The International Confederation of Music Publishers (ICMP) has released its first-ever analysis of global music publishing, surveying 16 major music markets. The headline finding? Music publishing brings in a little over $11 billion annually in those markets.

The number includes publishers’ direct revenue, plus distributions to publishers and songwriters from collective management organizations (CMOs).

The countries surveyed include nine of the 10 largest music markets, as determined by IFPI in its recorded music report for 2024: The United States, Japan, United Kingdom, Germany, France, South Korea, Canada, Brazil, and Mexico. It also includes seven countries that fell short of the top 10 – Australia, Brazil, Italy, the Netherlands, South Africa, Spain, and Sweden – as well as Hong Kong.

From this, we can surmise that the annual global value of music publishing is well over $11 billion, given that some major markets, including China and India, were not included.

Of the revenue collected in those countries, 38.2% was direct – meaning revenue collected by music publishing companies – while 61.8% was indirect, i.e. distributions from collective management organizations (CMOs) to music publishers.

Across the surveyed markets, digital revenue accounted for 47.1% of total revenue, excluding CMO distributions to songwriters. However, the share of digital revenue varied widely from market to market, from a low of 20.3% in Italy to a high of 70.5% in Mexico. In the US, digital accounted for 52.1% of publishing revenues, while in the UK it accounted for 41.5%.

Mexico’s high share of digital revenues squares with other data indicating that Latin music consumers are particularly big on streaming. The RIAA’s 2024 data for the US recorded music market showed streaming and downloads accounted for 98.8% of total US Latin music revenue.

Non-digital performance rights (concerts, radio play, etc.) made up the second-largest source of revenue across the surveyed markets, at 21.5%, while synchronization rights were the third-largest source, at 20.2%.

Here, again, the numbers varied notably from country to country, with non-digital performing rights accounting for no less than 44.4% of publishing revenues in Italy, and just 8.7% in Hong Kong. In the US, that number came to 16.5%, while in the UK it was 23.9%.

Synch revenue accounted for 23.5% of publishing revenue in the US, the highest share among the countries surveyed and the only one market the overall 20.2% average. At the other extreme is Germany, where synch accounted for 8.8%.

ICMP collected data for its survey from the eight music publishers represented on its board, which includes the three publishing majors – Sony Music Publishing, Universal Music Publishing Group, and Warner Chappell Music – as well as BMG, Concord Music Publishing, Reservoir Media, Kobalt, and peermusic.

It also included data from collective management organizations (CMOs) in all 16 countries, including global CMO umbrella group CISAC; SESAC in the US; PRS for Music in the UK; SACEM in France; and KOMCA in South Korea, among others.

The numbers in ICMP’s report don’t correspond to any particular calendar year; it includes distribution data from CMOs “for the last completed 12 months.” Given that the survey began in early 2024, much of the data comes from 2023.

Nonetheless, the trade group stressed that having a snapshot of the value and composition of music publishing revenue across major markets is a valuable new tool for understanding the nature of the business.

“This first ever Music Publishing Markets Analysis is a landmark achievement for our industry,” ICMP Director General John Phelan said in a statement.

“We have credible, detailed data on the nature and size of our sector, evidencing the incredible work done by publishers for their songwriter partners and spotlighting the value of songs.”

“We have credible, detailed data on the nature and size of our sector, evidencing the incredible work done by publishers for their songwriter partners and spotlighting the value of songs.”

John Phelan, ICMP

“As the music business evolves, the need for trusted information across the international publishing landscape is more important than ever,” Rell Lafargue, Reservoir Media President and COO and ICMP Vice Chair, added.

“The comprehensive data and insights will help Reservoir and our peers foster greater transparency across the business, support creators in nuanced ways, and capitalize on global trends.”

Ralph Peer II, Executive Chair at peermusic and ICMP Board Secretary, said this data is something that the music publishing sector “has needed for many years… This first year has generated an unprecedented trove of information which ICMP looks forward to building upon in the coming years.”

“In an industry that has often been hesitant to share its data, the exercise also highlighted the benefits and rewards of transparency and cooperation.”

Guy Henderson, Sony Music Publishing

“In an industry that has often been hesitant to share its data, the exercise also highlighted the benefits and rewards of transparency and cooperation,” added Guy Henderson, President, International at Sony Music Publishing and member of ICMP’s Global Board.

Meanwhile, Paul Clements, CEO of the UK’s Music Publishers Association (MPA) and ICMP Board Co-Treasurer, highlighted the challenges facing the music publishing industry at a time of rapid change.

“Shifting consumer behaviour, economic changes, App Store infringement on a global scale, and the threat of copyright law changes in favour of AI are just a few examples for the need for stronger than ever collaboration between international music publishing trade bodies and their publisher members,” he said.

John Reston, Universal Music Publishing Group’s, President, Global Administration, said: “Universal Music Publishing Group is pleased to support ICMP’s effort to compile the most complete market data for our sector to date in the key markets represented in its ICMP Music Publishing Markets Analysis. We are proud to represent a world-class catalogue of songs inclusive of every genre.

“Having market data on hand to demonstrate the size and economic importance of our industry will be an important tool in our defence of copyright and the songwriters and composers we are privileged to represent.”

Daniel Lang, who sits on he ICMP Global Board and also serves as Warner Chappell Music SVP, Global Society Relations & Digital Rights, added: “This inaugural ICMP Music Publishing Markets Analysis marks a pivotal moment in the music publishing world, offering us at Warner Chappell Music, as well as the global publishing community, a vital lens into our evolving landscape.”Music Business Worldwide