According to early estimates, the global music business is worth about $16 billion in 2016. The approximate figures are based on the annual revenue of recorded music business which is only one part of music copyright landscape. Last year, Will Page, Spotify Director of Economics said that revenues of the entire music copyright industry must be based on recorded music including the revenues generated by publishing and author rights.
According to Page, the global revenues that have been generated by music copyright last 2015 is $24.37 billion. In 2014, the estimated equivalent figure is $23.43 billion. There was a year-on-year increase of $941 million or 4%. Page’s figures were based on IFPI findings including global publishing and composer collection revenue statistics from CISAC.
Page added two sets of data and removed double counting on mechanical royalties which is an overlap created by recording companies that traditionally pay through mechanicals to publishers after they have collected cash from retailers. Page also referred to MIDIA Consulting model that covers directly licensed publishing revenues that were not covered by CISAC’s yearly report. Page also included in the figures the US dollar revenues from constant currency that was converted from the root currency of the market’s original income.
Page also discovered that only three areas of music copyright business fell last year: CISAC Private Copying income, Non-CISAC publishing mechanicals and adjusted IFPI income from physical music sales. Every other area of the master and publishing worlds has increased in value. The biggest contributor to last year’s overall music copyright figure was CISAC performing rights collections that contributed 28% to the total revenue. IFPI physical sales contributed 21% while IFPI digital contributed 27%.
A giant area of the music business that was left untouched is Live Nation’s concert promotion business that generated $5.23 billion. Ibis World analysts calculated that total live music promotion market in 2015 generated $25 billion for the US alone.
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