Canadian performing rights society SOCAN is allocating up to a total of CAD $2 million ( approximately $1.4m) for emergency royalty advances to help “struggling members” as a result of the COVID-19 crisis.
The interest-free advances will be considered based on each member’s most recent earnings history, urgency and need.
The organization’s support program follows this week’s announcement that Paris-based Society of Authors, Composers and Publishers of Music (SACEM) has unveiled a €6 million ($6.7m) fund and advances on royalties as part of emergency measures to help its author, composer & publisher members during the Coronavirus crisis.
British collection society PRS for Music has also launched an immediate PRS Emergency Relief Fund to support its members during the Coronavirus pandemic, which will see grants up to a value of £1,000 awarded based on assessment of individual need.
“Getting funds to struggling members as soon as possible is of the utmost importance, and we will do whatever we can to help.”
Eric Baptiste, SOCAN
SOCAN says that priority will be given to SOCAN members who are faced with a loss in live performance royalties or screen composers whose productions have been suspended.
The interest-free advance program will be followed by additional support initiatives that will be announced in due course as needs are better identified.
SOCAN will announce additional programs designed to assist its members through the crisis as they are determined.
“SOCAN has our members’ backs,” said Eric Baptiste, CEO of SOCAN.
“Getting funds to struggling members as soon as possible is of the utmost importance, and we will do whatever we can to help.
“We have a long history of supporting our members in time of need.”
Music Business Worldwide