US music publishing revenue hits $7 billion in 2024
US Music publishing revenue hit $7 billion in 2024, growing faster than recorded music. Find out what’s driving the surge.
The U.S. music publishing industry posted impressive growth in 2024, with total revenue jumping by 13.4% year-on-year to reach an estimated $7 billion, according to new data published by the National Music Publishers’ Association (NMPA). The growth rate not only signals the strength of the publishing sector, it also surpassed the growth rate of the recorded music industry for the same period, which stood at 7.7%.
This 13.4% rise marks an increase in the value of music publishing rights. Traditionally, publishing revenues have trailed behind those of recorded music in terms of absolute value, but 2024 saw publishing take a leap forward.
One of the key reasons for this growth, according to the NMPA, was a dramatic increase in recovered royalties, that is, money that had been left unclaimed or underpaid from various platforms, societies, or licensing organizations. In 2024, 27% of all publishing revenue was attributed to royalty recovery efforts, representing nearly $1.9 billion of the total.
These recoveries were driven by more aggressive auditing, improved data systems, and stronger legal frameworks for publishers to collect what they’re owed. It’s a sign that while growth is happening through traditional licensing and streaming channels, an increasing portion of the publishing business is now focused on reclaiming value that was previously slipping through the cracks.
Songwriters and publishers reap the benefits
This rise in publishing revenue is especially important for songwriters, who often receive a much smaller share of income than performing artists do in the recorded music ecosystem.
More money flowing into publishing translates directly into improved royalty payouts for writers, particularly those with catalog works that continue to generate income through licensing, sampling, and streaming.
It also allows publishers to reinvest in their rosters. With more capital on hand, many companies are signing new writers, funding co-writing camps, and increasing advances, while also continuing the trend of buying up catalogs of both emerging and established artists.
As streaming becomes more saturated and DSP margins tighten, the value of owning the rights to the underlying compositions (not just the recordings) is becoming clearer. Compositions are easier to license across multiple formats and often generate long-terml income for decades.
This dynamic is one reason why investment firms, private equity groups, and major music companies continue to pour capital into music publishing, buying catalogs and striking co-publishing deals at a brisk pace.
Looking forward, the U.S. music publishing industry is poised for continued growth, but not without challenges. These include:
- Ongoing battles over streaming royalty rates, particularly with digital service providers (DSPs) pushing to limit publisher and songwriter payouts.
- The rise of AI-generated content, which presents both a threat and an opportunity. Publishers are already pushing for stronger protections and clearer copyright standards.
- Shifting formats, as sync usage expands into virtual reality, interactive media, and gaming, areas that are still evolving in terms of rights and licensing structures.
Yet, with more transparency, improved royalty tracking, and an industry that is becoming more proactive in defending creator rights, the foundation for publishing appears stronger than ever.