National Music Publishers’ Association head David Israelite. Photo Credit: NMPA
U.S. music publishing revenue grew by double digits during 2024 to crack $7 billion, per the NMPA, which says it’s time for labels and artists “to stand with non-performing songwriters whenever and wherever they strike.”
The figure and the quote come from a speech delivered by National Music Publishers’ Association (NMPA) president and CEO David Israelite during his organization’s recent annual meeting. Per the longtime NMPA head, stateside publishing revenue came in at $7.04 billion in 2024, up 13.41% from 2023 for the 10th consecutive year of double-digit growth.
That is, of course, despite the well-documented fiscal fallout of Spotify’s bundling craze; the NMPA has pointed to a $230 million single-year hit for songwriters and publishers as a result of the much-criticized maneuver.
Back to the 2024 data, Israelite also attributed 26.74% of total revenue to sources that hadn’t previously been paying for licensing. “We fought, we won, and now nearly $2 billion of our revenue last year came from these sources,” he said.
Meanwhile, the gap between stateside recording ($11.3 billion in 2024) and publishing ($7.04 billion) revenue is said to have closed significantly since 2014.
“This incredible growth story is in spite of the fact that 72% of our revenue is under oppressive government price controls, which have denied songwriters and music publishers the true value of their intellectual property,” he indicated.
Elsewhere in his remarks, the NMPA president disclosed members’ 2024 return on dues paid (458%), emphasized the industry’s growing recognition of songwriter achievements, and reiterated the long-term impact of the Mechanical Licensing Collective.
“By the end of the next CRB period in 2032,” he specified, “songwriters and music publishers will have saved $2 billion from the zero-commission mandate in the MMA. And those savings will only increase.”
Beyond these hard numbers, Israelite concluded by drawing attention to the “unique problem” of songwriters failing to “stick together” in the licensing arena.
Chalking up the reality in part to the “different lens” through which songwriter-artists see things, the NMPA CEO noted the issue’s impact on the comparatively small subset of free-market rates. This impact ultimately affects government-controlled rates as well, he explained in more words.
“Those who are fighting for fair songwriter rates are sometimes attacked by some of the very songwriters they are trying to help,” Israelite spelled out. “And that’s because some of those songwriters are also recording artists who view these platforms through a different lens. And this dynamic can cause us to crumble from within.”
“I am calling on recording artists, managers, and record labels to stand with non-performing songwriters whenever and wherever they strike. … There is an opportunity to make a meaningful difference in songwriter income if we all stand together. And all of us need to do a better job articulating why we are in these disputes so that songwriters are armed with the information they need to help themselves,” he proceeded.
Content shared from www.digitalmusicnews.com.