SoundExchange Sells CMRRA to SOCAN
This transaction brings together two major Canadian music rights organizations
SoundExchange, the non-profit dedicated to the proper disbursement of recording royalties, has sold the Canadian Musical Reproduction Rights Agency (CMRRA) to the Society of Composers, Authors and Music Publishers of Canada (SOCAN). SOCAN is the largest member-based music rights organization in Canada. By acquiring CMRRA, another major reproduction rights agency, SOCAN will have many more resources to represent Canada’s music industry.
The details:
The transaction has yet to be formally approved.
The financial terms of the deal are confidential.
Background:
SoundExchange acquired CMRRA in 2017, its first entry into reproduction rights.
What they said:
Jennifer Brown, CEO of SOCAN: “Acquiring CMRRA is about strengthening Canada’s music rights landscape and building a more seamless experience for music publishers and creators.”
Michael Huppe, President and CEO of SoundExchange: “When SoundExchange acquired CMRRA nearly a decade ago, we saw an opportunity to strengthen its foundation, invest in its future, and enhance the services it provides to music publishers and songwriters. Together, SoundExchange and CMRRA have built a strong, innovative, and thriving organization. We are proud of the progress achieved and believe SOCAN is the right organization to build on that success. This transaction benefits creators, publishers, and the broader music community while allowing SoundExchange to continue advancing our core mission of delivering value to artists and rights owners around the world.”
👋 Disclosures & Transparency Block
This article was written with information sourced from Music Business Worldwide.
We covered it because all three organizations have significant stakes in the global music industry.
