The global music collection scene is making even more money than ever before, and we’ve got the numbers!
Money Matters
In 2022, the global music collections revenue hit an all-time high of €10.83 billion (that’s a whopping R216 billion!) as reported by CISAC (the International Confederation of Societies of Authors and Composers – is the world’s leading network of authors’ societies who keep tabs on collective management societies). That’s a staggering 28% jump from the previous year.
Live Shows Are Back
Live concerts made a jaw-dropping 185.7% leap, showing that the music scene is bouncing back, even though these numbers are from a sample of 100 societies. According to Billboard, next year’s figures are expected to be even more impressive.
Digital Takes the Lead
Digital is the real superstar here. It hit a cool £4.08 billion (R80 billion), marking a 33.5% boost from 2021 and almost doubling its value from 2019. That means digital now accounts for a whopping 37.7% of the total earnings, meaning digital has officially overtaken traditional television and radio as the leading income source. According to Billboard, this trend is expected to persist, making digital the primary driver of growth in the foreseeable future.
The CISAC Global Collections Report primarily monitors the revenue accrued by collective management organizations for authors’ rights, encompassing composers, publishers, audiovisual creators, and writers, among others. The report focuses on song rights, excluding neighbouring rights revenue for recordings. These societies channel over 90% of the revenue, highlighting their crucial role in the music industry.
Bouncing Back
The report reflects the sector’s resilience, rebounding from the pandemic’s challenges. CISAC Director General, Gadi Oron, emphasised digital platforms’ significant role in creators’ primary income. Collecting societies have expanded beyond local markets, now actively engaging in online licensing activities, with major societies like PRS (Performing Right Society) and SACEM (Society of Authors, Composers and Publishers of Music) extending their reach globally.
Global Cash Flow
It’s not just happening in one corner of the world! All the top ten music markets are raking it in, with the US leading the pack at a healthy €2.616 billion (about R52 billion), closely followed by France at €1.325 billion (around R26 billion). We’ve got the UK, Germany, Japan, Italy, Australia, Canada, Spain, and Korea rounding out the top spots.
Make sure you’re subscribed to our newsletter to stay up to date with the latest music publishing industry news!