Finnish music industry paid more than EUR 4.9 million in 2020

Even though the COVID-19 pandemic continued to affect the music industry, the amount of royalties collected by Teosto increased by nearly 7%, i.e. In 2020, EUR 4.5 million have been saved. Teosto s operating expenses decreased by up to 4.2% at the same time.

Royalties collected for concerts, gigs and festivals increased only slightly compared to 2020, from EUR 0.9 million to EUR 1.6 million. In the live category, up to EUR 5.2 million in royalties were collected before the COVID 19 epidemic.

The year 2021 was a difficult year for our rightsholder members, as most concerts and festival performances were banned because of the COVID 19 lockdowns and restrictions. The growth of music use in media was reflected by the fact that people missed music, as royalty revenue in the online category grew by a record 26% during the year, according to Teosto s CEO Risto Salminen.

There is a shift in how media is consumed, as the amount of royalties collected for this kind of listening has nearly doubled over the past five years, as a result of the strong growth in online music listening.

CoVID 19 financial support was paid to music authors and publishers for EUR 3 million.

Teosto used a record EUR 4.9 million to promote Finnish music 2020: EUR 2.3 million. Most of the money allocated to the promotion of Finnish music went to the COVID 19 financial support for music authors and publishers, which was a total of EUR 3 million.

In addition to the EUR 4.9 million, Teosto also paid EUR 1.1 million to support the activities of the Finnish Music Foundation.

The COVID 19 epidemic has increased the need for promotion of interests in the entire music industry.

The number of activities in the music industry was a historic year in 2021, because it promoted the interests of the music industry. Teosto took dozens of measures related to COVID 19 financial support, negotiating unemployment benefits for creative professionals, private copying compensation and the national preparation of the Copyright Directive.

We hope that the ban on pandemic-related restrictions are gone, and that music can finally be performed without interruption to people who crave culture and experiences. Risto Salminen says that the Finnish music industry helps ensure our psychological resilience even though new uncertainties have emerged.

In March 2021, Teosto also increased its cooperation with other Finnish music industry organisations, when it moved to the Port of Music in Keilaniemi, Espoo, setting up under the same roof with Gramex, GT Music Licences Ltd and six other music industry organisations.

In 2021, Teosto's carbon footprint decreased significantly, from 80.8 tonnes to 53.4 tonnes. The COVID-19 epidemic, which minimised travel and events, was the most significant factor. Most of the emissions came from energy consumption.

In Teosto's new Sustainability Report, Teosto describes its operations from the perspective of social responsibility, financial responsibility, social responsibility and environmental responsibility.