The International Confederation of Societies of Authors and Composers (CISAC) published a new report and represented a booming year for the music industry.
Published by CISAC who represent 239 authors’ societies across 121 countries their report accumulates music data from all around the world for a comprehensive account of the industry today.
Music publishing collections have grown by 6% in 2017 to €8.336 billion ($9.4 billion) from €7.863 billion ($8.87 billion) in 2016. It’s empowering news that the music industry is booming in the new digital age where streaming music is the go-to platform for listeners, especially younger listeners. While radio is still thriving physical music sales are dwindling but the incredible surge in streaming revenues is ensuring that music isn’t losing its value.
CISAC’s director general, Gadi Oron said,
“This impressive performance proves that authors’ societies are delivering value to the millions of creators they represent around the world. They have responded to rapidly changing technology, licensing digital services in new flexible ways and handling trillions of data transactions. And they are fighting for the best licensing in terms and the highest royalties possible in a world where powerful users are determined to avoid, or minimize, paying a fair return for their work.”
Digital music collections are up 166% in the last 5 years and reached €1.27 billion all in all last year. Royalties from digital music increased by 24% for the year and surpassed $1 billion for the first time in 2017. Whereas digital is growing massively there is still more that needs to be done to balance out the use of digital music and the revenues it produces if it’s going to replace physical sales in the long-term.
CISAC electronic music pioneer Jean-Michel Jarre said alongside the report,
“CISAC is at the heart of the battle for the future of over 4 million creators worldwide. I am passionately involved in this struggle. Europe has now recognised that it is time for change: it is not acceptable for the law to shield large tech monopolies and sustain a systemic injustice for creators. There is now a message to get to the rest of the world. It is time for other governments to sit up and follow.”
The US is the leading national market for collections, which increased by 7.0%, particularly thanks to a rapidly expanding music streaming sector. Among sizable markets, Sweden, Mexico, and Korea had the leading digital shares of total collections at 32.8%, 32.3%, and 31.8%, respectively. Digital has become the largest collections source in Sweden. At 62.6%, Australia and New Zealand had the largest digital growth. APRA AMCOS, an Australian music society, saw digital overtake broadcast as the largest collections source.
- 14 December 20182018.12.14Tencent Music debuts on NYSE, stock prices rise by 9.2%
- 11 December 20182018.12.11Rhapsody International Inc. and Sony Music Entertainment (Japan) Inc. launches first hi-res audio streaming service in Japan
- Entertainment News2018.12.07Latin Music rules the year with 8 entries in the top 10 of YouTube Rewind 2018
- 5 December 20182018.12.05Tencent Music launches $1.2bn US IPO, third largest by a Chinese company this year