SOCAN announced today that it is expanding its efforts to provide financial assistance to struggling members as a result of the COVID-19 crisis by allocating up to a total of $2-million for emergency royalty advances.
The program is based on information gained from discussions with numerous SOCAN members. It’s primarily aimed at SOCAN’s songwriters and screen composers whose ability to sustain their income has been compromised by the impact of the crisis on the music industry, especially on those whose concerts have been cancelled, or whose television and movie productions have been suspended. The interest-free advances will be considered based on each member’s most recent earnings history, urgency, and need.
“SOCAN has our members’ backs,” said Eric Baptiste, CEO of SOCAN. “Getting funds to struggling members as soon as possible is of the utmost importance, and we will do whatever we can to help. We have a long history of supporting our members in time of need.”
Each individual application will be considered on its own. SOCAN already provides royalty advances to thousands of deserving creator and publisher members every year as part of its commitment to nurturing the careers of Canada’s music creators. Domestic music publisher members are able to access support as well.
Members who’ve been affected by the COVID-19 crisis and wish to apply for the program should contact SOCAN’s Membership team at 1-866-307-6226, or by email at members@socan.com
Priority will be given to SOCAN members who are faced with a loss in live performance royalties, or screen composers whose productions have been suspended.
The interest-free advance program will be followed by additional support initiatives, to be announced in due course as needs are better identified.
As one of the leaders in the Canadian music ecosystem, SOCAN is in pro-active contact with all relevant levels of government to draw their attention to the need of music people and businesses to benefit from all general economic relief programs and to consider specific programs for music, as one of the highly impacted sectors. While SOCAN and others will do their parts, the crisis is on a scale that only governments can mitigate.
SOCAN collects license payments from businesses that use recorded and live music. It then identifies the music that was used to those who hold the rights to it and distributes what they have earned in regular royalty payments.
SOCAN will announce additional programs designed to assist its members through the crisis as they are determined.