Home » News » Business News » Future of global music publishing – revenues to grow at 7.1% CAGR by 2024

Future of global music publishing – revenues to grow at 7.1% CAGR by 2024

Image

 

The global music publishing sector is expected to grow at an annual rate of 7.1% from 2019-2024 according to a report published by Research and Media.

The music publishing market is highly fragmented due to the presence of a large number of local and regional players. Some of the major players in the market include Sony/ATV Music Publishing LLC, Disney Music, Universal Music Publishing Group among others.

However, it is music streaming that is driving growth in publishing. According to IFPI, there is a year on year growth of 45.5% in paid media streaming, and 176 million users for paid subscription. Moreover, streaming contributes 38.4% of global music publishing market revenues.

An increasing number of concerts and live performances worldwide is also another factor driving the market. In the USA alone there are around 50 big music festivals that are scheduled for 2019.

The trends in digital music are also set to drive the market as digital revenues are growing and accounted for approximately 54% of total recorded music industry revenues worldwide in 2018.

 

Music publishing in Latin America

Latin America’s growth of 17.6% was the highest among all the regions. The region’s streaming revenue was also the highest among all the regions, at 48.9%.

This growth is driven by the growth of streaming, in harness with record companies. They are not only playing a key part in building the market infrastructure, but also nurturing artists, giving them a global stage and working on the ground, with local partners, whilst constant. Chile and Argentina have the highest growth and adoption in the region.

For the Latin American the growth is driven by smartphone ownership, internet penetration and increase in disposable incomes in the region. The internet penetration is set to increase from 50% in 2017 to 66% in 2025 according to GSMA.

Back in February, MIDiA released a report detailing the financial innovation taking place in the recorded music industry and how this was effectively securitizing the concept of music publishing rights.

The report stated that music publishing mergers and acquisitions have boomed in recent years, strengthened by streaming’s user growth and the multitude of revenue options becoming available outside of music sales, such as micro syncs afford by user-generated content (UGC) on YouTube and the sheer growth of podcasts.

 

 

7257total visits

Abhishek Singh

Author: Abhishek Singh

Leave a Reply

Your email address will not be published. Required fields are marked *

Top

Get Music Plus’s top stories, interviews
and gig updates delivered to your inbox.

We won’t spam you. Promise!