The global music publishing market has experienced growth due to rise in adoption of several music streaming applications among consumers. Thus, the rise in on-demand music propels the growth of the music publishing market.
NEW CASTLE, Delaware, Aug. 12, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Music Publishing Market by Type of Rights (Mechanical Rights, Performance Rights, and Synchronization Rights), Revenue Source (Royalties, Licensing, and Subscription), and Application (Commercial and Common Pool): Global Opportunity Analysis and Industry Forecast, 2024-2032”. The global music publishing market was valued at $6.8 billion in 2023 and is estimated to reach $13.7 billion by 2032, exhibiting a CAGR of 7.8% from 2024 to 2032.
Prime Determinants of Growth
While more people across the globe have a phone and have access to the internet, they increasingly choose to find and listen to music. With a greater number of people listening to music, there are additional opportunities to license songs for music publishers. Moreover, emerging economies are another promising arena for the music industry. Such people now have more disposable incomes and are more willing to pay for streaming services. These factors have further propelled the growth of the market across the globe over the years.
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Report Coverage & Details
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $6.8 billion |
| Market Size in 2032 | $13.7 billion |
| CAGR | 7.8% |
| No. of Pages in Report | 250 |
| Segments Covered | Type of Rights, Revenue Source, Application, and Region. |
| Drivers |
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| Opportunity |
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| Restraint |
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Segment Highlights
The way people listen to music has evolved with the emergence of digital streaming services such as Spotify, Apple Music, and YouTube Music. Publishers now have additional revenue streams, thanks to streaming royalties as a result of this change. Owing to globalization of music consumption, publishers now have more options for international music licensing. Similarly, the need for music to be synchronized with visual media has increased as the film, television, advertising, and gaming industries grow. A significant part of negotiating and enabling these sync licenses is played by music publishers.
Moreover, technological innovations such as blockchain-based rights management systems and AI-driven recommendation algorithms have revolutionized the ways in which music is found, shared, and made money from. For publishers to remain competitive, these changes must be accommodated. In addition, the rise in number of independent publishers and artists, enabled by social media and digital distribution channels, has transformed the music industry. Smaller companies are now able to compete with major publishers and labels owing to decentralization. Thus, these factors contribute to the growth of the global music publishing market.
Regional Outlook
By region, the music publishing market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the highest share in 2023. The presence of several established music publishing companies in North America along with their increasing investment in acquiring new licensing contracts and expanding globally is contributing to the growth of the market across the region.
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Major Industry Players: –
- Universal Music Group (UMG)
- Sony Music Entertainment
- Wixen Music Publishing.
- Super Cassettes Industries Private Ltd.
The report provides a detailed analysis of these key vendors in the global music publishing market. These players have adopted different strategies such as new development, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, portfolio, and strategic moves of market vendors to showcase the competitive scenario.
Recent Development
- In May 2023, Sony Music Publishing (SMP) and Tips Music (the Tips industry) entered a contract where the former is responsible to oversee and promote the music on a global scale, thereby expanding the audience for Tips Music’s vast collection. The collaboration between Tips Music and Sony Music Publishing is evidence of the growing appeal of Indian music as well as the opportunities it offers for collaboration and growth.
- In February 2023, singer-songwriter and multi-instrumentalist David Gates and his publishing organization, Kipahulu Music Co., collaborated with the worldwide publishing administration of Sony Music Publishing.
- In August 2023, Sony Music Publishing entered a contract with Big Bang Music. They collaborated to capitalize on the growing music publishing trends across India.
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Originally published at https://www.einpresswire.com/article/734882521/music-publishing-market-to-reach-13-7-billion-globally-by-2032-at-7-8-cagr-allied-market-research
