Stim’s Stockholm offices. Photo Credit: I99pema
Another year, another collections record for Sweden’s Svenska Tonsättares Internationella Musikbyrå (STIM), which has reported all-time-high revenue of $293.22 million (SEK 3.1 billion) for 2023.
The more than century-old STIM published its nearly 100-page 2023 annual report today, after disclosing strong 2022 financials a little less than one year ago. Digging into Microsoft’s translation of the newer resource, STIM identified record showings “in virtually all” categories, including public performances in businesses ($21.45 million/SEK 226.79 million, up 13% year over year).
(STIM in the voluminous 2023 recap even covered the expansion of certain restaurants, like Bastard Burgers, that evidently have the appropriate licenses in place. Since its 2016 founding, the burger chain has opened a whopping 70 locations in Sweden, population 10.5 million, the report shows.)
Far more detailed than the reports of several other societies, STIM’s 2023 analysis further breaks down public performance revenue by specific categories, including but not limited to quick-growing areas like hotels ($3.86 million/SEK 40.90 million, up 28% YoY) and clubs ($1.81 million/SEK 19.13 million, up 76.9% YoY).
Meanwhile, revenue attributable to live performances increased by about the same amount from 2022, to $12.52 million (SEK 132.52 million), with concerts and festivals rather predictably accounting for the lion’s share at $11.58 million (SEK 122.56 million).
Next, radio and television revenue improved by 7.7% YoY to a combined total of $36.13 million (SEK 382.3 million); most of the gain derived from Swedish TV collections growth, according to the organization. STIM pointed to $89.02 million (SEK 941.80 million) in non-streaming revenue from international affiliates (up 8.3% YoY) as well, also taking the opportunity to tout the financial benefits of its ICE association.
Building on that, global music streaming revenue, chalked up particularly to “Online ICE,” jumped almost 30% YoY to $99.17 million (SEK 1.05 billion) in 2023. The category therefore contributed over a third of the society’s revenue for the year. Miscellaneous licensing as well as domestic online collections (streaming and VOD), for their part, neared $28.35 million (SEK 300 million) in total.
All told, group-wide STIM operations delivered 2023 profit of $3.87 million (SEK 39.95 million) – down from $5.63 million (SEK 59.58 million) in 2022 but still up substantially from pre-pandemic 2019 and its $267,341 (SEK 2.83 million).
On the membership side, STIM welcomed 3,606 songwriters and publishers in 2023, expanding its ranks past the 105,000 mark, per the report. That total signifies the “second most per capita in the world, after Iceland,” the non-profit drove home.
Earlier today, PRS for Music reported record financials (and membership growth) of its own for 2023, and the previously mentioned ICE just recently announced that it had distributed over €1 billion during a 12-month stretch for the first time.
