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Music Publishing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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  • 110 Pages
  • January 2021
  • Region: Global
  • Mordor Intelligence
  • ID: 4787479
UP TO OFF until Jun 30th 2023
The Music Publishing market was valued at USD 4813.9 million in 2020 and is expected to reach USD 7265.02 million by 2026 and grow at a CAGR of 7.1% over the forecast period (2021-2026). Wearable and wireless technology are trending solutions in the music publishing market. Such devices offer movability and are of huge importance in concerts and live performances. Most of the vendors in the music industry partner with value chain enablers, to have easy access to and reach the consumer base, which enables listening of music through these mediums and creating a significant user base.
  • The growing popularity of music streaming devices is set to drive the market. According to IFPI, there is a year-on-year growth of 45.5% in paid media streaming and 176 million users for paid subscriptions. Moreover, the music publishing market revenue generates 38.4% of its revenue from streaming.
  • An increasing number of concerts and live performances, globally, is also another factor driving the market. In the United States, alone, around 50 big music festivals have been organized in 2019.
  • Digital music is also set to drive the market, as digital revenue is growing and accounted for approximately 54% share of the total recorded music industry revenue worldwide, in 2018.
  • While technology undoubtedly drives growth, it no longer operates against or even adjacent to the music industry. It is a part of the industry, and indeed, is being enhanced as well as harnessed by record companies.
  • However, piracy and unethical downloads, using proxy sites, are a few of the factors that hinder the growth of the market.

Key Market Trends

Digital Revenue has the Largest Growth in the Market
  • Digital revenue grew by 19.1% to USD 9.4 billion and accounted for over half (54% share) of the total recorded music industry revenue worldwide, according to IFPI. Streaming has been a key driver in the market, up by 41.1%, with paid subscription audio streams up by 45.5%, according to IFPI.
  • The evolution of streaming has not just been embraced by the music industry, it has been proactively driven by it. Streaming’s growth is just one chapter in the business that is focused on maximizing the opportunities offered by advances in technology and has developed relationships with the biggest and most forward-thinking companies in the technology sector
  • In the past few years, voice control has moved rapidly up the industry agenda and into people’s homes, widely seen as the point at which smart speakers went mainstream. According to Microsoft, in 2018, the percentage of respondents who owned a smart home speaker increased by 22%. In 2018, the Microsoft survey found that 23% of the respondents owned a smart speaker, with another 30% planning to purchase. In January 2019, the Microsoft survey found that 45% of the respondents owned a smart speaker, with an additional 26% planning to purchase one soon.
  • Moreover, many music companies are turning from product-based music companies to music-based media companies. Companies, like Universal Music, have already taken the steps to become a music-based media company.

Latin America is Expecetd to have Largest Growth over the Forecast period
  • According to IFPI, Latin America's 17.6% y-o-y growth is the highest among all the regions. The region's streaming revenue was also the highest among all the regions at 48.9%, according to IFPI.
  • This growth is driven by the increasing popularity of streaming, which is being harnessed by the 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. Chile and Argentina have the highest growth and rate of adoption in the region.
  • For Latin America, the growth is driven by smartphone ownership, internet penetration, and an 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.
  • Companies are trying to develop unique payment options to address the region's challenges. Options, like driving consumers to paid subscription streaming, are made difficult by the absence of more offers in the local currency and pre-paid options, in a region where there are a huge number of consumers who do not have credit cards.

Competitive Landscape

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.
  • May 2019 - Logic Signs Exclusive Publishing Deal with Universal Music Publishing Group.
  • May 2019- Sony/ATV Music Publishing has signed a worldwide deal with Troy Carter and J. Erving’s new music and technology company, Q&A. Under the partnership, the world’s leading music publisher will administer the music publishing catalog of Q&A, which was launched in April by Carter, Erving, and co-founder Suzy Ryoo along with Tim Luckow.

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Table of Contents

1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Growing Popularity of Music Streaming Services
4.3.2 Increasing Live Concerts and Performances
4.3.3 Growing Adoption of Digital Music
4.4 Market Restraints
4.4.1 Privacy Issues
4.4.2 Decline in Physical Volume Sales
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
4.7 Publishing Functions
4.7.1 Acquiring Songs
4.7.2 Administering Copyrights
4.7.3 Other Functions
5.1 By Royalties
5.1.1 Performance
5.1.2 Synchronization
5.1.3 Digital Revenue
5.1.4 Physical Revenue
5.2 Geography
5.2.1 North America
5.2.2 Europe
5.2.3 Asia-Pacific
5.2.4 Latin America
5.2.5 Middle East & Africa
6.1 Company Profiles
6.1.1 Sony/ATV Music Publishing LLC
6.1.2 Universal Music Publishing Group
6.1.3 Warner/Chappell Music Inc.
6.1.4 Kobalt Music Group
6.1.5 BMG Rights Management
6.1.6 Songs Music Publishing
6.1.7 Reach Music Publishing
6.1.8 Disney Music Group
6.1.9 Big Deal Music
6.1.10 Black River Entertainment

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Sony/ATV Music Publishing LLC
  • Universal Music Publishing Group
  • Warner/Chappell Music Inc.
  • Kobalt Music Group
  • BMG Rights Management
  • Songs Music Publishing
  • Reach Music Publishing
  • Disney Music Group
  • Big Deal Music
  • Black River Entertainment