Canadian collecting society SOCAN has reported its financials for 2015, including record royalties paid out to songwriters and publishers.
The society brought in $307.8m of total royalties, distributing more than $276.2m to its songwriter and publisher members.
That’s up 14.7% year-on-year, with SOCAN trumpeting its 9.2% corporate net expense ratio at a time when societies are being scrutinised for their costs more closely than ever.
Within the overall figures, SOCAN saw its internet streaming revenues grow by 24.4% in 2015, bringing in $15.5m for members – so just over 5% of its overall revenues. SOCAN now has more than 135,000 members, having added more than 6,000 last year.
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