SOCAN collected record amount of royalties in 2019, but takes a hit on failed investment

TORONTO — SOCAN today announced its final 2019 financial results, which included record domestic and international collections for the organization’s members, who include music creators, music publishers and visual artists. While SOCAN (the Society of Composers, Authors and Music Publishers of Canada) reported total annual collections of $405.6 million in 2019, an 8.2% increase compared to 2018, the company also announced significant financial losses due to past investments in the acquisition, creation and financing of its Dataclef business venture. According to SOCAN’s press release, its 2019 financial results include losses that resulted in an impairment of $41.7 million to the...