AGM highlights commitment to
strategic transformation and welcomes new board of directors in
support of Canadian music creators and publishers
MONTRÉAL, June 19,
2024 /CNW/ - SOCAN today confirmed at its annual
general meeting (AGM) in Montréal final 2023 financial results,
including a half a billion dollars ($523-million) in collections and record high
royalty distributions ($442-million)
to songwriters, composers, and music publishers in Canada and around the world.
Highlights of SOCAN's 2023 results:
- $523-million total collections – an 8% increase over
2022.
- 9% year-over-year increase in total international royalty
collections ($119.9-million).
- 8% year-over-year increase in revenue collected in Canada.
- 13% year-over-year increase in revenue from digital
sources.
- $442-million total
distributions – a 22% increase over 2022.
- Concert distributions increased from $6-million to over $17-million.
- Reproductions Rights royalty distributions increased to
$9.9-million.
- Expense-to-revenue ratio was maintained at 12%.
"We are delighted with our record performance in 2023, but we
recognize that our record-breaking revenues and distributions
do not fully represent the challenges faced by Canadian music
creators and publishers. Many SOCAN members have
seen declining returns and insufficient promotion in the
digital landscape, and there is the potential impact of generative
artificial intelligence replacing the valuable work of music
creators," said Jennifer Brown, CEO
of SOCAN and a recent honouree as Billboard Canada's Top-10
Power Players. "That is why we are redoubling our
efforts to deliver the technological advancements, government
advocacy, and dedicated service that SOCAN members need to thrive
in today's evolving music ecosystem."
In 2023, SOCAN focused on its ongoing transformation to support
its members, which involved reprioritizing its projects and
operational initiatives. These initiatives included establishing a
partnership with Spanish Point Technologies, a leading
technology solutions provider. This partnership is slated to
revolutionize the collection and distribution of royalties in
Canada.
SOCAN's advocacy efforts in 2023 identified core AI principles
that put human creativity at the forefront. The organization
actively promotes these principles within domestic and
international regulatory frameworks, advocating for them directly
with government.
In addition, SOCAN launched important initiatives to offer
a tailored experience for existing members and the 5000 new
members added in 2023. This involved expanding the team
dedicated to member service in Québec and developing an ambassador
program to support regional and audiovisual member segments, both
in Canada and around the world,
from within their respective communities.
These strategic shifts are geared towards better serving
SOCAN's more than 190,000 members and aligning with its
member-centric vision.
At the annual general meeting, SOCAN congratulated the
newly elected 2024 board of directors, made up of songwriters,
composers, and music publishers. The directors were elected
for different terms supporting SOCAN's transition to a staggered
election process to maintain continuity on the board while
improving the transfer of information and experience.
SOCAN 2024 board of directors
Writer Directors:
Name
|
Seat
|
Term
|
Lesley
Barber
|
EAST (AV)
|
3 years
|
David
Bussières
|
QUÉBEC
|
2 years
|
Darren Fung
|
WEST (AV)
|
1 year
|
Troy Kokol
|
WEST
|
3 years
|
Laurence
Lafond-Beaulne
|
QUÉBEC
|
3 years
|
Stan
Meissner
|
EAST
|
2 years
|
Glenn Morley
|
EAST
|
1 year
|
Marc
Ouellette
|
QUÉBEC
|
1 year
|
Sarah Slean
|
EAST
|
2 years
|
Publisher Directors:
Name
|
Seat
|
Term
|
Jennifer
Beavis
|
EAST
|
3 years
|
Jean-François
Denis
|
QUÉBEC
|
1 year
|
Gary Furniss
|
EAST
|
1 year
|
Mark Jowett
|
WEST
|
2 years
|
Jason Klein
|
EAST
|
3 years
|
Daniel
Lafrance
|
QUÉBEC
|
3 years
|
Cheryl Link
|
EAST
|
1 year
|
Jennifer
Mitchell
|
EAST
|
2 years
|
Diane Pinet
|
QUÉBEC
|
2 years
|
Next year, the organization will move to an annual board
election cycle, where six director positions will be up for
election each year.
For an overview of SOCAN's 2023 activities and financials,
please visit www.socan.com.
About SOCAN
SOCAN is a rights management organization that connects more
than four million music creators worldwide, and more than a
quarter-million businesses and individuals in Canada. More than 190,000 songwriters,
composers, and music publishers are its direct members, and more
than 100,000 organizations are Licensed To Play music across
Canada. With a concerted use of
progressive technology and unique data, SOCAN is dedicated to
upholding the fundamental truths that music has value and music
creators and publishers deserve fair compensation for their work.
For more information: www.socan.com.
SOURCE SOCAN