French collecting society Sacem has published its financial results for 2022, revealing that its collections grew by 34% year-on-year to a record €1.41bn ($1.54bn at current exchange rates).
The society said that digital music was its biggest source of royalties last year, growing by 38% to €493m as Sacem processed 275tn (trillion) streams and downloads.
Its revenues from broadcasters grew by 19% to €353.1m in 2022, with another €327m in “general royalties” – up 93% year-on-year.
What did all this mean in terms of payouts? Sacem’s distributions to songwriters, composers and publishers grew by 19% year-on-year to just under €1.06bn. The society’s spending on operating expenses was 11.65% of its revenues – a record low, and down from 14.8% in 2021.
In common with other collecting societies, Sacem has seen its membership swell dramatically in recent years. It added more than 14,100 new members in 2022, taking its total to 390,000.
As a marker of growth, in 2009 – the year after Spotify launched – Sacem had 132,000 members. It has thus tripled its membership in the streaming era.
“These results demonstrate, once again, our ability to adapt and strengthen our expertise in a highly competitive and rapidly changing sector,” said Sacem’s CEO Cécile Rap-Veber (pictured) as the results were published.
“As a key local, international, and digital player, we want to go further with a Sacem 3.0 that is even closer to and more supportive of its members, more proactive and more innovative, while controlling its costs.”
“We still face many challenges for the future of creation: securing financial resources for public broadcasting and the National Music Centre, the defence of private copying levies, the establishment of a more equitable music streaming ecosystem for creators and publishers, the fight against ‘buy-outs,’ and the regulation of artificial intelligence.”