IMPF：2023年全球獨(dú)立音樂發(fā)布報(bào)告

CONTENTS

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FOREWORD

EXECUTIVESUMMARY

ABOUTTHEINDEPENDENTMUSICPUBLISHERS

INTERNATIONALFORUM

MARKETANALYSIS

THEROLEOFMUSICPUBLISHERS

THEKEYPLAYERSINTHEMUSICPUBLISHINGECOSYSTEMTHEVARIOUSTYPESOFPUBLISHERS

MUSICPUBLISHERS’STREAMSOFREVENUES

MARKETSHAREOFMUSICPUBLISHERS

VALUEOFPUBLISHINGINTHEMUSICRIGHTSECOSYSTEMTHESHAREANDVALUEOFINDEPENDENTMUSICPUBLISHING

THECASEOFFRANCE

KEYISSUESFACINGPUBLISHERS

FULLRECOVERYISNOTTHEREYET

THEIMPACTOFTHEMECHANICALLICENSINGCOLLECTIVEONMECHANICALRIGHTS

IMBALANCEINTHESPLITOFREVENUES

METHODOLOGY

FINANCIALSPONSORSOFTHEREPORT

MEMBERSOFIMPF

ACKNOWLEDGEMENTS

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1.Foreword

ThisisthethirdGlobalMarketViewpublishedbytheIndependentMusicPublishersInternationalForum(IMPF),providingdataabouttheglobalmarketvalueoftheindependentmusicsector.

Themusicpublishingbusinessisthebusinessofcompositions,andofthepeoplebehindthisbusiness—songwriters,lyricists,composers,producersand,ofcourse,musicpublishers.

Inshort,itisthebusinessofsongs.Withoutsongwritersandcomposersandtheircreationstherewouldbenomusicindustry.Yet,theintrinsicvalueofthisbusinessremainsunder-estimated.

Thecurrenteconomicmodel,dominatedbytheriseofstreaming,worksinfavourofperformersandrecordings.Theratioofstreamingrevenuessplitbetweenrecordingandpublishingisbasicallyonetofive.

Inotherwords,whenoneeuroordollarispaidtorightsholdersbystreamingservices,performersandlabelstakeahefty80%whilesongwritersandpublisherssplitamongthemselvestheremaining20%.

Thefactthatmanydebatesaroundtheworldhavefocusedontheneedforafairerandbetterremunerationofsongwritersisadirectconsequenceofthisimbalance.Whilesomestudies,suchastheUnitedKingdomParliament’sDigital,Culture,MediaandSport(DCMS)Committeehaveshownthatpublishersandsongwritersarethe

mainbeneficiariesoftheriseinrevenuesfromstreaming—inpercentageofrevenue—comparedtolabels,themathsmaybecorrectbutthebaselineisverylow.

Ithasbecomehardtoargueagainsttheideathatsongwritersandpublisherswerehandedthewrongsideofthedeal.

Thereisnoreasonwhythecombinationpublisher/songwritershouldbepaidlessthanthecombolabel/performers.Andarebalancingoftherevenuesplitislongoverdue.

Intheabsenceofaglobalentitycollectingdatafromthevarioussegmentsofthisindustryingeneral—andthelackofglobaldataonmusicpublishing,inparticular—thisstudy’sambitionistoshowasmuchaspossiblethetruevalueoftheglobalpublishingsectorandalsohighlightsomelocalandregionalspecificitiesofsomemarkets.

Whatthisreportalsoshowsisthestrengthandvalueofindependentmusicpublishers,whoaremappingtheworldandarecrucialpartnersofthesongwritercommunityineverysinglecountryaroundtheglobe.

Thedatacoverstheyear2021,reflectingthewaythemusicpublishingbusinessfunctions,withatimedelaylinkedtotheprocessbywhichroyaltiesarecollectedanddistributedintheworld.TheyinformaboutamusicsectormovingoutoftheCOVID-19pandemic.

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Asatestimonytotheresilienceofthesector,musicpublishershavecontinuedtosignnewsongwriters,collect,anddistributeroyalties,grantsynchlicencesandbuildtheirbusinesses.

Severalfactorswillcontributetoastrongermusicpublishingbusinessinthecomingyears:

?Therecoveryofthepublicperformancesegment,withadvertisingbacktopre-COVIDlevels

?Thelivemusicsectorisbackinfullswingasdocumentedbythevolumeofconcertstakingplacearoundtheworld

?FilmandTVproductionhasresumed,andthesyncbusinessisbacktopre-pandemiclevels,whileglobalvideostreamingservicescontinuetoexpand

?FavourablelegislationintheUnitedStates,inparticular,willseeasignificantincreaseinroyaltiespaidtomusicpublishersandsongwritersfrommechanicalrights

Thereare,ofcourse,afewcloudsonthehorizon:

?Therisksofaslowereconomyandtheimpactofinflation,whichcouldaffectthebottomlineandthemarginsofmusicpublishers

?Aslowingdownofstreamingadoptioninthemostmaturemarkets,notyetcompensatedbygrowthinnew,emergingmarkets

?Adversecopyrightlegislation,loweringtheprotectionofmusicworks,ordismantlingschemessuchasprivatecopying,whichusuallybenefitthecreativesector

?Theriseofunlicensedplatforms,preferringtolaunchandoperatewithoutproperlycompensatingrightsholders

AnnetteBarrett,ReservoirMusic,andPresidentofIMPF:“Independentmusicpublishersareavitalcreativeforceinthemodernmusicbusiness.Theyarealsoaneconomicforce,asthisreportshows,accountingforoveraquarteroftheglobalpublishingmarket.Collectively,independentpublishersarethepremierepublishingentityintheworld,aheadofthelargestmajorcompany.Thisisatributetothemanyentrepreneursineachcountrywhodevelopsongwritersandcomposers,andmakesuretheygetproperremunerationfortheirmusic.”

AmanKhullar,GeneralCounsel,Musixmatch:“Musixmatchisproudtosponsorthisthirdeditionofthe‘IMPFGlobalMarketViewofIndependentMusicPublishing’.Togetherwithourpublisherpartnerswehaveworkedformorethan12yearstonurtureandgrowthedigitallyricsmarket—awaytoearnroyaltiesfromexistingrightsthatarenowanintrinsicpartofeverymusicDSPproduct.Weareparticularlyexcitedbythecontinuedgrowthoftheindependentpublishercommunity,andwelookforwardtoworkingwithourpartnersongrowingthelyricsmarketanddevelopingnewproducts.WorkingwiththeIMPFweknowthatindependentshaveastrongandcommittedadvocatefortheirrightsaswellasaforumtodiscussandshareideasaboutthefutureofthemusicindustry.”

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2.Executivesummary

Themusicpublishingmarketisdominatedbytheaffiliatesofmajormusiccompanies—SonyMusicPublishing,UniversalMusicPublishingGroupandWarnerChappellMusic—thataccountedin2021for59.9%oftheglobalpublishingmarket,accordingtoestimatesfromMusic&Copyright.

Oftheremaining40.1%,twocompanies—KobaltandBMG—accountedfor6.8%and6.2%respectively,whichwouldputtheindependentmusicpublishingsector(definedascompanieswithaglobalmarketshareof5%orbelow),takencollectively,at27.1%ofthetotalmarket.

Suchacombinedmarketsharewouldqualifytheindependentmusicpublishingsectorasacollectiveentitywithamarketsharehigherthanthatofthelargestmusicpublisherintheworld(SonyMusicPublishing).

Musicpublishingisakeycomponentofthemusicrightsecosystem.Alongsiderecordedmusicrights,centredaroundsoundrecordings,publishingrights,attachedtomusicworks,isthebusinessoftheunderlinedcompositionsusedforsoundrecordings.

Publishers’revenuesrelyonmultipleflowsofroyalties,someofwhicharenegotiateddirectlybythepublisher(synchronisationrights),andothersthroughthecollectivemanagementsystem(mostlyperformancerightsandmechanicalrights).

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ThemarketanalysisoftheglobalmusicpublishingindustryshowsthattheactivitiesofmusicpublisherswereimpactedbytheCOVID-19pandemicinboth2020and2021,withimprovementsin2022,andfullrecoveryenvisagedfor2023.Asopposedtothewayrecordedmusicrevenuesarecollected,musicpublishingrevenuesaresubjecttodelaysduetothewaymusicroyaltiesarecollectedanddistributed.

DuringIMPF’sinauguralMusicEntrepreneurialandCreativeIndustrySummitinPalmadeMallorca,SpaininSeptember2022,GadiOron,DirectorGeneraloftheInternationalConfederationofSocietiesofAuthorsandComposers(CISAC),disclosedthatthevalueofliveandpublicperformancehaddeclinedfrom€3billionin2019toabouthalfofthatin2020and2021.

AccordingtostudiesbytheeconomistWillPage,theglobalmusicrightsmarketwasworth$39.6billion(€34.05bn)in2021,with$13.5billion(€11.84bn)generatedbythemusic-publishingsector.

Withinthisaggregateof€11.84billion,€8.48billionwaschannelledthroughtheglobalnetworkofcollectivemanagementorganisations(CMOs),andreportedviaCISAC,and$3.44billiondirectlygeneratedbypublishers,mostlythoughsynchronisationrights.

TheincomegoingthroughCMOsisusuallysplit50-50betweenpublishersandsongwriters.BasedonWillPage’sfigures,thiswouldequalto€4.24billionforpublishers,towhichthe€3.44billiongenerateddirectlybymusicpublishersisadded.

Intotal,theglobalmusicpublishingmarketwasworth€7.68billionin2021,against€6.51billionin2020,basedonrestatedfigures.

Sinceindependentmusicpublishingrepresents27.1%ofthe€7.68billiontotal,accordingtoMusic&CopyrightandestimatesfromIMPF,andbasedonWillPage’sfiguresontheoverallvalueofthemusiccopyrightmarket,weestimatethattheindependentmusicpublishingmarketwasworth€2.08billionin2021,comparedwith€1.95billionin2020.

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3.AbouttheIndependentMusicPublishersInternationalForum

TheIndependentMusicPublishersInternationalForum(IMPF)istheworldassociationrepresentingtheinterestsoftheindependentmusicpublishingcommunityglobally.

IMPFismadeupofmembercompaniesfromaroundtheworld.Itsmissionistofosterabetterenvironmentfortheindustryandtoactasavisionaryanddisruptiveforumforconsolidatingglobalpositionsthroughcollaboration.

IMPF’sexecutiveinstrumentistheboardofdirectors.ThecurrentboardwaselectedinMarch2022foraperiodoftwoyears.ItscurrentPresidentisAnnetteBarrettfromReservoir

Media.

IMPFalsopromotesindiemusicpublishersasaforceforculturaldiversityinmusicandrecognisesthattheultimategoalofthepublisheristofosterandpromotehigh-qualitymusic,asthesuccessofthemusicpublisherdependsonthatofthesongandthesongwriter.

IMPFworkswithlocalandinternationaltradegroupstonurtureacommunityofindependentmusicpublishersinternationallythatcaninfluencepolicytothebenefitofthecomposersandauthorstheyrepresent.

IMPFaimstoprovideitsmemberswithinsightsintodevelopmentsthataffectmusicpublishersandtoincreasecopyrightprotectioninternationally.Itorganisestheannual“MusicEntrepreneurialandCreativeIndustrySummit”inPalmadeMallorcainSpain.Thenextevent—whichcombinesconferencesessions,songwritingcampsandnetworkingevents—willtakeplaceinOctober2023.

IMPFistherecipientofaCreativeEuropegranttobuildthecapacityofindependentmusicpublishers.ThisIMPFnetworkprojectrunsforthreeyears—from1March2022to1March2025—andaimstoempowerinthefirstinstance,independentEuropeanmusicpublishers,butwithbenefitsforallIMPFmembersglobally.

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4.MARKETANALYSIS

Theroleofmusicpublishers

Musicpublishersarethecustodiansoftheworkscreatedbysongwriters.Theyareusuallythefirstportofcallforaspiringartistsattemptingtogettheirfootinthedoorofthemusicindustry.Theirfunctionalitiesaremultiple—theyareatthestartofthecreativeprocess,theyoftenfinancethefirstrecordingsoftheirprotégés,helpthemfindlabels,offerguidanceabouttheircareers,ensurethattheirworksaretaggedwiththeappropriatemetadata,andthenmonetisetheircreativeworksthroughlicensingandpromotionalinitiatives.

Theyalsoserveastheinterfacewithcollectivemanagementorganisationsanddeploytheirinternationalnetworktoensurethatworksaredevelopedgloballyandthepotentialrevenuesfortheuseoftheseworksworldwidearemaximised.

Publishersareattheheartofthecreativeeconomy.Theyarethenaturalpartnersofsongwriters,andtheyareequallyinterestedinpartneringwithalltheentitiesthatpopulatethemusicecosystem.

Publishersworkswithrecordlabels,musicproducers,collectivemanagementorganisations,licensees—suchasaudioandvideostreamingplatforms,moviestudios,gamingplatforms,andanyoneinterestedusinginmusic.Theyarethefacilitatorstoaccessmusic.

FilippoSugar,SugarMusic(Italy):“Myfamilyhasbeeninthepublishingbusinessforalmostacenturyandwehaveseensomanythingshappeningovertheyears.Yet,onethingwasaconstant—therewasalwaysaneedformusicpublishers,wholookedaftercomposers,lyricistsandsongwriters.Whathasbeenthebedrockofourbusiness,throughouttheyears,werestrongcopyrightlaws.Wetendtotakeitforgrantedbutwithoutapropercopyrightsystem,wewouldnotexistandwewouldnotbeabletoberemuneratedfortheworkswerepresent.Mostimportantly,wecouldnotinvestinnewwritersthatwebelievehavethetalenttoenricheverybody’slifethroughtheirart.Inthedigitalspace,thishasbeenevenmoreimportant,sincewehavefoundourselvesinplaceswherecompanieswerebuildingbusinessesusingmusicbutweretakingshortcutsorusingloopholestoavoidpayingus.”

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Thekeyplayersinthemusicpublishingecosystem

Authors

Thecategory“authors”isagenerictermthatincludesbothcomposerswhocreatemusic,lyricistswhowritethewordstoasongand,byextension,songwriterswhooftencomposeandpenthelyricstosongs.Authorsareassignedrights,usuallyreferredtoasauthors’rights,whichinturngeneraterevenuesfortheauthorssincetheyreceiveremunerationfortheuseoftheircreativeworks.Authorsalsobenefitfrommoralrights—butnotineverycountry—whichallowthemtoprotecttheirworksfrombeingusedincertaincircumstances.

Musicpublishers

Historically,musicpublishersweretheentitiesinchargeofprintinganddistributingsheetmusic,whichwasthebedrockofthemusicpublishingbusiness.Thatfunctionhasevolvedtoincorporateseverallayersoflicensing:fortheuseinsoundrecordings,forthepublicperformanceoftheworksthroughvariousmedia(radio,streaming,etc)orvialiveperformance,forthesynchronisationofmusictoaudiovisualimages.Theyalsolicenselyricstodigitalplatforms.Publishersactastheadministratorsoftherightsandremuneratetheauthorswhentheirmusicgeneratesrevenues.

Collectivemanagementorganisations

Collectivemanagementorganisations(CMOs)areentitiesthatcollectivelylicensetherightstransferredfromtheirmembers(authors,composersandmusicpublishers),collecttheroyaltiesfromtheuseoftheirmusicfromradiostations,TVchannelsandstreamingservices,aswellasfrombusinessesusingbackgroundmusic.

CMOsareusuallygovernedbytheirmembers,butinthecaseoffor-profitCMOs,theorganisationsaregovernedbytheshareholdersoftheCMO.

CMOsworkasaninternationalnetworkofsocieties,crosslicensingtheirrepertoirefortherespectiveterritories,ensuringthat,forexample,asongbyBelgianauthors,composersandpublishersgetsremuneratedwhenplayedinAustraliaorBrazil.

Furthermore,inrecentyears,CMOshaveactedaslicensorsofdigitalrights,eitherdirectlyorthroughhubssetuptoincorporatetherepertoireofmultipleCMOs.

Alargeproportionofmusicpublishers’revenuesischannelledthroughCMOs.

ElisaAmouyal,TalitMuZicPublishing(Israel):“Alargepartofmusicpublishers’revenuesgoesthroughthenetworkofcollectivemanagementorganisations.Theyaremusicpublishers’mostimportantpartners.Withoutthemwewouldnotbeabletocollectallthemoniesthatareowedfortheuseofmusic.Sothatiswhywe,asacommunity,mustensurethatthisnetworkworkswiththebestefficiencyforusandforthecomposersandsongwriterswerepresent.ItisequallyourresponsibilitytoensurethatthemetadataweprovidetoCMOsisasaccurateaspossible.”

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Thevarioustypesofpublishers

Majormusicpublishersandtheirrespectivemarketshare

Thethreeglobalmusiccompanies,knownasmajors—SonyMusicEntertainment,UniversalMusicGroupandWarnerMusicGroup—allhaveamusicpublishingdivision—SonyMusicPublishing,UniversalMusicPublishingGroupandWarnerChappellMusic,respectively,indescendingorderofsize.Thethreemajorstogethercontrolover10millioncopyrights.

Inrecentyears,othermusicpublishingcompanieshavesignificantlyincreasedtheirmarketshare.ThisisthecaseofBertelsmann-ownedmusiccompanyBMG,whichhasgrownintothefourthlargestmusicpublishingcompany,throughacquisitionsandorganicgrowth.Involumeandmarketshare,venturecapital-backedKobaltisalsoamongthetopfivepublishers.

IMPFhasdecidednottointegratethesharesofBMGandKobalttothepotofindependentmusicpublishers.Bothcommandover6%oftheglobalmarketandcontrolavolumeofcopyrightsthatisabovetheacceptednumbertoqualifyasanindependent.Fortherecord,tradepublicationMusic&CopyrightalsodistinguishesKobaltandBMGfromotherindependentpublishers.

Independentmusicpublishers

Theindependentmusicpublishingsectorvariesinthesizeofcompaniesandstructures:fromNASDAQ-listedcompanieslikeReservoirtofamily-ownedsuchasSugarMusicandBuddeMusic,orventurecapital-backedsuchasConcordMusicPublishing.

IMPFmembersarepresentinmultiplecountriesandrepresentsmall,mid-sizeandlargeindependentmusicpublishingcompanies.Ineverycountry,theydeveloplocalrepertoire,somerunasub-publishingbusiness,representingintheirterritoriescataloguesfromothercountries,andusuallycoverawiderangeofactivities,fromadministeringcataloguestoorganisingsongwritingsessions,tolicensingcontentforsynchronisation,etc.

IchiAsatsuma,FujipacificMusic(Japan):“Independentmusicpublishers,likemycompany,areveryactiveinourlocalmarket,andoutsideofourcountry,werelyonanetworkofsub-publisherswhoknowtheirlocalmarkets.Aspublishers,ourethosisverymuch‘thinkglobal,actlocal’andthisispossiblebecauseoftheglobalnetworkoflike-mindedpublisherswithwhomwework.Theycontributetogivelifetotheworkswerepresentin theirrespectivemarkets.Thisistrulytheessenceofindependentmusicpublishing.”

Marketshare

Definingmusicpublishers’shareisadifficulttaskintheabsenceofauthoritativedata,butsomeestablisheddatasourcessuchasMusic&Copyrightpublishmarketfiguresonayearlybasis,usingaproprietarymethodology.

IMPF’sunderstandingisthatthesefiguresareatthisstagetheclosestpossibletotherealityofthemarket.

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Fortheyear2021,Music&CopyrightestimatesthatSonyMusicPublishingremainedthemarketleaderwitha24.9%share,up0.4percentagepointoverthepreviousyear,followedbyUniversalMusicPublishingGroupwith23.2%(up0.2percentagepoint)andWarnerChappellMusicat11.8%(up0.6percentagepoint).Twoothercompaniesaccountedforasignificantmarketshare:Kobaltwith6.8%(down0.2percentagepoint)andBMGwith6.2%(down0.2percentagepoint).

AccordingtoMusic&Copyright,independentmusicpublishersaccountedfor27.1%oftheglobalpublishingmarket,down0.8percentagepointfromtheprevious.Thisisapictureonaglobalbasisanddoesnotreflectvariationsaccordingtothecountries.

Butasanaggregate,independentmusicpublishersaremarketshareleaders,aheadofthelargestmusicpublisher,demonstratingthestrengthofthesector.Eachindividualmusicpublishercontributestothediversityandthedynamismofthesector.

/2022/04/05/sme-and-wmg-the-biggest-

market-share-winners-in-2021/

MollyNeuman,CMO,DowntownMusicHoldings:“Whatthisreportshowsisthatmusicpublishingisamulti-billion-dollarindustryandindependentmusicpublishersplayacentralroleinthiseconomy.Inrecentyears,we’veseentheriseandexpansionofindependentmusicpublishersandself-publishedsongwritersandcreators,thanksinnosmallparttodigitaldistributionandthegrowingglobalnetworkofdigitalplatforms.Thisnewstreamofrevenueshasbroughtawholerangeofnewandexcitingopportunitiesandsignificantrevenues.”

Musicpublishers’streamsofrevenues

Musicpublisherstapintomultiplestreamsofrevenues,someofwhicharedirectlynegotiatedandcontrolled,andothersthatrequiregoingthroughthecollectivemanagementorganisationssystem.

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Sheetmusic

Beforetheexistenceofthemusicbusinessasweknowit,therewasthesheetmusicbusiness,withmusicpublishersputtingoutmusicscoresandlyrics,forpurchasebythepublic.Atitspeak,sheetscouldselloveramillioncopies,withrevenuessplitbetweenthecomposers/authorsandthepublishers.Eventoday,thesaleofprintedmusicremainsoneoftheactivitiesofmusicpublishers.

Lyrics

Untiltheadventofdigitalmusicandonlineplatforms,lyricswereusuallypartofthesheetmusicpackage.Initiallyavailableasunlicensedcontent,thebusinessoflyricsismostlyanonlineactivitywithplatformssuchasMusixmatchandLyricFindlicensinglyricsfrompublisherswhointurnlicensethemtodigitalserviceplatforms.

Performancerights

Performancerightsaregeneratedwhenmusicworksareperformedorplayedinpublic,directlyinfrontofanaudienceorthroughbroadcastersordigitalservices.Publishersandauthors/composersareremuneratedeachtimemusiccompositionsareusedinapublicperformance.

Performancerightsareusuallypartofthemakingavailablerightandareusuallylicensed,collected,administeredanddistributedthroughcollectivemanagementorganisations.Theyremainthemainsourceofincomeforpublishersandsongwriters,althoughdigitalrevenuesarenowaclosesecond.

Mechanicalrights

Mechanicalrightswereinitiallylinkedtothereproductionofsoundrecordingsonaphysicalmedium(78rpm,vinyl,cassette,CD)toremuneratetheunderlinedcompositions.Withtheadventofdigitalmusic,mechanicalrightsnowapplytodownloadingandstreaming.

Mechanicalrightsonphysicalmediumhavesteadilybeendiminishingovertime.IntheUnitedStates,forexample,theyusedtorepresentover37%oftotalpublishingindustryrevenuesin2001(accordingtoareportfromtheNationalMusicPublishers’Association(NMPA)).Twentyyearslater,USpublishers’shareofrevenuesfrommechanicalrightsreached18.5%,accordingtoNMPA.

Synchronisation

Synchronisationrightsarerelatedtothelicensingofmusicforuseinfilms,TVshows,advertising,etc.Theyareusuallynegotiateddirectlybymusicpublishers(intheUnitedStatesnotably),whereasinsomecountriestheycanbepartofablanketlicence.

Withthedevelopmentofvideostreamingplatforms,andtheexplosionofTVproduction,thebusinessofsynchronisationhasbeengrowingsignificantlyinthepastdecade.

JenniferMitchell,RedBrickSongs(Canada):“Musicpublishingisacomplexbusiness.Publishersareattheheartofthecreativeprocess,buttheyalsodealwithdataissues,licensingagreements,royaltycollectionanddistribution,andmuchmore.Thisreportshowsthevaluemusicpublishers,especiallyindependentpublishers,bringtothemusicecosystem.Andourgreatstrengthisthatwearepresentineverycountrywheremusiciscreated.”

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Publishingvalueinthemusicrightsecosystem

AccordingtostudiesbytheeconomistWillPage,theglobalmusicrightsmarketwasworth$39.6billion(€34.05bn)in2021,with$13.5billion(€11.84bn)generatedbythemusicpublishingsector.

Withinthisaggregateof€11.84billion,€8.48billionwaschannelledthroughtheglobalnetworkofCMOs,andreportedthroughCISACand$3.44billiongenerateddirectlybypublishers,mostlythroughsynchronisationrights.

BasedoncalculationsbyPage,some34%ofthemusicrightsmarketwasgeneratedbymusicpublishingin2021whilein2020,thefigurereached40%.

Source:WillPage,“GlobalValueofMusicCopyrightjumps18%toarecordhighof$39.6bnin2021:couldithavebeenevenhigher?”(2022).

Page’sdatawassourcedfromtheIFPIGlobalMusicReport,theCISACannualGlobalCollectionsReport,Music&Copyright’sanalysisofmusicpublishingandMIDiA’sestimateofroyalty-freemusicservicessuchasEpidemicSounds.

Theshareandvalueofindependentmusicpublishing

In2021,musicpublishingrightsaccountedfor€11.84billion,with€8.48billionforthestreamgoingthroughCMOsand€3.44billionfortherevenuedirectlymanagedbymusicpublishers.For2020,thefigureswererespectivelyof€8.46billionand€2.28billion.

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TheincomegoingthroughCMOsisusuallysplit50-50betweenpublishersandsongwriters.BasedonWillPage’sfigures,thiswouldamountto€4.24billion,towhichthe€3.44billiongenerateddirectlybymusicpublisherscanbeadded.

Intotal,theglobalmusicpublishingmarketwasworth€7.68billionin2021,against€6.51billionin2020,basedonrestatedfigures.

Sinceindependentmusicpublishingrepresents27.1%ofthe€7.68billiontotal,accordingtoMusic&CopyrightandestimatesfromIMPF,andbearinginmindWillPage’sfiguresontheoverallvalueofthemusiccopyrightmarket,weestimatethattheindependentmusicpublishingmarketwasworth€2.08billionin2021,against€1.95billionin2020.1

Theshareofindependentmusicpublishersvariesaccordingtothecountries.However,thereisalackofmarketinformationonmusicpublishing,whichmakesitdifficulttogetintothegranularityofeachcountry.

ThecaseofFrance

France’smusicpublishersassociationsCSDEM(ChambreSyndicaledel’EditionMusicaleorFrenchMusicPublishersAssociation)andCEMF(ChambreSyndicaledesE?diteursdeMusiquedeFranceorMusicPublishersofFrance)collaborateeachyeartopublishadetailedoverviewoftheFrenchmusicpublishingmarket.

Theyearlyreport“FocusonMusicPublishinginFrance”isbasedonasurveyofover540musicpublishingcompaniesinthecountry.Thelatestreportcoverstheyear2021.

TakingintoconsiderationtheentiremusicpublishingmarketinFrancein2021,majors(definedaspublisherswithaturnoverinexcessof€10m)represented39%ofthetotalmarket(against46%theyearbefore),meaningthatindependentmusicpublishersaccountedfor61%ofthetotal.

Overall,themusicpublishingmarketwasworth€339millionin2021,down2%comparedtothe2020figureof€