IMPF has published its annual report, detailing the size of the global independent publishing market in 2023.

According to a new report from the Independent Music Publishers International Forum (IMPF), the global value of the independent publishing sector rose by 5.7% in 2023, reaching €2.57 billion.

What is the IMPF, and why does this report matter?

The IMPF is the global trade body of independent music publishers, representing hundreds of companies across five continents. Every year, it tracks the music publishing market, and helps shed a light on how independent music is performing.

Despite seeming like a long time ago now, this year’s report covers the full data from 2023. It offers a detailed look at how independents are faring against major players, and how their revenues are growing, even if their market share is slightly slipping.

Independent publishing revenues are up

Independent publishers saw their revenues grow by 5.7% in 2023, driven by an overall 7.6% boost in music copyright collections worldwide (to €11.7 billion). This means more money was collected for songwriters and rights holders, especially through the digital sources, which helped independents grow their publishing incomes even as their market share dipped slightly.

In 2022, independent publishers made up 26.7% of the global music publishing market. In 2023, that share fell to 26.3%. Despite this drop off, that 26.3% is still higher than the biggest publisher in the world- Sony Music Publishing.

So, while indies may be earning a smaller portion of the publishing pie compared to previous years, the pie itself is growing- and indies are still getting a bigger slice than any other major publisher.

Long-term growth: A positive trend for independents

The encouraging part? This growth isn’t just a one-off.

Since IMPF started collecting data in 2018, the global value of independent publishing has increased by a massive 105.6%- from €1.15 billion in 2018 to €2.57 billion in 2023. Since 2020, independent revenues have grown every single year.

Much of this recent growth has been powered by collecting societies (CMOs), which have expanded their reach and largely been boosted by growing digital collections. This means better global infrastructure for collecting and distributing royalties to rights holders.

For independent artists and publishers

If you’re an independent artist, songwriter, or publisher, this trend is certainly reassuring. Not only are independents holding their own against majors, but publishing revenues are growing each year.

With RouteNote publishing, independent artists can start collecting royalties on compositions they’ve written- an increasingly important revenue stream in today’s music landscape. Find out if you’re eligible for RouteNote Publishing today.