TONO had a record turnover of NOK 864,6 million in 2022. – It is particularly pleasing to see that concert revenues are back after two difficult pandemic years, and are the highest ever, says TONO CEO Karl Vestli.
/ 25/05/2023 / Willy MartinsenTONO, which manages copyrights in musical works on behalf of composers, lyricists and music publishers, achieved its best results ever in 2022. Revenue was NOK 864,624,850, up from NOK 843,967,603 in 2021, an increase of 2,45 percent. Excluding a COVID-19 compensation from the Ministry of Culture of NOK 33,9 million in 2021, the increase is 4 percent.
The turnover in 2022 is NOK 200 million higher than the turnover recorded five years ago, in 2017.
– We are satisfied with the results for 2022, and are particularly pleased with the strong increase in concert revenues where we ended at NOK 104 million, our highest concert revenues ever. We also had record-high revenues from background music, and growth from cinemas. We also see strong underlying growth from 2020 to 2022 in radio and TV of 34 percent and from streaming music and film of over 60 percent, although a number of major post-settlement settlements in 2021 mean that we have a decrease in these areas in 2022 revenues, says Karl Vestli, CEO of TONO.
TONO's revenue comes from the use of Norwegian and foreign music on radio, TV, concerts, music and film streaming services, cafes and other public use of music.
The broadcasting area (radio, TV and third-party retransmission of TV and radio content) is TONO's largest revenue area, and generated NOK 348 million in total revenue in 2022. Extraordinary settlements in 2021 show a small decrease in the 2022 accounts. There is nevertheless underlying growth in this area, with an increase from 2020 of 19,2 percent.
There was also a marginal decline from 2021 from music and film streaming services, for the same reason as in the broadcasting area. Here too, extraordinary settlements in 2021 were the reason for the increase. Here, TONO's revenues ended at NOK 225 million, down from NOK 227 million the previous year. Revenues were still 60 percent higher than in 2020.
An increasing proportion of TONO's internet revenues comes from TONO's multi-territorial direct licensing of its services. TONO also receives online revenues from its sister societies in other countries.
– TONO's revenue from music and film streaming services has grown by 70 percent in five years. It is still important to note that this is an economy that creates large differences between those who stream a lot and those with a narrower audience. Most of our members have low incomes from streaming, and many do not experience this as an economy where paying for music is reasonable, says Vestli.
In addition to TONO's foreign revenues from its international licensing of online services, TONO also receives foreign revenues in the traditional way, from sister societies in other countries. These revenues include areas such as radio, TV, concerts, internet and more. Revenue from sister societies remained stable from 2021 to 2022, ending at NOK 72,9 million.
TONO's profit for distribution to licensees in 2022 was 717,348,479.
TONO's transparency report and annual report can now be read at tono.no: https://www.tono.no/arsberetning/apenhetsrapport-2022/
About TONO
TONO was founded in 1928 and is a non-profit cooperative owned and managed by composers, lyricists and music publishers, and which manages the economic copyrights in their musical works. TONO grants permission for the use of protected music on radio, TV, the internet, concerts, cinemas, etc. against payment, and transfers its financial results each year to the rights holders of music that has been performed in public. TONO has more than 40,000 members, but also works for millions of authors and music publishers from around the world. TONO gives music creators an economic basis to create new music, and collects and organizesfocuses on licensing protected music to music users. TONO had a turnover in 2022 of NOK 864,6 million.
For more information:
Willy Martinsen, Communications Director at TONO, mobile 909 65 254, willy.martinsen (a) tono.no