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Business News (more headlines) 06-25-2017

SOCAN Powers Forward With Record-Breaking Royalties For Music Creators, Publishers

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SOCAN announced final financial results for its fiscal year ending Dec. 31, 2016, reporting that it has achieved new highs on almost every front, collecting $330-million in total domestic and international royalties from the performances of the music of its nearly 150,000 songwriter, composer, and music publisher members.

More than $289-million in combined domestic and international royalties were distributed to SOCAN members, an increase of five per cent over 2015. Royalties from outside of Canada identified and collected increased to $67-million, a 31 per cent three-year growth rate. Internet music streaming revenues jumped 118 per cent over the previous year, bringing in a total of $33.8-million for music created or published by SOCAN members.

"These results further increase SOCAN's position as one of the top music rights organizations in the world, that is shaping the music landscape," said Eric Baptiste, CEO of SOCAN. "They demonstrate our strength in licensing the performing right as well as our business innovation to globally transform music rights. We continue to focus on ensuring that more royalties are provided to Canadian songwriters, composers and music publishers and the millions of foreign rights-holders we represent."

SOCAN 2016 Financial Highlights:

* Record total revenue of a third-of-a-billion dollars - approximately $330-million in overall revenue in 2016 for a seven per cent year-over-year increase.
* $289-million distributed to members - exceeding $285-million for the first time ever.
* $67-million in foreign royalties identified, collected and distributed to SOCAN members whose music is played internationally on radio, television, online, onstage, and in other public performance uses - a 31 per cent increase since 2013.
* Internet streaming revenues increased by 118% - although still relatively small given the prominence of streaming services, internet revenue more than doubled in 2016, reaching $33.8-million due to very strong growth from existing licensees and new service providers entering Canada.

Nearly 4,500 music-using businesses became Licensed To Play with SOCAN in 2016, reflecting both the importance and value of music to businesses. SOCAN also added more than 6,500 songwriters, composers and music publishers as members in 2016.

SOCAN continues to power many facets of the Canadian music industry, looking for opportunities to lead the global transformation of music rights, providing leading-edge services to its members. In 2016, the organization launched its Royalty Guru service and API portal, acquired Seattle-based MediaNet and New York-based music technology company Audiam. With these innovations and acquisitions SOCAN offers an expanded suite of services to digital service providers, music creators and music publishers, benefiting its members and positioning it as a world leader in the digital music age.

"While we are pleased with our results, there is much work to be done," Baptiste added. "Like everyone, songwriters, composers and music publishers simply want fair compensation for their work. We are not there yet, and SOCAN will continue to fight every single day on their behalf."

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