The Society of Composers, Authors and Music Publishers of Canada announced complete financial results for the fiscal year ended December 31, 2014. The announcement of final official results followed the organization’s preview of financial figures on February 10, 2015, and coincided with SOCAN’s annual general meeting, held this year in Toronto.
* A record year for total revenue – $299.5-million brought in for members, an increase of approximately 8.4 per cent over 2013.
* Record international revenue of $55.5-million, an increase of 8.3 per cent over 2013.
* Internet streaming revenues of $21.3-million – up from $3.4-million in 2013.
* A record-low Corporate Net Expense Ratio of 9.5 percent – a 2.5-point improvement over 2014, making SOCAN one of the most cost-effective major music rights organizations in the world.
* $241-million distributed to members.
SOCAN continues to improve efficiencies and services, benefitting from technology advances, a more streamlined organization, and strategic departmental adjustments.
“SOCAN is one of the Canadian music ecosystem’s greatest success stories,” said CEO Eric Baptiste. “We’re fighting for our members’ rights every minute of every day, and uncovering more places where their music is performed in public in Canada and worldwide, ensuring that every penny a music creator and music publisher has fairly earned ends up in his or her pocket. Our 2014 results are testament to our success working for our songwriter, composer and music publisher members.”
SOCAN also reported that on June 15, 2015, the total number of the organization’s members surpassed 130,000 – an increase of more than 5,000 since this time last year.
For full financial statements and a complete overview of 2014, please visit www.socanannualreport.ca.