Global Market Value for Music Publishing
The global market value for music publishers, both major and independent, is at € 9.8 billion in 2023, which equates to approximately 10.6 billion US dollars based on the average exchange rate for the year.
This information comes from the latest Global Market View report released by the Forum of Independent Music Publishers (IMPF).
Due to the slow publication timeline of royalties, the 2025 report is regarded as reflective of 2023 data.
This figure incorporates a portion of revenue that goes through the CMOs for publishers, along with direct licensing income from publishers, but excludes royalties paid directly to songwriters and composers.
Independent Music Sector Growth
The report further reveals that the global value of the independent music sector reached 2.57 billion euros (2.78 billion dollars), which indicates a 5.7% increase year in 2023 and a remarkable 105.6% growth since the first IMPF report in 2018, which documented indie publishing values at 1.15 billion euros.
According to the report, the total market share for indie publishers in 2023 was recorded at 26.3%, slightly down from 26.7% in 2022, marking the third consecutive year of decline in market share for indie publishers.
In 2020, indie publishers held 27.9% of the market share, a decrease attributable to “consolidation” in the field of music rights, as noted by IMPF.
Meanwhile, major publishers experienced growth, accounting for a total share of 60.6% in the global publishing market, up from 60.1% the previous year, according to IMPF estimates.
Sony Music Publishing remained the leader among major publishers with a share of 24.9% (up from 24.7% in 2022), followed by Universal Music Publishing Group at 23.3%, a slight increase from the previous year, while Warner Chappell Music captured 12.4% of the market, compared to 12% a year prior.
The IMPF figures also include a category labeled “others”—publishers not classified as either “indie” or “major”—which hold a market share of 5%. While the report does not specify these publishers, previous reports have included names like BMG and Cobalt.
The “others” category saw a decrease in market share, dropping to 13.1% from 13.2% the year before.
Despite the market share decline, indie publishers have seen revenue growth, driven by the IMPF report’s findings on “strong collections of music rights from CMOs,” which rose 7.6% year in 2023, amounting to 11.7 billion euros (12.7 billion dollars), attributed to the rapid expansion of digital revenue.
“A paradox exists here; while the market share of independent publishers declines, their overall value rises,” the report explains.
“This phenomenon can be attributed to substantial growth within the broader copyright sector, particularly in music publishing, and increasing digital collections on a global scale.”
Simultaneously, “independent publishers are facing challenges from the growing consolidation within the global music publishing market, reflective of trends observed in the recorded music side of the business,” remarks the IMPF.
“Previously independent catalogs have been acquired by majors, BMG, or Kobalt.”
This trend is projected to continue, with the report stating, “songs have become highly valued assets, with top catalogs selling for seven figures or more, thus making the publishing sector increasingly attractive to investors, leading many independent companies to sell to specialists or large venture capitalists.”
“Songs have become hot property, with the best catalogs sold for seven figures, if not more, which makes the publishing sector more attractive for investors, and as a result, many independent companies sell to specialists or large venture capitalist groups.”
Impf
IMPF views this as a “concern,” noting that “independent publishers are essential to the music ecosystem. A decline in the number of available companies and catalogs, combined with high investment levels in catalog acquisitions, limits independent opportunities in the music market and negatively impacts cultural diversity.”
Utilizing data from CISAC, the global group of CMOs and rights organizations, IMPF disassembled regional revenues for publishers. It was determined that Europe remains the largest source of collections, at € 6.0 billion (6.5 billion dollars) in 2023, reflecting a 8.3% year increase, of which 0.79 billion euros (0.85 billion dollars) was attributed to indie publishers.
Following Europe, the United States and Canada accounted for 3.19 billion euros (3.45 billion dollars), a 7.9% year growth, with 0.42 billion euros (0.45 billion dollars) earmarked for indie publishers. The most rapid growth occurred in Latin America, with revenues increasing by 26.2% year from a low base, generating 0.69 billion euros (0.75 billion dollars) in collections in 2023, of which roughly 90 million euros (97 million dollars) were attributed to India.
The Asia-Pacific region was the only area to experience a decline, falling by 0.3% year to € 1.78 billion (1.93 billion dollars). However, this was reportedly more a result of unfavorable currency conversions mainly affecting Japan and Korea than illustrating a lack of dynamism in the region.
India and China both exhibit promising characteristics, with India ranking 24th in music publishing revenue, generating 57 million € (61.7 million dollars) in 2023—a remarkable feat considering it did not even place in the top 50 just a few years prior. China follows closely in 26th place with € 51 million (55.2 million dollars) in revenues.
“Both countries could become top 10 markets within a decade if their current growth rates persist,” the report predicts.
The report also highlights that digital income broken down by usage types has been the “main growth driver,” with digital revenue surpassing broadcasting income for the first time in the USA and Canada.
“At 1.4 billion euros, digital now accounts for 43.6% (+12.6%) of the market,” states the report.
“In certain markets, such as Mexico (69.8%), Sweden (64.7%), Australia (61.4%), and Canada (53.2%), digital income currently exceeds 50% of the total.”
This trend will likely come as no surprise to those closely tracking the music business, as revenue from live and public performances surged in 2023, increasing by 21.8% year, while income from radio and television continues to decline, dropping 5.3% year. This decline was offset, however, by a 9.3% year increase in digital revenue.
Looking forward to the 2024 report, IMPF remains optimistic that rising prices for major streaming services, continued growth in live music, and the “stability of traditional media” will result in further revenue increases.
“The synchronization market is also expected to be robust in 2024, marked by significant AV activity globally,” the report concludes.
The IMPF report compiles data from the CISAC Global Collection, providing an annual overview of market shares in music publishing and economic evaluations of the music copyright market.
Global independent music publishing sector was worth $2.8bn in 2023, up 5.7% YoY (report)
