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Description
Music Publishing Market size is valued at USD 6.0 billion in 2021 and is expected to reach USD 9.0 billion by 2028, at a CAGR of 6.0% during the forecast period 2022-2028. Wearable and wireless technology are becoming increasingly popular in the music publishing industry. These devices are extremely useful in concerts and live performances since they allow mobility. Most music business vendors collaborate with value chain enablers to gain easy access to and reach the customer base, allowing for music listening through these mediums and a large user population. Moreover, the number of artists and live performances is directly related to the growth of the worldwide music publishing market. Also, the music publishing market is primarily driven by the rise of the media and entertainment industries. The surge in popularity of music streaming services such as Spotify and Pandora have decreased physical music sales. However, an increasing number of artists throughout the world and the most recent technological advancements in music are driving the music publishing market. The need for music publishers is significant. Many artists and musicians want personal service from music publishers to help them handle their music, copyrights, and other issues. In addition, the media sector has done well in recent years as consumers have shifted to digital channels. Furthermore, customers have begun to ignore unlicensed music in favor of paying for it, increasing revenue streams for the entertainment sector. The ability to network, copyright, set contracts, and establish business contracts makes it profitable for artists. These are the key factors that have been recognized as contributing to the market’s growth. Music publishing businesses are implementing product expansion initiatives in developing countries to expand their customer base. For example, in February 2019, Spotify, a Swedish audio streaming service, launched in India.
Recent Market Developments:
In May 2019, Sony/ATV Music Publishing signed a worldwide deal with Troy Carter and J. Erving’s new music and technology company, Q&A. Under the agreement, the world’s leading music publisher will administer the music publishing catalog of Q&A, launched in April by Carter, Erving, co-founder Suzy Ryoo, and Tim Luckow.
