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Swedish CMO Revenue Up 14.2% in 2023
STIM, the Swedish collective management organization (CMO) turned 100 last fall. Its results for 2023 are giving it another reason to celebrate.
The organization took in a record-high 3.095 billion Swedish Krona (SEK) ($291.9 million, based on a 2023 average krona-dollar conversion rate), up 14.2% from the previous year, the CMO announced May 28. Along with PRS and GEMA (Germany), STIM owns and controls the joint venture ICE, the Berlin-based licensing and processing hub that has become an important force in European copyright. After extended negotiations, the CMO can now pay out several years of royalties from HBO and Disney+, and the conclusion of another deal means that the organization will have new rates for live music by January 2025.
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