 2023 distributions include royalties paid to music creators and publishers derived from data matched to revenue received in 2022 and the beginning of 2023.
SOCAN members benefited from significant increases in international distributions, from $95 million to $102 million, an eight percent increase, and Concert distributions from $6 million to $17 million, an increase of almost 200 percent, with return-to-normal activities.
In a year marked by record-breaking revenue and distributions, SOCAN recognizes this is not the experience of all Canadian music creators and publishers, and acknowledges that many SOCAN members are facing challenges with participating in royalties from digital sources.
“We take great pride in serving our songwriter, composer, and music publisher members, and as we commemorate the 100th anniversary of the enactment of the Copyright Act of Canada, our dedication to legislative advocacy is stronger than ever,” said Jennifer Brown, SOCAN CEO. “We must work to level the playing field, and SOCAN is wholly committed to creating the environment for a more promising and prosperous future for all of our members.”
SOCAN continues to invest in its member-first strategic plan, initiated more than two years ago, focusing on advocacy efforts, providing more member education and craft development opportunities, and prioritizing member experiences and outcomes. In 2023, SOCAN made the important decision to partner with Spanish Point Technologies to optimize the operational experience for members. The large-scale implementation and data migration is expected to be delivered in 2025.
As a result, the non-profit organization is experiencing improved member satisfaction and royalty outcomes, while maintaining an expense-to-revenue ratio of 12 percent.
SOCAN’s annual report and final financial statements, including a complete overview of 2023 activities, will be available in advance of the SOCAN Annual and General meeting, scheduled for June 19, 2024, in Montréal.