It requires approval by 2/3 of the majority of the General Assembly
Partners approved the accounts and management for 2018
Despite having achieved 62.8% of votes in favour, which is 3.7% below the qualified majority required for its approval, there have been no advances in the General Assembly, held today in Madrid to amend the statutes of the Spanish General Society of Authors and Publishers (SGAE). Out of a total of 24,691 votes, 15,502 (62.8%) were in favour, 8,907 against (36%) and 282 abstained (1.1%).
Approval was given for the 2018 accounts and management
The Spanish General Society of Authors and Publishers (SGAE) partners have approved the accounts and management, for the 2018 financial year. Out of a total of 24,782 votes, 14,772 (59.6%) were in favour, 9,256 against (37.3%) and 754 abstained (3%). The majority of partners also ratified the 2018 Corporate Social Responsibility and Management Report. There were 24,038 votes, of which 14,659 were in favour (61%), 8,684 against (36.1%) and 695 abstained (2.9%). The SGAE will send the results to the Ministry of Culture.
The 2017 accounts have also been approved, with 64.5% voting in favour, 32.5% against and 2.9% abstaining; the general investment policy was also approved, with 70.8% in favour, 24.2% against and 4.9% abstaining; and the risk management policy too, with 69.5% in favour, 24.3% against and 6% abstaining.
314.4 Million Euros Revenue in 2018
During 2018 the entity made 314.4 million Euros, which is 18.2% more than during 2017 (265.9).
13% more copyright royalties were shared among administrators and partners. To be exact, 302.2 million Euros were shared in 2018 in comparison to 267.5 million Euros in 2017.
- In 2018 SGAE partners DRAMATIC WORKS made a social income of 11.1 million Euros, which is 2.8% higher than the previous year (10.8 million Euros in 2017). This increase was mainly made in the public domain.
- PUBLIC COMMUNICATION reached 66.7 million Euros in 2018, which is 3% lower than during the previous year. This decline is due to changes in the representation of the audiovisual repertoire which came into effect on 1st January 2018 and explains why there has been a decline of almost 4 million Euros in the cinema sector and in film projection.
- On the other hand, authors´ rights that come from RADIO BROADCASTING AND CABLE, have risen to 132.5 million Euros, which means an increase of 33.5% compared to 2017. This is due to the effort made to recover arrears plus payment from one of the main television operators.
- In the case of social income obtained from the SUPPORTS area (that is music included in audiovisual work), which was 4.8 million Euros, 12.7% below that of 2017, with a continuation in the tendency related to other years, caused by the appearance of new business models.
- With regards to DIGITAL RIGHTS, 2018 there was a 37.8% increase in 2018 in comparison with the previous year, with a total of 11.3 million Euros, due to the consolidation of streaming (music on demand without downloading it), as the main business model on this market.
- Regarding authors rights WHICH COME FROM ABROAD, these have risen to 29 million Euros, which represents a 2.1% decline due to the negative impact of exchange rates between currencies. According to countries, the ten territories with a higher income are Italy, France, Argentina, the USA, Germany, Mexico, Portugal, Colombia, Chile and the UK.
- Regarding CONCERTS, there has been an spike in the sector, to be precise, a rise of 24.3% (27 million Euros in 2018 compared to 21.7 million in 2017).