LISTED company C2W Music made hits with singers Etana and Maxi Priest but its annual profit totalled less than US$750 for its December year end.

The company indicated that it’s in talks with publishing the songs of certain soca artistes aligned with Soca Bookings.

“[W]e have had a number one Billboard charting hit single by Jamaica’s own Etana entitled Richest Girl. We have also had two singles on the new Maxi Priest album entitled Without a Woman featuring Beres Hammond, and Hearts Across the World. We also had releases from numerous other artistes from the USA, Korea, UK, Canada , the Caribbean and other countries,” stated Ivan Berry chief executive officer in a notice to shareholders accompanying the financials.

While the company — which is still in a developmental phase — achieved “minimal profit” for its year end, its accumulated losses totalled US$1.24 million, the financials indicated.

“The company has not to date been able to realise the projected revenues as it has sought to develop its catalogue of songs,” stated the financial notes.

The company’s minimal profit was driven by US$8,154 earned from fees and royalties and the nearly US$161,000 earned from other income in its 2014 year.

Other income included third-party funding of songwriter camps which totalled US$64,000 while nearly US$97,000 related to “the sale of 50 per cent of the company’s rights/interest in certain musical works by two song writers”.

Last year the company announced plans to shift its business model from music publishing to include artiste management. The shift to artiste management, under what it calls a 360 model, will allow the company to increase revenue streams. The 360 model is an all-rights model.

C2W would earn from live shows, endorsement deals, sponsorship deals and any other revenues that come with an artiste.

“We are also in the process of negotiating with Soca Bookings which is an all rights company within Trinidad,” stated Berry about Soca Bookings which manages the careers of artistes like Patrice Roberts, Kernal Roberts, Bejai. “Soca Bookings will look to C2W to publish their body of works, while helping to build our business of 360 all rights content and brand management.”

Currently, C2W earns from exploiting its song catalogue as well as arrangements with BMG Chrysalis to collect royalties on its behalf for a percentage.

C2W recorded a net loss of US$620,000 for 2013 and another net loss of US$602,700 in 2012. Berry previously said that under the music publishing model the publisher gets paid last in the business cycle. He explained that the artiste immediately earns from tours, but earnings from songs take another 14 months for royalties to be collected globally.

In December 2013, C2W initially announced that it was looking at taking on outside investor and would bring the proposal to shareholders for consideration through an extraordinary general meeting (EGM).