Message from the Management Board
In this semi-annual report, we explain the current developments in 2024 and the expectations for the coming period.
Following the record collection of € 282.8 million from music use in 2023, the first half of 2024 was characterised by further growth in royalties. The collection of € 172.0 million is € 14.7 million higher than over the comparable period in 2023. In 2024, total royalties are expected to rise to a record high of € 300.0 million, exceeding the budgeted collection by more than € 8 million.
Halfway through the year, distribution is still € 4.0 million less than budgeted, but over the whole of 2024, we expect to pay out € 5.3 million more than previously estimated. This budget overrun is mainly due to higher collections and structural acceleration of the distribution. The transition to Salt Royalties, the new IT system, helps BumaStemra to pay out the highest possible compensation to its rights holders for the use of their music and do so more quickly. This resulted in a structural acceleration of payments of Online and foreign funds this year.
Management costs in the first half of 2024 amounted to € 20.6 million. This is more than the first half of 2023, mainly due to the indexation of contracts, IT renewal and growth in staffing levels to strengthen the organisation. Management costs for the first half of the year remained € 2.3 million below what we had budgeted. This is mainly due to the decision to sell a developed copyright database back to the developer and use it as a SaaS (Software as a Service) solution. Lower internal staffing levels as a result of the difficult labour market also result in lower costs than previously estimated. For the whole of 2024, we do not expect to spend more than budgeted.
Investment returns of € 6.0 million for the first six months are comparable to last year and higher than budgeted.
So all in all, the year 2024 looks positive. Below we will discuss the results and developments we can see in more detail.
Royalties
The realised collection in the first half of 2024 amounted to € 172.0 million. This is € 7.6 million higher than budgeted. The main reasons for the higher collection are explained below, per market. The collection is also supported by recently completed contract negotiations that were finalised retroactively (2023).
For the Online market, newly concluded and improved contracts are the main drivers behind the higher royalties. By mid-2024, € 5.9 million more has been collected than budgeted. Since part of this consists of usage invoiced earlier than initially budgeted, we expect to end up € 4.6 million above budget for the whole of 2024.
The royalties for the International market are € 3.1 million higher than budgeted. This is caused by subsequent receipts from abroad for 2023. As a result, the Latest Estimate for 2024 has also been revised upwards, which is now € 3.5 million higher than budgeted.
The Business Mechanical Catering market records more income from commercials during the sports summer, which is the main reason for the € 1.9 million higher collection than budgeted. This higher realisation compared to the budget is expected to increase further to € 4.0 million in the second half of the year.
By mid-2024, the Events (- € 2.1 million) and RTV (- € 1.2 million) markets collected less than budgeted. This is largely caused by fewer tours by major artists and less advertising revenue from commercial providers. It is expected that this deficit compared to the budget will not be made up in the second half of the year.
The above effects lead to an expected collection of € 300.0 million in 2024, which would represent an increase of € 17.2 million (+6%) compared to 2023.
Distribution
The distribution in the first half of 2024 was € 4.1 million lower than budgeted, which is due to adjustments in the planning. We expect to make up for these temporary differences in the second half of 2024.
In our Latest Estimate, the expected distribution for 2024 amounts to € 243.0 million. This is € 3.3 million higher than the payments made to affiliated rights owners and organisations in 2023. The transition to Salt Royalties has structurally accelerated payments for Online and foreign funds. In the coming period, we will be working hard on the further transition to Salt Royalties.
Management costs and investment result
Management costs for the first half of 2024 are € 2.3 million less than budgeted. One of the reasons is the decision to sell a developed copyright database back to the developer and use it as a SaaS (Software as a Service) solution, instead of merely developing it as an insurance premium. In addition, personnel costs are lower than budgeted due to lower internal staffing levels than previously estimated. As part of strengthening our organisation, an expansion of our internal formation has been budgeted; compared to June 2023, the formation has already grown by 9.4 FTEs. However, filling all vacancies remains difficult. In the first half of 2024, an average of 12.1 FTEs fewer were employed than budgeted.
It is expected that only part of the underspending in personnel cost will be made up in the second half of 2024 and that the lower development costs for a copyright system will remain lower than budgeted. As a result, total management costs for 2024 are expected to be €1.0 million less than budgeted, which amounts to € 42.5 million.
The investment result for the first half of 2024 amounts to € 5.9 million positive. This is € 3.7 million above the budgeted notional return. Results above and below the budgeted return are absorbed in the provision for temporary differences in cost coverage, in accordance with the policy approved by the GMM.
Strategy review
BumaStemra’s strategy has been subject to review from the end of 2023 onward. The first results were shared and discussed with the Supervisory Board in February 2024.
The strategy review is an intensive process that gives us many in-depth insights into the rapidly changing world in which we operate as BumaStemra and that will help us further in giving direction to the organisation in the coming years. Important factors therein are agility, entrepreneurship, differentiation and innovation.
The key pillars of our strategy for the coming years are strengthening member service, targeted growth and maintaining our scale. We also see new opportunities in, for example, collaboration with other collective management organisations.
The aim is to complete this process in the autumn.
Pyramid
The Pyramid project (replacement of the entire IT backbone by a largely customised, new environment) continued to be worked on in the first half of 2024 and, in addition to the Online and International business lines, RTV has now been put into operation as well. It is an important pillar for achieving our strategic goals. In April of this year, the planning and associated programme budget was reviewed. Under the new planning, the programme will run for 12 months longer, which means the programme will be completed in mid-2026.
Following the review in April 2024, the expectations for the Pyramid programme in terms of planning and required budget were renewed. In addition to the fact that the complexity of the initial budget had been estimated lower and that the scope has been expanded, there are external factors at play in this review, such as the ability to process withholding tax withheld by foreign sister companies. A number of necessary optimisations and the automation of manual actions that were previously planned for the phase after delivery of the IT system are included in the planning as well, with immediate effect. By making these changes we are building a sustainable platform that is future-proof.
These developments resulted in an increase in investments by € 1.8 million, to € 20.4 million.
Copyright database
In the spring of 2023, BumaStemra decided to have the copyright database PXB developed by Stage as a possible alternative to ICE’s copyright database, after ICE terminated the current contract with BumaStemra.
BumaStemra decided on this based on the idea that a copyright database is so fundamental to its business continuity that there should be an alternative to ICE and the new product ICE Cube. When Stage was commissioned, it was assumed that ICE would be used for at least another two years and that PXB would have to offer more of a long-term solution. At the time, PXB was mainly seen as an insurance premium.
In recent months, it has become apparent that a number of principles of the October 2023 decision had been overtaken by recent developments, after which the Management Board concluded this spring that its business continuity and the realisation of its strategy meant that the scenario opted for in 2023 was no longer the right scenario for BumaStemra. The chosen scenario is therefore to further develop PXB into a final product and to use it as a SaaS solution (i.e. after selling the IP back to the developer) and to consequently terminate the relationship with ICE.
We are very aware that, with its choice for PXB (now called Salt Rights), BumaStemra is leading the way and that it is choosing its own path. It is a change that raises uncertainties, yet one that radiates strength and innovative capacity at the same time.
This autumn will see the data transition from ICE to Salt Rights, after which Salt Rights can be put into operation with effect from 1 January 2025.
Outlook
We expect the upward trend in royalties to continue in the second half of the year, further improving on the record revenue of 2023. By further developing our IT platform, reviewing the strategy and further professionalising the organisation, we are confidently building the future of BumaStemra.
Hoofddorp, August 2024
Marcel Gelauff, interim CEO
Marleen Kloppers, CFO
* the half-yearly figures have not been audited by an external auditor
Einde bericht
Abroad BumaStemra
2018
2019
2020
2021
2022
2023
Online BumaStemra
2018
2019
2020
2021
2022
2023
Radio & TV BumaStemra
2018
2019
2020
2021
2022
2023
Provision for temporary differences in cost absorption Stemra
The movements in this provision in 2023 concern a distribution of € 1.7 million and the positive balance of cost coverage for 2023: € 0.6 million. The distribution of € 1.7 million related to the difference between the position of the provision as at 31 December 2022 (€ 5.7 million) and the upper limit of the provision set for 31 December 2022 (€ 4.0 million). On 17 May 2023, the GMA approved the payment of this amount. The funding surplus is mainly due to the fact that the withheld administration fees were € 0.6 million higher than budgeted due to the higher royalties. Management costs were € 0.5 million lower than budgeted, the other and financial income together amounted to € 0.1 million lower than budgeted. Because the budget for 2023 had assumed a funding shortfall of € 0.6 million, the total funding surplus amounts to € 0.6 million. The provision therefore ends at € 1.6 million above the upper limit set for the end of 2023.
Movement in provision for temporary differences in cost absorption 2022 Stemra
The movements in this provision in 2022 concerned a distribution of €9.3 million and the positive net cost absorption for 2022: €0.7 million. The distribution of €9.3 million related to the difference between the position of the provision as at 31 December 2021 (€14.3 million) and the upper limit of the provision (€5.0 million). On 25 May 2022, the General Members’ Meeting approved the payment of this amount.
The funding surplus was mainly due to the fact that the withheld administration fees were €1.0 million higher than budgeted due to the higher royalties. Management costs were €0.3 million lower than budgeted, the other and financial income together amounted to €0.4 million higher than budgeted. Because the budget for 2022 had assumed a funding shortfall of €1.0 million, the total funding surplus amounts to €0.7 million.
Movement in provision for temporary differences in cost absorption 2022 Buma
The movement in this provision in 2022 concerned the negative net cost absorption for 2022: €24.6 million. This was largely due to the negative investment result, which was €29.0 million lower than budgeted. On the other hand, due to higher royalties, the withheld administration fees were €3.6 million higher than budgeted. Management costs were €1.5 million lower than budgeted. Because the budget for 2022 had already assumed a funding shortfall of €0.8 million, the total funding shortfall amounts to €24.6 million.
Financial income and expenses Stemra
2021
2022
2023
Since the interest on liquid assets was negative in 2022 up to and including September, the financial income and expenses were €0.2 million negative on balance.
Management costs trend (budget 2023)
Actual 2021
Budget 2022
Budget 2023
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.
Management costs vs distribution (budget 2023)
Actual 2021
Budget 2022
Budget 2023
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.
Management costs vs copyright royalties (budget 2023)
Actual 2021
Budget 2022
Budget 2023
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.
Movement in provision for temporary differences in cost coverage 2021 Stemra
The provision for temporary differences in cost coverage includes the €6.6 million appropriated reserve available at the end of 2020 plus the credit balance cost coverage over 2021 of €7.7 million.
This balance cost coverage includes a one-off gain of €7.1 million as a result of the amended Distribution Rules regarding the withholding of administrative fees. The administrative expenses were also lower than budgeted.
Movement in provision for temporary differences in cost coverage 2021 Buma
The provision for temporary differences in cost coverage includes the €33.8 million appropriated reserve available at the end of 2020 plus the credit balance cost coverage over 2021 of €10.7 million.
This balance cost coverage contains a €4.1 million difference between the realised investment result (€6.9 million) and the normative investment result used to partly cover the administrative expenses (€2.8 million). In addition, a one-off gain of €5.4 million was realised as a result of the amended Distribution Rules regarding the withholding of administrative fees, and the administrative expenses were lower than budgeted.
Management costs vs copyright royalties (budget 2022)
Actual 2020
Budget 2021
Budget 2022
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.
Management costs vs distribution (budget 2022)
Actual 2020
Budget 2021
Budget 2022
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.
Management costs trend (budget 2022)
Actual 2020
Budget 2021
Budget 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.
Changes in the appropriated reserve Stemra 2020
The deficit from ordinary activities for 2020 was taken from the appropriated reserve. The extraordinary expense for the payment into the Music Industry Emergency Fund was taken from the continuity reserve. This appropriation of the result is included in the financial statements.
Provision for temporary differences in cost absorption Buma
The movement in this provision in 2023 concerns the positive balance of cost coverage for 2023: € 17.0 million. This surplus was largely due to the positive investment result, which was € 11.5 million higher than budgeted. Furthermore, due to higher royalties, the withheld administration fees were € 1.4 million higher than budgeted. Management costs were € 1.8 million lower than budgeted and (other) financial income together were € 0.3 million higher than budgeted. Because the budget for 2023 had already assumed a funding surplus of €1.9 million, the total funding surplus amounts to € 17.0 million; the provision thus ends between the upper and lower limits determined for the end of 2023.
Management costs vs distribution (budget 2021)
Actual 2019
Actual 2020 (provisionally)
Budget 2021
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.
Management costs trend (budget 2021)
Actual 2019
Actual 2020 (provisionally)
Budget 2021
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.
Management costs vs copyright royalties (budget 2021)
Actual 2019
Actual 2020 (provisionally)
Budget 2021
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%.
Publication
Head office
Saturnusstraat 46-62
2132 hb hoofddorp
T: 023 – 799 79 99
E: info@bumastemra.nl
bumastemra.nl
Editorial board
vereniging buma
Realisation
Merkelijkheid
Management costs Stemra
2018
2019
2020
2021
2022
2023
Stemra’s management costs increased by €0.6 million to €5.3 million in 2022. This is €0.3 million lower than the budget for 2022. The allocation key of 83/17 (BumaStemra) has remained unchanged compared to previous years.
Stemra’s management costs rose mainly because the charged-on personnel costs of Buma increased in order to further implement the strategy. Growth in (external) FTEs forms part of this implementation. There was also an increase in costs due to the programme to replace the IT system (Pyramid) and higher outsourcing costs. Variable costs for outsourcing the processing of online music use rose in line with growth in this market segment.
Stemra’s management costs in 2022 consisted of personnel costs (€2.4 million), general costs (€2.7 million) and accommodation costs (€0.2 million).
Management costs Buma
2018
2019
2020
2021
2022
2023
Buma’s management costs increased by €2.8 million in 2022 to €25.9 million. This was €1.5 million lower than the budget for 2022. The allocation key of 83/17 (BumaStemra) has remained unchanged compared to previous years. Personnel costs allocated to Buma increased by €1.5 million and other general costs fell by €1.4 million. Accommodation costs were virtually the same and amortisation and depreciation decreased by almost €0.2 million.
Buma’s management costs in 2022 consisted of personnel costs (€11.9 million), general costs (€11.8 million), depreciation costs (€1.5 million) and accommodation costs (€0.7 million).
Changes in the appropriated reserve Stemra 2019
The surplus of the operating statement for 2019 is added to the appropriated reserve. This appropriation of the result is included in the financial statements.
Changes in the appropriated reserve Buma
The difference between the realised investment result (€ 8.7 million) and the normative investment result that is used to partially cover the management costs (€ 2.0 million), i.e. €6.7 million, was added to the appropriated reserve. This appropriation of the result is included in the financial statements.
Changes in the appropriated reserve Buma 2019
The difference between the realised investment result (€ 15.9 million) and the normative investment result that partially covers the management costs (€ 2.2 million), i.e. € 13.7 million, is added to the appropriated reserve. This appropriation of the result is included in the financial statements.
Management costs trend
Actual 2018
Budget 2019
Budget 2020
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.
Management costs vs distribution
Actual 2018
Budget 2019
Budget 2020
Under this item, the management costs are linked to the distribution. The standard is 15%. This standard is met in Budget 2020.
Management costs vs copyright royalties
Actual 2018
Budget 2019
Budget 2020
Under this item, the management costs are related to the royalties. The standard is 15%. This standard was satisfied in 2022.
Management costs trend Stemra
2018
2019
2020
2021
2022
2023
The CPI movement in 2022 was 10.0%. The cost development at Stemra exceeded this percentage; this standard was therefore not satisfied in 2022. This is explained by the fact that Stemra invested in realisation of the strategy in 2022, which had been postponed in previous years due to COVID-19.
Management costs vs Distribution Stemra
2017
2018
2019
2020
2021
2022
Under this item, the management costs are related to the distribution. The standard is 15%. This standard was satisfied in 2022.
Management costs vs copyright royalties Stemra
2018
2019
2020
2021
2022
2023
Under this item, the management costs are related to the royalties. The standard is 15%. This standard was satisfied in 2022.
Management costs trend Buma
2018
2019
2020
2021
2022
2023
The CPI movement in 2022 was 10.0%. The cost development at Buma exceeded this percentage; this standard was therefore not satisfied in 2022. This is explained by the fact that Buma invested in realisation of the strategy in 2022, which had been postponed in previous years due to COVID-19.
Management costs vs Distribution Buma
2017
2018
2019
2020
2021
2022
Under this item, the management costs are related to the distribution. The standard is 15%. This standard was satisfied in 2022.
Management costs vs copyright royalties Buma
2018
2019
2020
2021
2022
2023
Under this item, the management costs are related to the royalties. The standard is 15%. This standard was satisfied in 2022.
Income Stemra
2018
2019
2020
2021
2022
2023
Income rose by €6.8 million in 2022. This was due to a one-off gain (€7.1 million) in 2021 resulting from the transition from realising the cost withholding at the distribution moment to realising it at the collection moment.
Financial income and expenses Buma
2018
2019
2020
2021
2022
2023
The financial income and expenses in 2022 mainly concerned the net investment result (-€26.7 million). Both the return on equity investments (-19.1%) and the return on fixed-income securities (-13.8%) were negative. The negative investment result for 2022 was in line with the overall development of the investment markets, which experienced a bad year due to, among other things, the war in Ukraine and the rise in interest rates.
The negative investment result was absorbed by the provision for temporary differences in cost absorption.
Income Buma
2018
2019
2020
2021
2022
2023
Income rose by €1.1 million in 2022. This was due to higher administration fees on collection (+€6.4 million) due to higher royalties revenue in 2022. The increase in the total income at Buma was lower because in 2021, a one-off gain (€7.1 million) was recognised resulting from the transition from realising the cost withholding at the distribution moment to realising it at the collection moment.
Distributed to CMO’s abroad Stemra
2018
2019
2020
2021
2022
2023
Distributed to rights owners Stemra
2018
2019
2020
2021
2022
2023
Addition to Fund for Social and Cultural Purposes
2018
2019
2020
2021
2022
2023
Distributed to CMO’s abroad Buma
2018
2019
2020
2021
2022
2023
Distributed to rights owners Buma
2018
2019
2020
2021
2022
2023
Abroad Stemra
2018
2019
2020
2021
2022
2023
As in 2022, royalties from abroad in 2023 remained almost the same as in the previous year.
Home copy / Lending right / Graphic
2018
2019
2020
2021
2022
2023
In the Private Copy / Public Lending Rights category, € 1.3 million more was collected in 2023 compared to last year. This was mainly thanks to improved market conditions.
Online Stemra
2018
2019
2020
2021
2022
2023
The growth in royalties from Online music use also continued in 2023. As in previous years, Online will have the largest share in Stemra’s collection in 2023 (39%), while in 2009, it still had the smallest share (3%). In 2023,
Stemra’s collection from Online music use increased by € 2.0 million, or 12%.
Radio & TV Stemra
2016
2017
2018
2019
2020
2023
At € 7.2 million, the royalties from Radio & TV are in line with the revenues from 2022.
PIEB
2018
2019
2020
2021
2022
2023
The € 0.6 million decline in royalties from Productions In Own Management (PIEB) and Special Licensing was in line with the declining trend of recent years.
BIEM
2018
2019
2020
2021
2022
2023
BIEM
The royalties from BIEM contracts for mechanical sound carriers, a traditional Stemra market segment, increased by € 0.2 million compared to 2022. This was mainly thanks to improved market conditions.
Abroad Buma
2018
2019
2020
2021
2022
2023
Abroad Buma
Royalties from abroad fell by € 1.5 million in 2023 compared to 2022.
Online Buma
2018
2019
2020
2021
2022
2023
Royalties in the Online market segment fell to € 39.9 million in 2023. This is caused by a limited number of large contracts for which renegotiations are still ongoing. Due to the above adjustment, the Online share in Buma’s total collection fell from 20% in 2022 to 17% in 2023.
Restaurants and bars
2018
2019
2020
2021
2022
2023
The Restaurants and Bars market segment was hit hardest by the Covid-19 measures and exceeded the 2019 level of royalties for the first time in 2023 (€ 15.9 million).
Workspaces, shops and stores
2018
2019
2020
2021
2022
2023
Revenues from Work Spaces and Shops and Stores already showed a full recovery in 2022 and increased further by € 5.3 million to € 38.5 million in 2023.
Live performances
2018
2019
2020
2021
2022
2023
In 2023, income from the Live Performances market segment amounted to € 47.3 million. This is a large increase compared to last year (€ +11.6 million). This increase is largely driven by higher ticket prices and an increase in the number of licensed performances and events, which increased from 55,000 in 2022 to 73,000 in 2023. The share of this market in Buma’s total collection rose from 16% in 2022 to 20% in 2023.
Radio & TV Buma
2018
2019
2020
2021
2022
2023
The Radio, TV and Providers market segment grew from € 1.7 million to € 76.4 million. With 32% in 2023, this remains the market segment with the largest share of Buma’s total collections.