SOCAN Reveals Record 2023 Revenue, Targets ‘A More Promising and Prosperous Future for All of Our Members’

SOCAN CEO Jennifer Brown. Photo Credit: SOCAN

SOCAN has revealed that its revenue topped $368.50 million (CA$500 million) for the first time in 2023, when distributions are said to have spiked by over 20% to $325.75 million (CA$442 million).The Canadian performance rights organization (PRO) reached out today with an overview of its 2023 financials, including $385.45 million (CA$523 million) in revenue, up 8% from 2022. SOCAN has scheduled its annual meeting for June 19th and intends to release a comprehensive “report and final financial statements, including a complete overview of 2023 activities,” sometime before then.

Running with the currently available information, the noted $325.75 million in payouts to member composers, songwriters, and publishers specifically represents a 22% year-over-year (YoY) boost, the Toronto-headquartered entity signaled.

Worth bearing in mind, however, is that the latter total reflects royalties “derived from data matched to revenue received in 2022 and [the] beginning of 2023,” per 34-year-old SOCAN.

Digging into the $385.45 million in revenue, the PRO attributed $297.75 million/CA$404 million (up 8% YoY) to usages in Canada, which, at least on the recorded side, remained the eighth-largest music market in the world during 2023.And within that tranche, digital revenue jumped 13% YoY to $138.56 million (CA$188 million), as “general licensing and concerts” improved by 28% YoY to $35.38 million (CA$48 million), per SOCAN. Meanwhile, the non-profit attached $88.44 million (CA$120 million) in revenue to international usages, up 9% YoY.

Notwithstanding the seemingly positive results, SOCAN CEO Jennifer Brown in a statement emphasized her PRO’s commitment to initiatives, including legislative advocacy, designed “to level the playing field” for members.

“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,” the longtime SOCAN higher-up indicated.

“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,” finished Brown.

Finally, SOCAN took the opportunity to reiterate that it had in 2023 partnered with Dublin’s Spanish Point Technologies to optimize members’ “operational experience.” The corresponding “large-scale implementation and data migration” is expected to wrap in 2025.Last month, ASCAP reported record revenue of its own for 2023 – while continuing to tout its status as the States’ lone PRO “to operate on a not-for-profit basis.” Also in February, BMI officially completed its sale to New Mountain Capital, committing as well to forwarding $100 million of the proceeds to member songwriters, composers, and publishers.

Today, BMI confirmed the $100 million payout, which is said to have reached affiliates (grouped together in tiers, which also affected the paycheck size) with at least $500 in PRO earnings between 2019 and 2023. “The $100 million was divided equally, 50/50, between BMI songwriters/composers and BMI publishers,” BMI relayed.