The Canadian Music Reproduction Rights Agency (CMRRA) reports that mechanical royalty payments will increase by 8.9% annually in 2023.
Licensing and collection agencies represent the vast majority of music publishers doing business in Canada, distributing C$78 million ($57.8 million Based on the average exchange rate in 2023, the company said in a statement released on Thursday (June 6).
The increase in spending was driven by 29% annual increase The growth of audiovisual post-synchronization has both natural factors and income from additional services; A 20% annual increase International collection increases; and 8% annual increase Growth in physical distribution channels, CMRRA said.
Spending on online streaming services grows 3% annual increase.
“We are witnessing significant growth in music consumption, a trend that underlines the vitality and dynamism of the industry and the growing demand for music from audiences around the world,” said the CMRRA Chairman. Paul Shaffer explain.
“We continue to implement strategic enhancements to our services to better meet the evolving needs of our customers. Music publishers and self-published songwriters are at the heart of everything we do; their success drives our innovation and drives our continued Improvement. We are committed to providing them with unparalleled support and opportunities to thrive in this ever-changing environment.
“We are witnessing a significant rise in music consumption, a trend that highlights the vitality and vitality of the industry and the growing demand for music from audiences around the world.”
Paul Shafer(CMRRA)
CMRRA, acquired by US company voice exchange A partnership with another SoundExchange agency, Barbados-based SoundExchange, was announced in January 2017 Copyright Society of Composers, Authors and Publishers (COSCAP), combined with this SX Works Global Publisher Services.
Under the partnership, CMRRA oversees COSCAP members’ mechanical reproduction rights in the Canadian market, while SX Works manages end-to-end management on behalf of COSCAP members. Machinery Licensing Collective (MLC) In the U.S.
In 2023, CMRRA renewed a multi-year agreement with CMRRA SiriusXMand several other DSPs, have been added Chapter 247 new customers and expanded its industry partnerships to include junos (Canadian equivalent Grammy Awards), this canadian country music awardsthis local music summit, ontario folk musicand Battle of the Beatswait.
The CMRRA said it is continuing to work with SoundExchange to build the new publisher platform, with full administration including invoicing, DSP payment collection, matching, royalty distribution and royalty reporting, and TikTok collection, to be ported in 2023 at no additional cost. .
“We remain committed to enhancing our offerings and delivering exceptional value to our customers and partners, and we look forward to a new year of growth, collaboration and success,” CMRRA said.global music business
