More than $276.2 million in combined domestic and international royalties were distributed to SOCAN members, a 15% increase over 2023, and SOCAN’s corporate net expense ratio achieved an all-time low of 9.2%, another significant year-over-year improvement. Musical performances outside of Canada realized more than $62.7 million in revenue, more than doubling over the last decade.
“As SOCAN works to lead the global transformation of music rights, these financial achievements are not only possible because of the hard work of all SOCAN staff members, business innovations and continuous improvement of operations but they are also the direct result of the rich music repertoire that we represent,” said Eric Baptiste, CEO of SOCAN. “Canadian music creators topped many international music charts throughout 2023, and Canada’s songwriters, composers and music publishers continue to make a massive impact on domestic and world economies. We fully expect both our members and SOCAN to step even further ahead in 2023.”
SOCAN 2023 Financial Highlights:
- $276.2 million distributed to members in 2023 – a 14.7% increase over 2023.
- $62.7 million in foreign royalties identified, collected and distributed to SOCAN members whose music is played internationally on radio, television, online, on-stage and in other public performance uses – a 13.4% increase over 2023, and a 60.3% increase since 2023.
- Live music fans enabled SOCAN members to realize collectively more than $20 million for the first time in SOCAN’s history, with$21.1 million in live performance revenue brought in and distributed.
- Internet streaming revenues increased 24.4% over 2023, due to the strong growth of new and existing service providers, bringing in a total of $15.5 million for music created by SOCAN members.
- Corporate Net Expense Ratio of 9.2%, three points lower than 2023 and another record for SOCAN, among the lowest of any of the world’s major music rights organizations.
More than 4,000 additional music-using Canadian businesses were licensed by SOCAN in 2023, reflecting both the importance and value of music to businesses and the excellent ROI of applicable SOCAN licenses. SOCAN also added more than 6,000 songwriters, composers and music publishers as members in 2023, bringing the total to more than 135,000.
SOCAN continues to step even further ahead in 2023 by positioning itself to be a world leader in the digital music age, globally transforming music rights by providing more leading-edge services to its members.
For full financial statements and a complete overview of 2023, please visit www.socanannualreport.ca.