The Music Publishing Market size is estimated at USD 7.26 billion in 2024, and is expected to reach USD 9.66 billion by 2029, growing at a CAGR of 5.87% during the forecast period (2024-2029).
In the music publishing sector, wearable and wireless technology are popular solutions. These mobile devices are helpful at concerts and live performances. Most music business vendors collaborate with value chain enablers to gain simple access to and reach the customer base, enabling music listening through these mediums and creating a considerable user base.
The worldwide music publishing market is expanding in parallel with the number of artists and live performances. Furthermore, developing the media and entertainment sectors is a significant driver of the music publishing market.
The process of buying and licensing musical compositions' rights from songwriters, composers, or other right holders is known as music publishing. Most music publishing income comes from five main types of royalties: mechanical, performance, synchronization, digital, and other. Other duties of music publishing include song acquisition, copyright management, and copyright protection.
Recording, selling, publishing, and disseminating musical content are all included in music publishing. Songwriters, vocalists, and publishing companies enter into a contract to publish songs or albums for the market.
Music publishers serve as critical intermediaries between songwriters and recording businesses. The music publisher requires the song's copyright and a fee to publish the music content, generally called royalty.
Because of the popularity of music streaming services such as Spotify and Pandora, physical music sales have decreased. However, the business is growing due to an increasing number of musicians worldwide and recent technological advances in music. Music publishers are in high demand since many artists and musicians rely on them for individualized assistance in managing their music, copyrights, and other assets. Furthermore, the media business has done well as customers have switched to digital channels.
While technology fosters growth, it no longer competes with or is adjacent to the music industry. Record labels are enhancing and harnessing it as part of the industry. However, piracy and unethical downloads via proxy sites are a few challenges impeding industry growth.
COVID-19 significantly impacted the music and arts sectors. Numerous music-related occasions, such as festivals, concert tours, and award ceremonies, have been postponed or canceled. Some composers and musicians could use the opportunity to create new works; nonetheless, there were unforeseen effects for the numerous others who assisted in performances. Several record releases were postponed.
The songwriting and publishing communities have been combating not only the unequal payment structure of streaming, which sees recorded-music rights holders paid three times what publishing is produced, but also the music industry's unbalanced power and payment structures since the start of the streaming-fueled recovery a few years ago.
Music publishing companies are primarily concerned with securing and registering copyrights for musical works under the law and marketing and allowing these compositions for use in recordings, radio, television, motion films, live performances, print, or other media. The interests of songwriters or other owners of musical compositions in producing income from those songs are represented by businesses in this sector, frequently through licensing agreements. These organizations may be the copyright owners or serve as administrators on their behalf. This industry includes music book and sheet music publishers.
The RIAA states that there are many other types of streaming, such as paid subscriptions, ad-supported music streaming services, digital and customized radio, music licensing for Facebook, and digital fitness programs. The release includes TikTok music revenue from the United States, allowing labels to license new apps, services, and formats by utilizing their unique work. These revenues climbed by 24% yearly to USD 12.4 billion, accounting for 83% of overall sales - a level identical to the previous year.
The music industry is one of many that has embraced the advancement of streaming. It has deliberately driven it. The expansion of streaming is one component of a corporation that has formed alliances with the most significant and forward-thinking technology companies and is dedicated to realizing the potential given by technological breakthroughs.
Various developments are taking place in the market under consideration. For example, LimeWire, a digital collectibles marketplace, said last year that it had formed its first major music label collaboration with Universal Music Group (UMG) and would collaborate to make digital music collectibles more accessible to a broader audience.
The music publishing market is highly fragmented due to many local and regional players. Some of the major players in the market include Sony Music Publishing LLC, Universal Music Publishing Group, and Warner/Chappell Music Inc., among others.
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