It wasn’t so long ago that the music industry appeared to be in critical condition, thanks to the rise of file sharing services, music piracy, online streaming, and the accompanying decline in the sales of music based on the old purchase model. However, statistics from a recent survey by the National Music Publishers Association, reported by Billboard, show that things have really turned around. Revenue in 2018 was up by some $1 billion compared to where it was four years prior.
The year 2014 marked a low point for the music publishing industry, with an annual revenue of $2.15 billion, a 2.5 percent decrease from 2013. Fast forward to 2018, and the numbers reveal a remarkable recovery, with revenue soaring to $3.33 billion. That’s an impressive increase of 11.78 percent over 2017, and a staggering 55 percent compared to 2014!
The National Music Publishers Association (NMPA) survey primarily covers revenue from music publishing and songwriting, distinct from record industry revenues. David Israelite, the NMPA CEO, highlighted that 2018 marked the first time in three years that music publishing witnessed growth on par with the record sector. This revitalization indicates a promising future for songwriters and publishers alike.
What You Will Learn
- The music industry has experienced a significant recovery since 2014.
- Revenue from music publishing and songwriting hit $3.33 billion in 2018.
- The NMPA's legal efforts have yielded substantial financial returns for members.
- The music publishing and record sectors are finally growing together.
