TONO SA is a cooperative that manages performance and sound recording rights to music. In December 2023, the parent company TONO SA acquired Kongens gate 12 AS, which together constitute the group. In addition to individual management contracts with 45,540 rights holders, TONO has reciprocal representation agreements with 87 foreign sister societies, and thus also manages their rights in Norwegian territory. TONO has transferred the management of its rights holders' sound recording 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. The subsidiary Kongens gate 12 AS aims to promote cultural goals through the operation, lending and rental of facilities. The subsidiary was still under renovation in 2025 and other matters apply to the parent company.
TONO is operated from Oslo with the visiting address Kongens gate 12, 0153 Oslo.
In 2025, 9 board meetings and 2 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 31.12.25, TONO had management contracts with 45,540 licensees. For comparison, the number as of 31.12.24 was 43,272 licensees.
In 2025, 1,678 new rights holders were added, of which 15 were music publishers.
Among the authors, 22,1% are female members and 77,9% are male members. Music publishing members make up approximately 0,7% of the membership.
As of 31.12.2025, there were 5,850 registered
voting members in TONO.
As of 31.12.2024, there were 5,850 registered
voting members in TONO.
Of the voting members who are authors, 20,5% are women and 79,5% are men, while 0,9% of the voting members are music publishers.
TONO had a gross turnover of kr 1,109,784,015. This is an increase of 9,1% compared to 2024. Profit for distribution after statutory deductions to the Norwegian Composers' Fund, losses and administrative expenses was kr 848,797,071. The cost percentage for the entire business was 14,47% in 2025. The corresponding percentage the previous year was 14,49%.
TONO's distributable profit is what remains after all costs have been deducted, and it is the board's opinion that TONO's financial result for 2025 is solid.
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. 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, which also includes real estate. This includes the property Kongens gate 12 in TONO's investment portfolio. TONO uses multiple financial players to reduce management risk.
The market development for TONO is demanding, but good. In 2025, both revenues and costs increased in TONO. The revenues come from our ability to license music use in Norway, and how attractive the repertoire we represent is abroad. The costs are characterized by the fact that TONO is in an extensive restructuring process that will make the organization better equipped to meet a more demanding market in the years to come.
TONO's vision, Value for all who create and use music, commits us to being relevant and ensuring value creation for both parties in our ecosystem, both members and customers. Licensing revenues are challenged by the fact that most of the players we license are experiencing increased competition, demanding macroeconomic conditions and a generally uncertain future. The exception is the international streaming companies, which are still experiencing revenue growth. At the same time, music and cultural experiences are still important for both businesses and audiences. This gives us confidence that the value we create will continue to be central going forward. The market for licensing rights-based music is characterized by increased competition, especially in direct licensing from abroad, free-trade rights, and the uncertainty that artificial intelligence represents for future rights management.
In recent years, TONO has addressed restructuring challenges, particularly related to changes in technology and efficiency. Our projects related to this are now combined in a portfolio management methodology that will ensure that we prioritize the most critical and effective changes first, while also handling the complexity of change work, such as dependencies between initiatives. The investments here mean that costs are higher than we normally want them to be over time. The board experiences that there is support among the members for these necessary changes, while there is an expectation that new solutions and systems will provide better insight and more efficient billing.
An important milestone in 2025 was the introduction of a new settlement model. This means that TONO now settles directly related to actual use, with the greatest possible precision and traceability, and no longer transfers funds between areas before settlement. For many licensees, this means changes in settlements. The goal of the new model is that settlements should be perceived as more correct and easier to understand.
TONO's administration moved to new premises in February 2025 at Kongens Gate 12. It has been challenging for the organization to have its workplace in a building that is undergoing extensive rehabilitation. The work in the building has been on schedule and on budget, and it is approaching completion during the winter or early spring of 2026. Our goal is for this building to be important in the development of TONO and our position with members and customers.
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. The board and administration of TONO are involved in ongoing strategy work for NCB.
NCB's total collected remuneration was DKK 120 million in 2025 compared to DKK 94 million in 2024. Sales of phonograms (recorded music) were DKK 40 million in 2025 compared to DKK 23 million in 2024. The increase in 2025 is due to the receipt of an outstanding amount of CLA from GEMA. SACEM has taken over all CLA agreements at BMG, Warner, Sony and Universal from 1/1-2026.
In 2025, NCB had a profit of DKK 1.238.481 compared to DKK 112.000 in 2024. This has been transferred to equity, which as of 31.12.2025 amounts to DKK 76,712 million.
At the end of 2025, TONO had 81 employees, of whom three still work voluntarily part-time. Of the 81 employees, seven employees work in temporary positions. In addition, TONO has a trainee program with two trainees on a one-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 49 women and 32 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 46,4 years. The average gross monthly salary for all female employees at the end of 2025, including managers, is kr 66 646.
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.
TONO's overall goal for HSE work is to work systematically and consciously to protect our employees, take necessary precautions to prevent accidents and occupational diseases, and offer a good working environment. Our new premises in Kongens gate 12 is designed in accordance with laws and regulations.
Through the working environment committee (AMU) for staff representatives and management, HSE work has been systematized. Regular meetings are held in the AMU. Sickness absence work must be discussed in at least two meetings annually. In 2025, sick leave was 3,88% compared to 5,07% the previous year. Sick leave is followed up in accordance with the provisions of the Working Environment Act. TONO does not conduct 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 act with respect and integrity towards everyone they come into contact with through their work. Employees shall contribute to 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. Employees shall also contribute to a working community free from bullying, harassment, bullying and the like. TONO does not tolerate employees 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.
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 this year.
