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SOCAN Confirms Record 2023 Financials

AGM highlights commitment to strategic transformation and welcomes new board of directors in support of Canadian music creators and publishers MONTRÉAL, June 19, 2024 /CNW/ - SOCAN today confirmed at its annual general meeting (AGM) in Montréal final 2023 financial results, including a half a billion dollars ($523-million) in collections and record high royalty distributions ($442-million) to songwriters, composers, and music publishers in Canada and around the world. Highlights of SOCAN's 2023 results: $523-million total collections – an 8% increase over 2022. 9% year-over-year increase in total international royalty collections ($119.9-million). 8% year-over-year increase in revenue collected in Canada. 13% year-over-year increase in revenue from digital sources. $442-million total distributions – a 22% increase over 2022. Concert distributions increased from $6-million to over $17-million. Reproductions Rights royalty distributions increased to $9.9-million. Expense-to-revenue ratio was maintained at 12%. "We are delighted with our record performance in 2023, but we recognize that our record-breaking revenues and distributions do not fully represent the challenges faced by Canadian music creators and publishers. Many SOCAN members have seen declining returns and insufficient promotion in the digital landscape, and there is the potential impact of generative artificial intelligence replacing the valuable work of music creators," said Jennifer Brown, CEO of SOCAN and a recent honouree as Billboard Canada's Top-10 Power Players. "That is why we are redoubling our efforts to deliver the technological advancements, government advocacy, and dedicated service that SOCAN members need to thrive in today's evolving music ecosystem." In 2023, SOCAN focused on its ongoing transformation to support its members, which involved reprioritizing its projects and operational initiatives. These initiatives included establishing a partnership with Spanish Point Technologies, a leading technology solutions provider. This partnership is slated to revolutionize the collection and distribution of royalties in Canada. SOCAN's advocacy efforts in 2023 identified core AI principles that put human creativity at the forefront. The organization actively promotes these principles within domestic and international regulatory frameworks, advocating for them directly with government. In addition, SOCAN ...