SOCAN royalties top $262M in 2011

TORONTO – The Society of Composers, Authors and Music Publishers of Canada (SOCAN) set a royalties distribution record last year of $262 million, the organization said Monday while reporting its 2011 financial results. This figure included the special distributions of radio and ringtones arrears plus the first-ever distribution of satellite radio arrears under Tariff 25. Excluding the one-time arrears payments, SOCAN's regular distributions in 2011 were $214 million, a 7.1% increase from $195 million in 2010. Total revenue increased 3.7% to $267 million, when one-time Internet arrears revenue of $17 million reported in 2010's revenue were excluded. Traditional media (cable, TV, radio)...