SOCAN, a Canadian organization that handles musical copyright management, made $62 million CAD in revenue through music streaming in 2018, according to newly released data it shared.
This surpasses revenue collected from both radio and television royalties, making it SOCAN’s second biggest domestic revenue generator.
Internet streaming covered 22 percent of domestic revenue last year, making it a significant growth compared to 2017, in which SOCAN made around $48.6 million.
Due to the income that music streaming generated in 2018, this year is expected to exceed those numbers and make it the largest source of domestic revenue.
Music streaming is still on an upswing, with music labels and services benefitting like SOCAN.
Sony, Warner and Universal are said to be receiving around $19 million USD (approximately $25 million CAD) each day from music streaming services.
On the flip-side, both Apple Music and Spotify have reported a high subscriber count, having 50 million and 96 million Premium users respectively.
Source: Cision Via: iPhone In Canada, Michael Geist
