The global music copyright industry saw a significant boost in 2023, with its value soaring to $45.5 billion, an 11% increase from the previous year, according to Will Page’s annual report. This marks a dramatic rise from $25 billion in 2014, indicating a steady growth trajectory over the last decade.
The majority of the revenue, $28.5 billion, came from record labels, which saw a 21% increase in revenue, with streaming and physical sales—especially vinyl—driving the growth. Vinyl sales alone rose by 15.4%, and it’s expected to surpass CD sales soon.
Collective management organizations (CMOs) also saw an 11% revenue increase, with digital collections overtaking broadcast and radio for the first time.
Interestingly, publishers earned more from direct licensing than CMOs in 2023, reflecting a shift towards faster and larger revenues. Music, now 38% larger than cinema, has outpaced the movie business, with a 44% growth since 2020 compared to a 21% decline in cinema.
As streaming markets grow globally, artists in countries with lower streaming revenue can benefit significantly from international markets, as seen with Latin American artists whose streams in the U.S. generated millions more than they would have in their home countries.
The music industry’s expansion highlights the increasing value and reach of music copyrights worldwide.
