Throughout 2022, the landscape of the “global value of music copyright” surged by over $5 billion, now pegged at $41.5 billion, as revealed by extensive analysis led by former economist at Spotify and PRS for Music, Will Page.
However, it’s important to note this analysis doesn’t encompass the live concert space, making direct comparisons with other forecasts somewhat challenging. For instance, Goldman Sachs’ “Music in the Air” forecasts $92 billion in 2023 music revenue and a whopping $151.4 billion in 2030, including live shows.
Page’s report amalgamates data from IFPI, CISAC, and Music & Copyright, spotlighting an increase in various segments: labels rose to $26 billion (a $2.5 billion uptick), songwriters’ collective management to $11.4 billion (up $2.2 billion), and publishers’ direct revenues to $4.1 billion (a $400 million surge).
The report emphasizes the rising share of direct publishing revenue and CMOs, now contributing 37.3% (up from approximately 36%) to the total copyright value.
In 2022, the IFPI reported $26.2 billion in global recorded music revenue, with streaming accounting for 67%. Additionally, CISAC identified €10.8 billion in music-specific collections.
The analysis accentuates vinyl’s enduring prospects despite the slight decline in U.S. sales during H1 2023. The RIAA noted this shift in sales volume but highlighted the increased value due to high-priced limited-edition releases.
Amidst a global economy in flux, and considering vinyl’s 15-year continuous sales surge, the full revenue and volume specifics for 2023 become an intriguing focus.
Looking ahead, 2024 anticipates all major music streaming platforms standardizing their individual plan prices at $10.99 per month in the U.S. Advocates of compensation reform believe this will lead to a more significant share of revenue for the music industry.