Fintech PR

SOCAN Delivers Record Royalties to Members

Published

5 years ago

June 19, 2019

Reading Time: 2 minutes

In sync with the organization’s annual general meeting in Vancouver, SOCAN announced final financial results for 2018, confirming another record year for royalties earned by its more than 160,000 member songwriters, composers, music publishers and visual artists.

The largest organization in the Canadian music ecosystem attracted and distributed record amounts to more members than ever but cautioned that more must be done to ensure that all rightsholders receive a more equitable share of rapidly growing revenues from digital uses of music.

Significant SOCAN results achieved in 2018:

A record $320-million distributed to SOCAN members – an 8% increase over the previous year.
$375-million in total collections – an 11% increase compared with 2017.
Domestic collections at an all-time high of $286-million – 9% more than 2017.
A 15% year-over-year increase in royalties from outside of Canada ($87-million), again the top revenue stream for SOCAN members.
Even with a substantially more complex environment and investments in technology to keep SOCAN ahead of the digital curve, SOCAN was able to operate with a 12.6% net expense ratio.
A 29% increase in revenue from digital sources ($63-million).

“The popularity of music streaming continues to increase, but a SOCAN member who received royalties in 2018 on average took in only $54 from digital sources,” said SOCAN CEO Eric Baptiste. “Digital platforms are reaping massive value on the backs of music creators and publishers. SOCAN will continue to fight for a more equitable and fair compensation for rightsholders as this part of the industry matures.”

Among many topics discussed at SOCAN’s AGM, Baptiste highlighted several key recent advancements for the company’s members, including the full acquisition of Quebec-based SODRAC, bringing mechanical/reproduction rights and royalties to members, as well as the extension of SOCAN’s mandate into visual arts; the creation of Entandem, a combined licensing venture with RE:SOUND that will bring benefits to rightsholders and licensed businesses alike; and the addition of Dataclef, the back office services arm of the organization.

SOCAN continues to work to harness artificial intelligence and to offer tools to third-party organizations to build software from its online application programming interface (API) specifications to identify and collect on more public uses of music, returning more royalties with even greater speed and accuracy to those who have rightfully earned them.

Also reviewed at the meeting were SOCAN’s member advocacy accomplishments with the federal government. Several recommendations were included in the recent Standing Committee on Canadian Heritage “Shifting Paradigms” report, including:

Extending the term of copyright protection to the creator’s lifetime plus 70 years.
Regulation and clarification of the “charitable exemption” clause for businesses using music.
Updating the private copying regime to be technologically neutral.
Remuneration for visual artists when their copyright works are re-sold.
A more level playing field for rightsholders across all platforms.

SOCAN’s 2018 annual report and complete financial statement are available at socanannualreport.ca.

SOURCE SOCAN

Fintech PR

Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region

Published

5 hours ago

November 24, 2024

CISION (PR Newswire)

wahed-appoints-khalid-al-jassim-as-executive-chairman-of-wahed-mena-to-help-guide-the-strategic-growth-of-wahed-in-the-region

DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.

On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”

Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.

His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.

As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.

Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”

About Wahed

Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.

For more information, visit: www.wahed.com

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Qatar Development Bank announces strategic investment in global Islamic FinTech, Wahed

Published

5 hours ago

November 24, 2024

CISION (PR Newswire)

qatar-development-bank-announces-strategic-investment-in-global-islamic-fintech,-wahed

DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.

Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.

Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.

Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”

About Wahed

For more information, visit: www.wahed.com

About Qatar Development Bank

Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.

For more information, visit: https://www.qdb.qa/

Photo – https://mma.prnewswire.com/media/2566075/Qatar_Development_Bank_Announcement.jpg

View original content:https://www.prnewswire.co.uk/news-releases/qatar-development-bank-announces-strategic-investment-in-global-islamic-fintech-wahed-302314778.html

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China’s AIMA brand electric motorbike is now in Bangladesh

Published

18 hours ago

November 23, 2024

CISION (PR Newswire)

DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.

In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.

Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.

AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.