The Radio, TV and Providers market segment showed a slight decline of € 0.5 million, reaching € 75.9 million. With 29% in 2024, this remains the market segment with the largest share of Buma’s total collections.

Compared to 2023, royalties from the Radio & TV category slightly rose by €7.4 million.

Stemra keeps its liquid assets in various freely withdrawable (savings) accounts. In 2024, € 0.3 million in interest was received.

This standard focuses on the trend of the management costs level. The standard stipulates that the costs should not increase any more than the consumer index price of the year to which the annual report relates. The budgeted cost increase in 2023 is 20.1%. The actual CPI increase for 2023 will be known in early 2024.

The budgeted cost increase in 2023 is calculated in relation to the actual costs in 2022, which are lower than budgeted. The higher management costs in 2023 are caused by improvement and change initiatives, including the replacement of the IT system. Because the start was hampered by Covid-19 and tightness in the labour market, the expected growth in costs to make this possible has also remained limited in previous years. Improvements are expected in the 2023 budget.

Under this item, the management costs are related to the distribution. In the 2023 budget, this results in an expense ratio of 18.2% for Buma/Stemra. This is higher than in previous years, which is caused by the higher budgeted management costs in 2023 due to further professionalisation of the organisation. This is expected to lead to higher collection flows from 2024. This will then also have the effect of further increasing the distribution in the future, as a result of which the cost percentage in relation to the distribution is expected to decrease from 2025. Buma/Stemra applies the cost standard with regard to collection and not the cost standard with regard to distribution, because the latter offers the option of controlling.

Under this item, management costs are related to the royalties. In the 2023 budget, this jointly results in an expense ratio of 14.6% for Buma/Stemra. Despite the rising management costs, this is lower than in the budget for 2022 (14.8%), which is caused by the higher royalties in 2023. The further professionalisation of the organisation is expected to lead to higher collection flows from 2024. This will also have the effect of further decreasing the cost percentage in relation to the royalties.

Under this item, the management costs are related to the copyright royalties. The standard is 15%.

In the 2022 budget Buma/Stemra jointly will meet this standard with a 14.8% cost ratio. On the basis of the provisional cost allocation, Stemra is expected to arrive at a cost ratio of 15.9%.

A decline is expected once the incidental high costs of replacing the obsolete IT system normalise and the results of the strategy implementation become visible.

Under this item, the management costs are related to the distribution. The standard is 15%.

In the 2022 budget Buma/Stemra jointly does not meet this standard with a 15.8% cost ratio. This is mainly due to the COVID-19 impact on Buma’s funds available for distribution and the incidental high costs for the replacement of the outdated IT system. Once these effects normalise and the results of the implementation of the strategy become visible, this cost ratio is expected to decrease. Stemra is, however, expected to satisfy this standard in 2022.

The standard focuses on the trend of the management cost level. The standard stipulates that the costs should not increase any more than the consumer index price of the year to which the annual report relates.

The budgeted cost increase in 2022 will turn out higher than the change in the consumer price index for the year. This is due to the catching up on improvement and change initiatives postponed from previous years, including the replacement of the IT system. The actual change in the consumer price index for 2022 will not be known until early 2023.

Under this item, the management costs are related to the distribution. The standard is 15%.

In the 2021 budget, this standard is not satisfied. This is primarily because of Buma’s decreasing distribution in 2021, arising from the lower collection. Stemra is expected to satisfy this standard, however; distribution there is expected to increase, especially due to the catching up on private copy funds from previous years.

The standard focuses on the trend of the management costs level. The standard stipulates that the costs should not increase any more than the consumer index price of the year to which the annual report relates.

The budgeted cost increase in 2021 will turn out higher than the change in the consumer price index for the year. This is due to the catching up on improvement and change initiatives postponed from previous years, including the replacement of the IT system. The actual change in the consumer price index for 2021 will not be known until early 2022.

Over the series of several years, since the introduction of the standard, the development of the management costs has remained within the development in the consumer price index.

Under this item, the management costs are related to the copyright royalties. The standard is 15%.

In the 2021 budget, this standard is not satisfied, mainly because of the decrease in collection of royalties as a result of the coronavirus measures. The budgeted management costs are also increasing, especially in connection with the necessary replacement of the outdated IT system. Without the impact of the coronavirus, the expense ratio would have remained below the standard of 15.0%.

In 2024, Stemra’s management costs increased by € 0.5 million, reaching € 6.6 million. This is € 0.3 million below the budget for 2024. In 2024, the allocation key for management costs between Buma and Stemra was adjusted to 84/16 (this was 83/17). This increase in Stemra’s management costs is mainly due to the growth in the number of FTEs required to implement the new strategy and higher costs for the new IT environment.

Stemra’s management costs in 2024 consisted of personnel costs (€ 3.3 million), general costs (€ 3.2 million) and accommodation costs (€ 0.2 million).

In 2024, Buma's management costs increased by € 5.5 million, reaching € 35.0 million. This was € 1.5 million lower than the budget for 2024. In 2024, the allocation key for management costs between Buma and Stemra was adjusted to 84/16 (this was 83/17). General costs allocated to Buma increased by € 3.4 million, personnel costs by € 2.8 million and accommodation costs by € 0.1 million. Amortisation and depreciation decreased by € 0.8 million. The increase in costs is mainly due to the growth in the number of FTEs required to implement the new strategy and higher costs for the new IT environment.

Buma’s management costs in 2024 consisted of personnel costs (€ 17.3 million), general costs (€ 15.1 million), amortisation and depreciation costs (€ 1.7 million) and accommodation costs (€ 0.9 million).

The standard focuses on the trend of the management costs level. The standard stipulates that the costs should not increase any more than the consumer index price of the year which the annual report relates to.

Potentially, the 2020 cost increase due to initiatives for improvement and change will be higher than the CPI change in that year. This cannot be determined – and if necessary explained – until the actual CPI change is known at the beginning of 2021.

Under this item, the management costs are linked to the distribution. The standard is 15%. This standard is met in Budget 2020.

Under this item, the management costs are related to the royalties. The standard is 15%. This standard was satisfied in 2022.

Compared to 2023, Stemra’s management costs increased by 12.8% (€ 0.8 million). Over the same period, the consumer price index increased by 3.3%, which takes the cost increase in 2024 above the annual change in CPI. This is explained by the fact that the strategy was further implemented in 2024, for which additional costs are incurred temporarily. Examples of this are the increase in the number of FTEs and the replacement of the IT environment.

Under this item, the management costs are related to the distribution. The standard is 15%. This standard was satisfied in 2022.

Under this item, the management costs are related to the royalties. The internal standard is 15%. This standard was met in 2024.

Compared to 2023, Buma’s management costs increased by 18.7% (€ 5.5 million). Over the same period, the consumer price index increased by 3.3%, which takes the cost increase in 2024 above the annual change in CPI. This is explained by the fact that Buma has further implemented the strategy in 2024, for which additional costs are incurred temporarily. Examples of this are the increase in the number of FTEs and the replacement of the IT environment.

Under this item, the management costs are related to the distribution. The standard is 15%. This standard was satisfied in 2022.

Under this item, the management costs are related to the royalties. The internal standard is 15%. This standard was met in 2024.

Income rose by € 0.4 million in 2024. This was mainly as a result of higher administration fees on collection (+ € 0.3 million), due to higher royalties in 2024.

In 2024, financial income and expenses mainly concerned the net investment result (€ 13.6 million). Both the return on equity investments (19.8%) and the return on fixed-income securities (4.7%) were positive. The positive investment result for 2024 is in line with the overall development on the investment markets.

Income rose by € 2.0 million in 2024. This was mainly as a result of higher administration fees on collection (+ € 2.1 million), due to higher royalties in 2024.

At Stemra, too, royalties from abroad increased in 2023 compared to the previous year by a total of € 1.3 million, reaching € 5.3 million. In 2023, the process for determining collection was improved by making the determination of music use the leading factor. This temporarily resulted in lower collections in 2023, which was made up for in 2024. On average, over 2023 and 2024, collections from abroad will be at a
level comparable to 2022.

In the Private Copy / Public Lending Rights category, € 1.3 million more was collected in 2023 compared to 2024. This was mainly caused by the fact that in 2023 there was a (one-off) subsequent payment from previous years.

Revenues from Online music use continued to grow in 2024. As in previous years, Online accounts for the largest share in Stemra’s collection in 2024 (45%). In 2024, Stemra’s collection from Online music use increased by € 5.7 million, or 31%. This is partly driven by the fact that we have contracted and/or connected more Digital Service Providers (DSPs) in our new IT environment in 2024, which means that more customers can be invoiced. In addition, the new IT environment can process more music use, including from older years.

Compared to 2023, royalties from the Radio & TV category slightly rose by €7.4 million.

Royalties from Productions In Own Management (PIEB) and Special Licensing rose by € 0.7 million compared to 2023, as a result of improved market conditions.

Royalties from BIEM contracts for mechanical sound carriers, a traditional Stemra market segment, fell by € 0.2 million compared to 2023.

Royalties from abroad increased by € 5.4 million in 2024 compared to 2023. This is largely a temporary effect. In 2023, the process for determining collection was improved by making the determination of music use the leading factor. This temporarily resulted in lower collections in 2023, which was made up for in 2024. On average, over 2023 and 2024, collections from abroad will be at a level comparable to 2022.

Royalties in the Online market segment saw the largest increase in 2024: from € 39.9 million in 2023 to € 54.0 million in 2024. This is partly driven by the fact that we have contracted and/or connected more Digital Service Providers (DSPs) in our new IT environment in 2024, which means that more customers can be invoiced. In addition, the new IT environment can process more music use, including from older years. Due to the above factors, the Online share in Buma's total collection rose from 17% in 2023 to 21% in 2024.

The Restaurants and Bars market segment was hit hardest by the Covid-19 measures and exceeded the 2019 level (€ 15.2 million) of royalties for the first time in 2023 (€ 15.9 million). In 2024, revenues rose further to € 17.0 million.

Revenues from Workspaces, shops and stores showed a further increase in 2024. Compared to 2023, revenues increased by € 1.9 million reaching € 40.4 million.

Income from the Live Performances market segment amounted to € 49.0 million in 2024. This is a slight increase compared to last year (+ € 1.7 million). This is largely driven by higher ticket prices and an increase in the number of licensed performances and events, which increased from 73,000 in 2023 to 81,000 in 2024. The share of this market in Buma's total collection fell from 20% in 2023 to 19% in 2024, mainly due to the growth in revenues at Online.

The Radio, TV and Providers market segment showed a slight decline of € 0.5 million, reaching € 75.9 million. With 29% in 2024, this remains the market segment with the largest share of Buma’s total collections.