IMPF, representing independent music publishers internationally, has launched the third edition of its Independent Music Publishing Global Market View.
The report provides in-depth insight into the value of the independent music publishing industry and the sector’s influence on the modern music ecosystem.
The data covers the year 2021, as the sector was coming through the pandemic. The period covered reflects the way the music publishing business functions, with a time delay linked to the process by which royalties are collected and distributed in the world.
The independent music publishing sector (defined as companies with a global market share of 5% or below), had a total collective market share of 27.1% - down slightly from 27.9% in 2020.
Based on the IMPF Global Market View, such a combined market share would qualify the independent music publishing sector as a collective entity with a market share higher than that of the largest music publisher in the world, Sony Music Publishing (24.9% in 2021).
In total, the global music publishing market was worth €7.68 billion in 2021, against €6.51 billion in 2020, based on restated figures.
The independent music publishing market was worth an estimated €2.08 billion in 2021, compared with €1.95 billion in 2020.
The report raises a number of important issues including continuing recovery from the Covid-19 pandemic, and imbalances in the split of streaming revenues between recorded music and music publishing.
It also outlines several factors that will contribute to a stronger music publishing business in the coming years, including the recovery of public performance; the resuming of film and TV productions; the recovery of the live music sector; and the significant increase in royalties paid to music publishers and songwriters from mechanical rights in the US.
The report was issued in Stockholm today, where IMPF is holding a two-day event consisting of its general assembly and a series of special talks from high-level industry executives.
It was introduced by IMPF president Annette Barrett and discussed during a panel consisting of Emmanuel Legrand (author of the report and editor/founder of Creative Industries News), Eva Karman Reinhold (CEO and founder of Smilodon Artist Law & Rights Management and IMPF member), and Aman Khullar (general counsel, Musixmatch, the sponsor).
Annette Barrett, Reservoir Music MD & global strategic liaison, and president of IMPF, said: “Independent music publishers are a vital creative force in the modern music business. They are also an economic force, as this report shows, accounting for over a quarter of the global publishing market. Collectively, independent publishers are the premiere publishing entity in the world, ahead of the largest major company. This is a tribute to the many entrepreneurs in each country who develop songwriters and composers, and make sure they get proper remuneration for their music.”