COSOMA posts surplus Featured

21 Oct 2021
492 times

COSOMA posts surplus

The Copyright Society of Malawi (COSOMA) has overperformed in 2020/2021 financial year, having collected more than what was budgeted.

COSOMA chairperson Maureen Masamba made the remarks in Lilongwe during the Annual General Assembly.

She said the excess of over K450 million came from the newly introduced blank media levy.

“Generally, the society performed well in the year 2020/2021 as evidenced by the surplus. On licensing, the copyright body had by June 30, collected almost K1.85 billion against a total

budget of over K1.3 billion.

“The revenue was collected from reprography including copy shops, mechanical as well as softcopy licensing, broadcasting, public performance, ringtones, music downloads and blank media levy among others,” the chairperson told the assembly.

However, the amount is subject to other external factors that the society is currently working on.      

“It is worth noting that the blank media levy collections are subje||||ct to refunds as per regulations. So far, there is still an outstanding claim of K54 million by MultiChoice Malawi for importation of decoders which Malawi Revenue Authority is still analysing,” she stated.

In her report of activities of the society covering the period under review, Masamba also highlighted the increase in number in membership.

“As of June this year, the society’s membership stood at 10, 255 and registered a growth rate of 9.3% compared to that of 5% in 2019/2020 fiscal year.

“The main drivers of the growth included increased awareness levels of the functions of COSOMA and the introduction of the blank media levy which has attracted the attention of many artists to get themselves registered,” she said.

In the financial year, the society also started digitizing its records for proper management of records of all it’s members.

So far, 2,920 deeds of assignment and 100 work declarations had been digitized, according to the chairperson.

“In the same vein the society developed an online registration system. The society is now accepting registrations through WhatsApp and email,” states Masamba adding that, the body is intending to establish related rights management following the provisions of the Copyright Act, 2016.

“Related rights is for producers and performers. Implementation of this activity was affected by the failed mission of the WIPO experts to finalize development of tools and training of staff in the management of related rights,” she explained.

Memebrrs at the assembly were also updated on other mandates of COSOMA including enforcement and royalty distribution.

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Contact Information

Copyright Society of Malawi
Address:
Off Paul Kagame Road
Next to the Malawi Rural Finance Company Office
Capital City
Lilongwe 3
Malawi

E-mail: cosoma@cosoma.mw 
Telephone: +265 1 751 148