What You Missed — Where the $$$$ is my Money?!
Where the $$$$ is my Money?! — What You Missed
So you couldn’t make it to this week’s info session — we get it, you were busy. Below are some of the highlights, and references to the video in case you want to watch!
- Collaboration with the other organizations allows us to survive and thrive despite the major changes affecting our industry.
- When it comes to distribution, it’s all about data. The better the data, the more efficient the process, the faster you get your money. Which is what each of these transactions and collaborations achieve.
- Membership fees to these organizations are not going up ( 43 min into the video)
CMRRA has been acquired by SoundExchange. CMRRA is owned by SXWorks, a new subsidiary in SoundExchange’s corporate structure that is focused on providing administration services to the music publishing sector.
What this means for CMMRA:
- allow them to foster their growth in new markets
- broaden their scope of services
- streamline the administration and distribution of sound recording and music publishing royalties
- help them achieve greater economies of scale in turn, keeping membership fees low and potentially eventually lowering them.
- Click ahead to 29 minutes into the video to hear from Caroline on this.
- They have established a Canadian Publishers Committee (“CPC”) to provide direction on central issues impacting music publishers’ business in Canada.
- The CPC will exercise considerable discretion and autonomy on Canadian advocacy, tariff and rate-setting activities
- The board of directors of SXWorks will include five music publishers and six SoundExchange executives
SOCAN acquired New York-based tech company Audiam, empowering SOCAN to provide a unique global music industry solution with respect to licensing digital services and royalty payment for songwriters, composers and music publishers.
They also acquired Seattle-based MediaNet, a pioneer business-to-business music technology provider that will offer 360-degree music rights administration to SOCAN members.
Video: Fwd to 24:40
- New comprehensive database, and metadata of all compositions and commercially released digital sound recordings
- Expansion into collection of royalties for reproductions of music (“mechanicals”), licensing and royalty distribution in the U.S. and Canada.
- A substantial new tools and technologies developed by Audiam (ex: tools that correctly match data to the rights-holder in YouTube videos.) Meaning more money for rightsholders.
The MediaNet brings:
- Augmented matching capabilities for all kinds of performances and reproductions of music on radio, digital, live, satellite, film and TV and other delivery of music to public audiences.
- Data accuracy and transparency that few music rights organizations in the world can provide.
- Distribution side Re:Sound took on a big project with their member organization Connect which benefits labels.
- They took a previous 2 tiered system that had multiple databases and processes, and streamlined it into a 1tier system which eliminated duplication.
- The combination of the improvements of the data meant that they were able to release an extra 2.6 millions over the following year that had been held because they didn’t have sufficient data.
- Connect labels getting their money 4-6 months faster and benefitted from a 30% reduction in costs.
- Fwd to 21 minutes into the video to hear Ian take a deeper dive into changes triggered by the partnership with Connect
All three speakers expressed their disappointed and their intent to appeal the Copyright Board’s decision to lower royalty rates paid out by online streaming services. Taking Canada from having the highest royalty rates, to the lowest rates in the world. Meaning that Canadian’s rightsholders feel that they will need to rely on foreign revenue in order to make a living.
- Transparency: Fwd to 49 minutes into the video
- Governance: Fwd to 56 minutes into the video
- Board: Fwd 58:40 minutes into the video
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