Independent Music Publishing Sector’s Value Up 5.7%—IMPF Says

IMPF launches the fifth edition of its Global Market View for Independent Music Publishing at the organization’s annual event in Athens.

IMPF’s Global Market View is the only report that looks exclusively at the independent music publishing industry and its international impact and position. It provides in-depth, authoritative insight into the value of the independent music publishing business and the sector’s influence on the global modern music ecosystem.

The latest report, based on the last full year of data available, finds that the global independent music publishing business continued to grow in 2023, with a total value of €2.57 billion ($2.8 billion), up 5.7% year-on-year. That’s also up 105.6% since 2018.

Photo Credit: IMPF

The sector’s global market share clocked in at 26.3%, slightly down from 26.7% in 2022. That’s still enough to maintain its status as the biggest combined music publishing entity in the world — ahead of the largest major company.

This edition of the Global Market View puts a spotlight on independent music publishers’ contribution to the creative ecosystem as important partners, key agents of cultural diversity, and custodians of songs.

Photo Credit: IMPF

Unsurprisingly, digital was a prime driver of growth, with a strong increase in digital revenue in all regions, except for Africa. Certain markets have digital revenues now exceeding 50% of the total, such as Mexico (+69.8%), Sweden (+64.7%), Australasia (+61.4%), and Canada (+53.2%).

For the first time in Canada and the US, digital revenue overtook broadcast income, which has traditionally been the dominant income stream. Digital now accounts for 43.6% of the market, an increase of 12.6%. The US market is by far the largest single market for indie publishers, while Europe as a whole is the largest region by far in terms of collections from CMOs. But in terms of growth, Latin America is the fastest growing, with a 26.2% growth rate, driven by Brazil and Mexico.

Meanwhile, the world’s two largest markets — India and China — are both showing promising signs. India is the world’s 24th largest market in revenues, which is no small feat, given that the country did not appear among the Top 50 markets only a few years ago. In 2023, China held the 26th position, while both countries have the potential to become Top 10 markets within a decade if they continue to grow at the same rate.

Photo Credit: IMPF

“I’m pleased to present the fifth edition of IMPF’s Global Market View, which reveals continued growth in the value of independent music publishing worldwide, and that our combined market share remains greater than that of the largest major corporate organization,” says IMPF President Annette Barrett.

“This demonstrates the enduring influence and important of independent music publishers, their songwriters and their repertoire around the world, and the value they deliver on both a local and international level. IMPF is proud to support this vibrant, diverse, and powerful community, advocating for our members, helping them to foster new opportunities and tackle emerging challenges head on.”

Overall, there is plenty of reason to be optimistic, but the report also raises some of the biggest issues facing independent music publishers around the world. Among those, generative AI will have a considerable impact on the music business.

“Publishers are constantly seeking new revenue streams for composers and songwriters, but AI-generated music presents an unprecedented challenge,” remarks Elisa Amouyal, CEO & Owner of Talit MuZIc Publishing, and Chair of the IMPF AI Working Group. “Calling this competition unfair is an understatement — AI songs are created at virtually no cost, bypassing the studio time, rehearsals, and human creativity that define the recording process. As AI-generated content floods the market, we need clear transparency and guardrails. While AI can enhance royalty management and offer creative tools, we must ensure it empowers rather than replaces songwriters and composers.”

IMPF remains active in all cross-industry discussion on these key issues and makes sure the voice of the independent music publishing community is heard.