Canadian-based collection society SOCAN recently acquired MediaNet, a music tech provider boasting a catalogue of more than 51 million tracks. In a May 12th press release, MediaNet announced, “[we] will provide SOCAN with authoritative information pertaining to master rights (sound recordings), and will augment already strong 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.”
This acquisition now brings SOCAN to the forefront of collection societies for digital matching. It means enhanced royalty reporting for SOCAN’s four-million members, as well as increased profits from services like YouTube, SoundScan, and Facebook. It is also expected to increase the rate of digital match-rates, which should result in faster royalty payment speeds.
Faster, more accurate royalty reporting means less stress and more time for songwriting!
With all of this great songwriter advocacy coming to fruition, now’s the perfect time to be a part of our Music Publishing Administration.