TONO SA is a cooperative that manages performance and sound fixation rights to music. In addition to individual management contracts with 41,289 rights holders, TONO has reciprocal representation agreements with 82 foreign sister societies, and thus also manages their rights in Norwegian territory. TONO has transferred the management of its rights holders' sound fixation rights to NCB (Nordic Copyright Bureau) in Copenhagen, which is owned by the Nordic management companies Koda (Denmark), Stim (Sweden), STEF (Iceland), Teosto (Finland) and TONO.
TONO is operated from Oslo with the visiting address Møllergata 4, 0179 Oslo.
In 2024, eleven board meetings and three board committee meetings were held.
TONO has taken out board insurance and insurance for the general manager in accordance with RL §3-3a. The coverage is kr 5 000 000
As of 31.12.24, TONO had management contracts with 43,272 rights holders. For comparison, the number as of 31.12.23 was 41,289 rights holders. In 2024, 2041 new rights holders were added, of which 16 were music publishers.
Among the authors, 21,7% are female members and 78,3% are male members. Music publishing members make up 0,6% of the membership.
As of 31.12.2024, there were 5,233 registered voting members in TONO. As of 31.12.2023, there were 4,710 registered voting members in TONO.
Of the voting members who are authors, 20% are women and 80% are men. 1% of the voting members are music publishers.
In 2024, TONO had a gross turnover of kr 1,017,197,210. This is an increase of 2% compared to 2023. Profit for distribution after deduction of 2% to the Norwegian Composers' Fund, losses and administrative costs was kr 848,797,071. The cost percentage for the entire business was 14,49% in 2024. The corresponding percentage the previous year was 12,89%.
TONO's profit for distribution usually amounts to between 85 and 90 percent of turnover. The distribution of the profit is what is left at any given time after all costs have been deducted, and it is the board's opinion that TONO's financial result for 2024 is good.
TONO has a large and liquid management portfolio at all times. Management is carried out in accordance with TONO's investment strategy, which is adopted by TONO's annual meeting, and was last amended on 6 June 2023. The objective is to achieve the highest possible return with the lowest possible risk. TONO's conservative investment strategy ensures stable returns. Each investment should be among those with the lowest risk within its asset classes. Risk is further reduced through a broadly structured portfolio, which also includes real estate. TONO uses several financial players to reduce management risk.
In 2024, both revenues and costs increased in TONO. The increase in revenues is a result of an increasingly popular repertoire, good and thorough licensing work, as well as better and more agreements. The increase in costs is a result of investments in new technology across the entire business. It is a TONO that is preparing for a future market that will become more demanding.
License revenues are challenged by national high prices, a demanding production market for both TV and radio, flatter subscription development for streaming services, as well as structural changes such as free buy-out and consolidation of rights. TONO's vision; Value for everyone who creates and uses music, points the way for us to be relevant and ensure value creation for both parties in our ecosystem. This requires an organization that is developing, and that is able to adapt to changes and meet increased expectations from the market.
It is therefore crucial that we succeed with the "Mjølnir" change program, which, in addition to delivering new technical solutions for both members, customers and employees, will make the organization more competent, robust and efficient.
At the end of 2024, we are still on track with the program. Some projects have proven more demanding than expected, but the organizational results are already noticeable. TONO was also certified as a Great Place to Work in 2024. During 2025, a number of new solutions will be launched and developed. Investments will therefore continue at least at the same pace as before.
Artificial intelligence is a topic that is at the forefront of all conversations about technology development. In our industry, the challenges of licensing, and the lack of licensing, of training data have received the most attention. We are also working to position TONO for the use of AI. Together with our Nordic sister societies, we introduced new rules for registering works that are partly written with the help of generative AI. We believe that there may also be licensing opportunities within the field of artificial intelligence, and this is something we will actively work on going forward.
Through two annual meetings in 2024, new principles for settlement were adopted. This was a very important step both in order to have rules that are in accordance with the law, but also in order to be able to modernize and streamline TONO. This change work affects many of our members, and like all change, this is a demanding process for members, the board and administration.
In 2025, TONO will move into the premises in Kongens gate 12. Moving into the members' own house will be a major milestone. Major investments have been made in the building in 2024, and further investments will be made in member and common areas in 2025. This is an investment that will bring joy and value to both current and future generations of TONO members. It marks a new era for TONO.
NCB is an independent legal entity, and is managed by a board elected by Koda, Teosto, STIM, STEF and TONO. NCB's operational management is carried out by Koda.
NCB's total collected remuneration was DKK 94 million in 2024 compared to DKK 91,2 million in 2023. Sales of phonograms (recorded music) were DKK 23 million in 2024 compared to DKK 27 million in 2023. The decrease is primarily due to a decrease in sales of phonograms and missing CLA payments from Germany. CLA (Central European Licensing Agreements) are revenues from BMG, Sony, Warner and Universal, which have centralized their reporting of sales in Europe to GEMA and SACEM. NCB receives semi-annual reports and then invoices the amounts via these companies. NCB had a profit of DKK 112,000 in 2024, compared to DKK 5,1 million in 2023. This has been transferred to equity, which as of 31.12.2024 amounts to DKK 75,47 million.
At the beginning of 2024, TONO had 67 employees, of which 3 employees worked voluntarily part-time. At the end of 2024, TONO had 75 employees, of which three still work voluntarily part-time. Of the 75 employees, 8 employees work in temporary positions. In addition, TONO has a trainee program with 2 trainees on a 1-year contract.
TONO has a goal of achieving full equality between women and men. This means that there should be no discrimination based on gender in matters such as salary, advancement and recruitment.
There are 46 women and 29 men in TONO's workforce. Two men and one woman are employed voluntarily in part-time positions. The average age of all employees in TONO is 46,5 years. The average gross monthly salary for all female employees at the end of 2024, including managers, is kr 52,358. The average gross monthly salary for male employees, including managers, is kr 75,565. The higher average salary for men is due to the fact that the proportion of men in management positions is higher than that of women in TONO.
Through the working environment committee (AMU) for the staff representatives and management, HSE work is systematized. Regular meetings are held in the AMU. Sick leave work must be discussed in at least two meetings annually.
In 2024, sick leave was 5,07% compared to 5,43% the previous year. Sick leave is monitored in accordance with the provisions of the Working Environment Act. TONO does not operate activities that may pollute the external environment.
TONO's business ethics guidelines, which all TONO employees have signed, include the following:
"TONO shall be a workplace with an inclusive working environment. Employees shall treat each other and those they come into contact with through their work with respect and integrity. TONO shall facilitate a working community free from discrimination, be it due to factors such as religion, skin color, gender, sexual orientation, age, national or ethnic origin or disability. TONO's employees shall also contribute to a working community free from bullying, harassment, bullying and the like. TONO does not tolerate anyone displaying behavior that can be perceived as degrading or threatening."
TONO follows the provisions of the Cooperative Act on gender representation, which means that both genders must be represented by at least 40% on TONO's board. TONO has employees with backgrounds from all Scandinavian countries, the rest of Europe, Asia, Africa and the USA.
We therefore believe that TONO promotes equality in accordance with the purpose of the law.
This year's report on TONO's due diligence assessments in line with the Transparency Act will be available on TONO's website in June of this year.
