Independent Music Publishers Experience Revenue Growth in 2024
Revenue Increase for Indie Publishers
Independent music publishers worldwide reported a 5.1% increase in revenue for 2024, as highlighted in a new report from the Independent Music Publishers Forum (IMPF). Released on December 17, the Global Market View report indicated that indie publishers generated EUR €2.7 billion (USD $2.9 billion) globally.
Comparison with Global Music Market
The global recorded music market saw a 4.8% rise in 2024, reaching $29.6 billion, according to the International Federation of the Phonographic Industry (IFPI). In the United States, music publishing revenues, encompassing both major and indie publishers, grew by 13.4% to $7 billion, based on data from the Recording Industry Association of America (RIAA).
Data Sources and Historical Growth
The IMPF, representing over 300 indie music publishers globally, drew its revenue estimates from sources including CISAC, economist Will Page, and Music & Copyright. Since 2018, indie publishers have consistently seen revenue growth, with a total increase of 116% during this period.
Regional Revenue Insights
Europe remains the leading contributor to indie music publisher revenue, accounting for 51.2% of global collections in 2024. Western Europe alone contributed €785.6 million ($850.2 million), while Central and Eastern Europe saw a 17.9% increase, contributing €61.9 million ($67.0 million). North America followed, delivering €461.4 million ($499.4 million) to indie publishers.
Industry Perspectives
Claudia Mescoli, General Manager at Edizioni Curci and IMPF Board member, emphasized Europe’s robust copyright protections and licensing frameworks as key factors in its leading position. Marta Zgrzywa, COO of Schubert Music Publishing, highlighted Eastern Europe’s rapid growth and potential for independent publishers.
Global Developments
The report also noted improvements in publishing royalty collection in other regions, particularly India. The Indian Performing Right Society (IPRS) surpassed €80 million in annual collections, showcasing the benefits of improved licensing and international cooperation.
Market Share and Industry Challenges
Independent music publishers maintained a 26.3% share of global music publisher revenues, excluding major players like BMG and Kobalt. Annette Barrett, President of IMPF, noted that the collective size of indie publishers surpasses the largest major music publisher, Sony Music Publishing, which held a 25.2% market share in 2024.
Concerns Over AI Impact
The report expressed concerns over AI’s potential impact on music revenues, citing studies from Spain’s SGAE and Denmark’s KODA. It warned that a significant portion of music revenue could be at risk from AI developments by 2028.
Conclusion
IMPF is actively addressing the challenges posed by AI, advocating for proper protection and compensation to preserve a human-centered music ecosystem. The organization emphasizes the importance of human creativity and the relationships between publishers and creators.
Image Sources
- IMPF key figures
- CISAC, IMPF regional breakdown
- Music & Copyright, IMPF publisher market share
- CISAC, IMPF revenue sources
Note
This article reflects data and insights from the IMPF’s Global Market View report for 2024.
