A new study from the C.D. Howe Institute says the "competitive value" of music in Canada is two and a half times what is actually paid through copyright tariffs. The report, authored by economist Marcel Boyer, came to this conclusion based on an analysis of conventional radio, for which he said established royalty rates serve as a benchmark for tariffs in online music streaming. Boyer said the Canadian radio industry pays 18.3 per cent of its revenue to on-air talent for talk content. The general ratio of music to talk is 60 to 40 per cent, and this suggests music is one and a half times more valuable to radio than talk, and in turn indicates that 27.5 per cent of revenue should go toward music costs in a competitive environment, the report said. He added that these proportions suggest the amount paid by Canadian radio stations to music rights holders should have been $440 million in 2012, as opposed to the $178 million that was paid, representing 11.2 per cent of the $1.6 billion in revenue that year. Boyer's report said using radio as a guideline translates into a competitive rate of about $3.16 per thousand plays for online streaming. A decision last year from the Copyright Board of Canada set the tariff for non-interactive and semi-interactive streaming at 10.2 cents for 1,000 plays for performers and record companies represented by Re: Sound Music Licensing Co. The Society of Composers, Authors and Music Publishers of Canada (SOCAN) is under a different arrangement that derives a tariff worth 5.3 per cent of an audio website's revenue if it uses 80 per cent or more of the material within SOCAN's licensing rights.