SOCAN has announced that, in 2024, total royalty distributions to music creators and publishers hit a record-high $512.4 million. Similarly, annual revenue from music licenses once again exceeded a half-billion dollars. The results are bittersweet, though, as SOCAN data shows that less than 10 percent of music consumed online in Canada is written or composed by Canadians.
SOCAN revenue grew to $559.4 million in 2024, a seven percent increase over 2023. Revenue from music uses that took place in Canada increased by $18.1 million to a high of $421.6 million, led by revenue from digital sources and General Licensing & Concerts. Revenue from music uses in international territories increased by 14.9 percent, to $137.8 million, a testament to the incredible success of talented Canadian music creators, worldwide.
Never in history has consuming Canadian meant more to our nation; as SOCAN celebrates 100 years, we urge Canadians to support homegrown talent. The music that Canadians write and compose is important to Canada’s local economy, our culture, our storytelling, and our global identity.
“Canadians are increasingly choosing local products and services, driving the success of Canadian businesses and entrepreneurs. It’s important to show the same support for our songwriters and composers – not just today, but always,” said Jennifer Brown, SOCAN CEO. “Canadian music fans, businesses, and government, alongside international music companies choosing to grow their business in Canada, all play a role in showcasing music as part of Canada’s cultural identity.”
In 2024, SOCAN continued to invest in its members, by supporting them with education via our new SOCAN Academy initiative; by providing opportunities to collaborate and connect with peers, and work on craft development; and by advancing new technology integration and important advocacy efforts. Even with these essential and enhanced efforts, SOCAN was able to maintain our expense-to-revenue ratio at 12 percent.
SOCAN members also benefited from improved distribution processing times and data clean-up, facilitated by the integration of SOCAN’s new software platform, expected to be completed in 2025.
For a complete overview of SOCAN’s 2024 activities and financials, please see our 2024 Annual Report, and be sure to follow @socanmusic on Facebook and Instagram every Wednesday to see the stories, moments, and members that have shaped SOCAN’s incredible 100-year history.