Re:Sound is the not-for-profit music licensing company dedicated to obtaining fair compensation for artists and record companies for their performance rights. It’s our job to ensure music creators are properly compensated for the value they provide to businesses, such as retail stores, restaurants, gyms, and broadcasters.
In 2017, Re:Sound's distributable revenues were $45.9M, and we processed 9.7M claims by rights holders. We moved from 28-day radio log reporting to 365-day, resulting in a higher volume of data that leads to greater accuracy in our distributions. We also worked closely with industry organisations like CONNECT Music Licensing and Bell Media to implement 100% compliance on ISRC (International Standard Recording Code) data.
The licensing department was busy in 2017 connecting with all types of music users about our five latest tariffs – sporting events, comedy and magic shows, concerts and theatrical dance – yielding a 17.5% increase in revenue over 2016, and licensing nearly 3000 new businesses. At the end of 2017, Re:Sound had licensed nearly 76,000 businesses across Canada!
Building off our Core Rights partnership with SOCAN in 2016, we launched a joint portal pilot project to serve 397 Reception and Convention venues in Ontario in Fall 2017.
This represents an increase of $7.5M (+16%) from the previous year and $24.7M (+86%) from 2008. This incredible achievement was supported by growth in public performance and international income. We have also improved our expense-to-revenue ratio from 14.4% in 2016 to 13.9% in 2017.