According to Precision Business Insights (PBI), the music publishing market will be worth USD 6.2 billion in 2022, growing at a 6.0% CAGR from 2022 to 2028.
According to Precision Business Insights (PBI), the music publishing market will be worth USD 6.2 billion in 2022, growing at a 6.0% CAGR from 2022 to 2028. Individual purchasing power has increased as disposable income has increased, which will affect the growth of the music publishing sector. Publishers of music books and licensing musical compositions for films, television, performances, and other media are the primary sources of revenue for this industry. The industry is expected to be driven by increased music streaming devices. According to the IFPI, paid media streaming has grown by 45.5 % year over year, with 176 million paying subscribers. They are furthermore, streaming accounts for 38.4 % of the music publishing market's earnings. All these factors are driving the market.
Digital Segment to Dominate the Music Publishing Market:
The digital segment is expected to account for a larger revenue share in the global music publishing market with a value share in global demand. It is projected to grow at a 6.0% CAGR between 2022 and 2028. Shifting trends of customers' migration from physical to digital music, the digital segment is expected to increase at the fastest CAGR throughout the projection years. The issues can be ascribed to eliminating intermediaries in the music distribution process, which allows artists to sell their music directly to retailers and get 100% royalties.
Latin America Music Publishing Market:
Latin America is expected to hold a significant market share in the global music publishing market over the forecast period. It is projected to grow at a CAGR of 6.1% in the coming years. This expansion is fueled by the growing popularity of streaming, which is being used by record labels. They are not only helping to construct the market infrastructure but also cultivating artists, providing them with a global platform, and working with local partners on the ground. Chile and Argentina are the countries with the fastest growth and adoption rates in the area. Smartphone ownership, internet penetration, and increased discretionary income in Latin America are driving the region's growth. According to the GSMA, internet penetration is expected to rise from 50% in 2017 to 66% in 2025.
Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global music publishing market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In May 2019, Logic Signs Exclusive Publishing Deal with Universal Music Publishing Group.
Detailed Segmentation:
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Key player's profiles in the Music Publishing market report are Sony Music Publishing, Universal Music Group, Warner Music Group, BMG Rights Management, Kobalt Music, peermusic, Round Hill Music, Pulse Music Group, and Downtown Music Services.
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