TORONTO and NEW YORK – The Society of Composers, Authors and Music Publishers of Canada (SOCAN) has acquired digital rights organization Audiam, a deal that it says will enable it to better collect performing rights royalties on digital rights platforms like YouTube. Financial terms of the deal were not disclosed.
Founded in 2013 by former TuneCore execs Jeff Price and David Willen, Audiam uses innovative technology and business processes to identify the use of music and correct data on digital services including Spotify, Apple Music, YouTube, Google Play in order to accurately compensate rights-holders.
The performing rights organization said that the acquisition means it now has a comprehensive database and metadata of all musical works and commercially released digital sound recordings, and the technology and business understanding to match and connect the two, issue licenses and pay rights-holders.
"In 2013 Audiam shook up the music royalties system by identifying and correcting serious gaps in the digital music rights value chain, particularly with music used in YouTube videos, by correctly matching data to the rights-holder," said SOCAN CEO Eric Baptiste, in the news release. "By acquiring Audiam, SOCAN steps even further ahead with our vision to lead the global transformation of music rights with substantial new tools for our more than 135,000 member songwriters, composers and music publishers, dramatically expanding our ability to ensure that creators are properly and fairly compensated."
Audiam will remain a separate organization under its current name for the foreseeable future, and Price will remain as CEO.
"SOCAN is not only the most technologically advanced, efficient and transparent music rights organization on the planet, but its board of directors and executive team are singularly focused on assuring all the works of composers and publishers are licensed and that rights-holders are paid for the use of their music," added Price. "Adding SOCAN's resources and knowledge to Audiam allows us to finally fix the global industry problems, remove liability for services and get rights-holders paid."
