An eventful summer and the use of online music increased the amount of royalties significantly

An eventful summer and the use of online music increased the amount of royalties significantly

Of the total amount, the share of royalties collected by Teosto directly from music users rose to a record 72.8 million euros (2021: 62.3 million euros). The share of royalties, loan compensation and private copying compensation collected by foreign copyright organizations was a total of 7.9 million euros.

Thanks to the large amount of royalties collected, the total distribution to Teosto’s music author and publisher members increased by 16% and reached a new record of 70.3 million euros. (2021: EUR 60.8 million). On the other hand, Teosto’s own operating costs were modest: the cost percentage fell from last year’s 13.7% to a record low of 12.6%.

“The increase in royalties is due to the large number of summer events after the lifting of the COVID-19 restrictions and the strong growth in the use of online music. After the difficult COVID-19 years, achieving the best result in our history and a significant increase in overall distribution for music creators and publishers are very important to us. The music industry is a future growth industry for Finland, and it’s worth investing in it, says Teosto’s CEO. Risto Salminen.

The COVID-19 battles of concerts and festivals ended, and the use of online music grew strongly

In 2022, performance rights compensation for concerts and festivals returned to the pre-pandemic level and amounted to 5.1 million euros (0.9 million euros in 2020 and 1.6 million euros in 2021). In 2019, before the COVID-19 pandemic, 5.2 million euros were collected in royalties from concerts and festivals.

In the online category covering audio services (e.g. Spotify, YouTube) and on-demand video services (e.g. Netflix, HBO Max), royalties grew by more than 19% compared to 2021 and rose from 14.5 million euros to 17.3 euros. million. Annual growth has been strong: in 2021, online category royalties rose by 26% during the year. The digitization of music use has been a megatrend for a long time: Royalties collected in the online category have increased by 143% since 2016 (2016: 7.1 million euros).

Influence related to the parliamentary elections for the benefit of the music industry

Teosto’s vision is to increase the cultural and commercial significance of music. Teosto did lobbying work before the April 2023 parliamentary elections by creating a joint goals of the government program together with its member organizations, Suomen Musiikintekijat ry, Säveltäjäyhdis and Suomen Musiikinkustanjiet ry. The results of this cooperation can be evaluated by comparing them to the final government program.

At the beginning of 2022, Teosto managed to achieve its long-term advocacy goal when it was decided based on the proposal of the Ministry of Social Affairs and Health that royalties no longer affect the unemployment benefits of music creators. The change entered into force at the beginning of 2023.

In 2022, Teosto used 2.8 million euros from the Teosto fund to promote Finnish music, the largest part of which, one million euros, was paid to music creators as COVID-19 financial support. In total, Teosto distributed 4.6 million euros in COVID-19 financial support during the pandemic.

Teosto has almost 40,000 members and a record number of new voting members

In 2022, more than 1,500 new members joined Teosto and 18 members left. Teosto received a record number of 125 new voting members. Teosto now has 900 voting members (775 in 2021).

All in all, Teosto had a total of 39,060 right-holder members at the end of the year: composers, lyricists, arrangers and publishers. Only 21% of music maker members were women, but the proportion of members who joined in 2022 rose to 26%.

Teosto’s carbon footprint was 54.16 tons

In 2022, Teosto’s carbon footprint was 54.16 tons. In 2021, the decrease in travel caused by the COVID-19 restrictions significantly reduced Teosto’s carbon footprint from 80.8 tons to 53.4 tons. However, the return of personnel to the office, work trips and the increase in events in 2022 did not increase emissions to the pre-pandemic level. The carbon dioxide emissions of Teosto’s operations have dropped to a quarter of the amount in 2018, when Teosto started measuring its emissions.

In Teosto’s new sustainable development report, Teosto describes its operations from the perspective of cultural responsibility, financial responsibility, social responsibility and environmental responsibility.

HT

Source: Teosto

Source: The Nordic Page

Related Posts:

Ads Block Detector Powered by codehelppro.com

Ads Blocker Detected!!!

Hi there! We have noticed that you are using an ad blocker. When you use an ad blocker, we will detect it and display this message. We understand that you want to reduce the annoyance of ads, but we also want you to know that ads are our main source of revenue to keep our website running. If you are willing to disable your ad blocker or whitelist our website, we can continue to provide high-quality content and services. In addition, you can enjoy a better browsing experience as the ads will display more relevant content based on your interests. Thank you for your understanding and support!