The work collected Royalties of EUR 70.1 million for composers, lyricists, arrangers and music publishers. The amount includes royalties collected for Teosto by Teosto and other collective management organizations, as well as compensation for borrowing and private copying. This information is included in Teosto’s annual report and financial statements, which were approved by Teosto’s Annual General Meeting on May 18, 2022.
Although the COVID-19 pandemic continued to affect the music industry, the amount of royalties collected by Teosto increased by almost 7%, or about EUR 4.5 million, compared to 2020. At the same time, Teosto’s own operating expenses decreased. To 4.2%.
Royalties collected from concerts, gigs and festivals increased only slightly compared to 2020, from EUR 0.9 million to EUR 1.6 million. In 2019, before the COVID-19 pandemic, royalties of up to € 5.2 million were collected in the live category.
“2021 was a difficult year for our rights holders, as most concerts and festival performances were banned due to COVID-19 restrictions and limitations. The fact that people missed music was strongly reflected in the growth in the use of music in the media, as the online category’s royalty income increased by a record 26% during the year, ”Teosto’s CEO Risto Salminen says.
The strong growth in online music listening also reflects a broader change in media consumption, as the amount of royalties collected from such listening has almost doubled in the last five years.
EUR 3 million in COVID-19 financial support for music producers and publishers
Teosto spent a record EUR 4.9 million (2020: EUR 2.3 million) on promoting Finnish music. Most of the funds allocated for the promotion of Finnish music went to COVID-19 financial support for music makers and publisherswhich totaled EUR 3 million.
In addition to EUR 4.9 million, Teosto paid EUR 1.1 million to finance the activities of the Finnish Music Foundation.
The COVID-19 pandemic increased the need to promote benefits throughout the music industry
The year 2021 was a historic year for promoting the interests of the music industry in terms of number of activities. Teosto took dozens of measures related to COVID-19 financial support, the negotiation of unemployment benefits for creative professionals, private copying compensation and the national preparation of the Copyright Directive.
“We hope that the restrictions associated with the pandemic are now a thing of the past and that music can finally be performed without interruption to people who want culture and experiences. Although new uncertainties have emerged, a viable Finnish music industry will help ensure our psychological flexibility, says Risto Salminen.
Teosto also increased its cooperation with other Finnish music industry organizations in March 2021, when it moved to Keilaniemi Music Port in Espoo and was established under the same roof with Gramex, GT Music Licenses Oy and six other music industry organizations.
Teosto measures the carbon footprint of its operations and significantly improved in 2021
In 2021, Teosto’s carbon footprint decreased significantly, from 80.8 tonnes to 53.4 tonnes. The most significant factor was the COVID-19 pandemic, which minimizes travel and incidents. Most of the emissions came from energy consumption.
In the new work Sustainability ReportTeosto describes its activities from the perspective of cultural responsibility, financial responsibility, social responsibility and environmental responsibility.