SOCAN has announced its updated 2020 forecast for revenues, to enable our members to plan for their future finances. We forecast that total 2020 revenue will likely decrease by approximately 11 percent when measured against the revenue from 2019, a record year. This estimate considers all relevant information, data, research, and trend analyses.
Since our first forecast, our emergency relief royalty advances initiative has been well received, with more than $600,000 so far accessed by qualified members. Our unique Encore plan that delivers royalties to members performing live-streamed concerts on Facebook and Instagram has also seen success, providing more than $130,000 so far to help replace at least some lost gig revenue.
For the full forecast – including reports on revenues from digital/streaming, concerts/live, general/background music, TV, cable, radio, and reproduction rights – click here.