SOCAN CEO Jennifer Brown. Photo Credit: SOCAN
SOCAN has reported north of $390 million (CA$559.4 million) in revenue for 2024, when its collections growth rate slowed a bit from 2023.
The Canadian PRO disclosed this and other performance particulars in its annual report today. According to the breakdown, the above-mentioned collections represent both a record high and a 6.9% year-over-year (YoY) increase, down from about 8% in 2023.
With roughly 6,000 new members to its credit on the year, SOCAN attributed the revenue improvement to “strong” boosts for general licensing (up 10.1% YoY), concerts (up 17.7% YoY to $27 million/CA$38 million), digital (up 10.8% YoY to $146 million/CA$209 million), and international (up 15% YoY to $96 million/CA$138 million).
On the distribution front, SOCAN is said to have paid members $358 million/CA$512 million last year, up 17.5% YoY as compared to 22% for 2023.
“A significant portion of this increase also came from improved data resolution activities,” elaborated the non-profit, which has scheduled its annual meeting for May 21st.
(Already receiving a limited beta test, a program “to deliver monthly concert distributions” for certain events will become available to all members in 2026, SOCAN communicated as well.)
Those numbers seem positive enough, but SOCAN described its showing as “bittersweet” to DMN. Less than one-tenth of Canada’s online music consumption involves works written or composed by Canadians, the entity spelled out here.
Running with the point in a statement, SOCAN CEO Jennifer Brown urged consumers to get music in on the “Buy Canadian” action.
“Canadians are increasingly choosing local products and services,” Brown said, “driving the success of Canadian businesses and entrepreneurs. It’s important to show the same support for our songwriters and composers — not just today, but always.
“Canadian music fans, businesses and government, alongside the international music companies choosing to grow their business in Canada all play a role in showcasing music as part of Canada’s cultural identity,” finished the longtime SOCAN higher-up.
Though SOCAN’s core financials span a handful of pages, the year-end report itself runs nearly 50 pages overall and covers quite a bit of additional ground.
Among other things, SOCAN reiterated its position on AI and provided an update on its years-running technology-strategy pivot. Expected to wrap sometime later this year, said pivot centers on a tie-up with Ireland-based Spanish Point Technologies.
Meanwhile, having apparently kept a tally of “strategic connections,” SOCAN said it’d “facilitated more than 600 introductions between members and key industry players” last year.
Content shared from www.digitalmusicnews.com.