According to the budget estimates for 2014 of SIAE, the Italian copyright collecting society plans to spend around 179 million EUR and to earn around 152 million EUR, which would mean producing losses of more than 26 million euro. The situation is even worse than in 2013, where losses were 24 million EUR.
But, in spite of all logical consequences, SIAE’s accounts will not be negative. Its inefficiency will be covered by its inefficiency: in fact, interest and investment earned by royalties due to authors and publishers will be around 34 and a half million EUR.
Furthermore, SIAE’s accounts are “doped” by the extraordinary financial income (more than 34 and a half million EUR) and approximately 48 million euro that the SIAE perceive from the so-called “services agreements”, i.e. activities not directly related with the management of copyright and that the company carries out on behalf of the Italian Revenue Service, the Monopolies of the State Agency and other public subjects.
Without such extraordinary sources of revenue, the budget of SIAE, in 2014, would close with a catastrophic net loss equal to 74,184,674 EUR, excluding taxes.