The Society of Composers, Authors, and Music Publishers of Canada (SOCAN) has published its preliminary year-end results for 2018.
According to SOCAN, the Performance Rights Organisation recorded a total revenue of $374 mn for 2018, an 11% increase over 2017. Of that, $315mn was distributed to SOCAN members, up from $295 mn in 2017. SOCAN has nearly 160,000 member songwriters, composers, and music publishers.
International royalties are estimated to be least $87 mn ($65.78 mn), an increase of 15% over the previous year. Three hundred and fifteen million dollars ($238.53 mn) was distributed to SOCAN members, an increase from $295 mn ($223.39 mn) in 2017. Domestic revenue increased 8% from 2017 to $282 mn ($213.52 mn), a 25% increase since 2013.
“The consistently increasing number of Canadian music creators aspiring to make a living from their creative work is similar to the halo effect we see in other industries. SOCAN member songwriters and composers like Alessia Cara, Alexandra Stréliski, Drake, Elisapie, Frank Dukes, Hubert Lenoir, Keith Power, Loud, Murda Beatz, Shawn Mendes, Tebey, The Weeknd, and WondaGurl are excelling globally, and they inevitably inspire others to pursue their passion for creating music as a livelihood,” said SOCAN CEO Eric Baptiste in a statement.
Royalties from non-Canadian sources are the No. 1 revenue stream for SOCAN members and are up by an impressive 70% over the last 5 years.
SOCAN revenue from Internet-based licensed music in 2018 will total approximately $62 mn ($47 million), an increase of 27% from approximately $49 mn ($37.14 mn) collected in 2017.
SOCAN also reported that their revenue was following broader industry trends towards digital consumption. Per SOCAN, revenue from Internet-based licensed music in 2018 totaled $62-mn, an increase of 27% from approximately $49mn collected in 2017.