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SOCAN buys Audiam
The Toronto-based Society of Composers, Authors and Music Publishers of Canada has acquired Audiam of New York. The purchase represents an expansion by SOCAN into the field of digital licensing services and royalty payments for songwriters, composers and music publishers. SOCAN will use Audiam's database of musical works and commercially-released digital sound recordings to issue licenses for use and collect payment for rights-holders in the US and Canada. The system specializes in scanning streaming services such as YouTube and Spotify to automatically recognize non-licensed use of music. Audiam will operate as a separate organization under its current name and current CEO, Jeff Price.
"In 2013 Audiam shook up the music royalties system by identifying and correcting serious gaps in the digital music rights value chain, particularly with music used in YouTube videos, by correctly matching data to the rights-holder," said SOCAN CEO Eric Baptiste. "By acquiring Audiam, SOCAN steps even further ahead with our vision to lead the global transformation of music rights with substantial new tools for our more than 135,000 members, dramatically expanding our ability to ensure that creators are properly and fairly compensated."
In May, SOCAN purchased Seattle-based MediaNet, a business-to-business technology company specializing in music rights administration.