SOCAN Achieves Half-Billion Dollar Revenue Milestone

SOCAN (more info here) announced, for the first time in its history, that total annual revenue will exceed half a billion dollars collected in 2023. Similarly, distributions to music creators and publishers grew impressively to a record-high $442 million.

SOCAN revenue grew to an estimated $523 million in 2023, an 8 percent increase over 2022. The nearly $40 million growth is attributed mainly to increased revenue from digital and international sources and continued return-to-normal activity bolstering General Licensing and Concerts.

Revenue from music use in Canada rose 8 percent to a high of $404 million. The increase is led by revenue from digital sources totalling $188 million, a 13 percent year-over-year increase, and General Licensing and Concerts increasing 28 percent to $48 million.

Revenue from music use in international territories increased 9 percent to $120 million, a testament to the incredible talent and success of Canadian music creators on the global stage.

SOCAN distributions hit historic highs, totalling an estimated $442 million in 2023, 22 percent higher than in 2022.

2023 distributions include royalties paid to music creators and publishers derived from data matched to revenue received in 2022 and the beginning of 2023.

SOCAN members benefited from significant increases in international distributions from $95 million to $102 million, an 8 percent increase, and Concert distributions from $6 million to $17 million, an over 200 percent increase, with return-to-normal activities.

In a year marked by record-breaking revenue and distributions, SOCAN recognizes this is not the experience of all Canadian music creators and publishers and acknowledges that many SOCAN members face challenges with participating in royalties from digital sources.

SOCAN CEO Jennifer Brown comments:

“We take great pride in serving our songwriter, composer and music publisher members, and as we commemorate the 100th anniversary of the enactment of the Copyright Act of Canada, our dedication to legislative advocacy is stronger than ever. We must work to level the playing field and SOCAN is wholly committed to creating the environment for a more promising and prosperous future for all of our members.”

SOCAN continues to invest in its member-first strategic plan initiated over two years ago, focusing on advocacy efforts, providing more member education and craft development opportunities, and prioritizing member experiences and outcomes. In 2023, SOCAN partnered with Spanish Point Technologies to optimize the operational experience for members. The large-scale implementation and data migration is expected to be delivered in 2025.

As a result, the non-profit organization is experiencing improved member satisfaction and royalty outcomes while maintaining an expense-to-revenue ratio of 12 percent.