SOCAN acquires SODRAC
The Toronto-based Society of Composers, Authors and Music Publishers of Canada has acquired the Montreal-based Society for Reproduction Rights of Authors, Composers & Publishers in Canada. The two organizations will be merged to form an integrated music rights management entity in Canada. SOCAN will now manage the performing rights and reproduction rights of songwriters, composers and music publishers. According to the organization, this will be the first time in Canada that a single entity will be able to license, track and distribute all royalties for music performing rights and mechanical rights.
"SOCAN is thrilled to complete a made-in-Canada solution for music rights holders in this country and worldwide," said SOCAN CEO Eric Baptiste. "This transaction fits perfectly with SOCAN's goal of leading the global transformation of music rights, and SOCAN's past and ongoing commitment to create alliances within the Canadian music ecosystem. With the full integration of SODRAC's assets and expansion into mechanical rights, the combination of public performance and reproduction rights increases efficiencies, leverages licensing relationships, and reduces operating costs, resulting in even more music royalties going to those who have earned them."