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) revenue grew 3.5%, while international revenue increased 8.3% to $46 million due to strong member activity abroad, proactive relationship management with affiliated music rights organizations around the world, and a slightly weaker Canadian dollar.
Overall net expense ratio remained the same as 2010 at 14.3%, meaning that 86 cents of each dollar that SOCAN collected were distributed to members
"2011 represented another strong year for SOCAN and our incredibly talented music creator and publisher members" said CEO Eric Baptiste, in a statement. "We distributed a record-setting amount of royalties by licensing music usage in more businesses, expanded our membership pool, and kept our expenses in check. What this all means is more money went into the hands of our members, something SOCAN strives to accomplish each year."
