Global music royalties show massive growth to €8.34 billion
Digital music has changed how we release and consume music and though many worried it was to a detriment the music industry is showing incredible growth, and streaming is powering it.
The 2018 Global Collections Report is here and represents a booming year for the music industry. Published by CISAC (International Confederation of Societies of Authors and Composers) who represent 239 authors’ societies across 121 countries their report accumulates music data from all around the world for a comprehensive account of the industry today. Spoiler – It’s looking good.
Music publishing collections have grown by 6% in 2017 to €8.336 billion ($9.4 billion) from €7.863 billion ($8.87 billion) in 2016. It’s empowering news that the music industry is thriving in the new digital age where streaming music is the go-to platform for listeners, especially younger listeners. Whilst radio is still thriving physical music sales are dwindling but the incredible surge in streaming revenues is ensuring that music isn’t losing it’s value.
CISAC’s director general, Gadi Oron said: “This impressive performance proves that authors’ societies are delivering value to the millions of creators they represent around the world. They have responded to rapidly changing technology, licensing digital services in new flexible ways and handling trillions of data transactions. And they are fighting for the best licensing in terms and the highest royalties possible in a world where powerful users are determined to avoid, or minimise, paying a fair return for their work.”
Digital music collections are up 166% in the last 5 years and reached €1.27 billion all in all last year. Royalties from digital music increased by 24% for the year and surpassed $1 billion for the first time in 2017. Whilst digital is growing massively there is still more that needs to be done to balance out the use of digital music and the revenues it produces if it’s going to replace physical sales in the long-term.
In 2013 CISAC elected electronic music pioneer Jean-Michel Jarre as president, who said alongside the report: “CISAC is at the heart of the battle for the future of over 4 million creators worldwide. I am passionately involved in this struggle. Europe has now recognised that it is time for change: it is not acceptable for the law to shield large tech monopolies and sustain a systemic injustice for creators. There is now a message to get to the rest of the world: it is time for other governments to sit up and follow.”