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Author and former Spotify chief economist Will Page has published his annual analysis of the global value of music copyright.

This is his report combining three sources of data – the IFPI’s Global Music Report, Cisac’s Global Collections Report and Music & Copyright’s estimates for music publishing – while factoring out duplicated revenues in the latter two.

“As with prior years, I will begin by saying ‘this year we’ve got a really big number to report’ – and this year, for the first time ever, that number starts with a four,” wrote Page. 

That would be $41.5bn. This is up 14% year-on-year, with the total breaking down into $26bn of recorded music revenues, $11.4m of collecting society revenues, and $4.1m of ‘publishers’ direct’ revenues through those companies’ own deals.

“The spoils of growth are shared evenly between labels and artists on one side, and songwriters, publishers and their CMOs on the other – both adding around $2.5bn each,” noted Page in his report.

“The labels’ digital income growth shows signs of slowing down, especially in western markets,” he added. “Yet, in what feels like an episode of ‘tales of the unexpected,’ this slowdown is being offset by the resurgence in adjusted physical income which has exploded by over $1bn since 2020, thanks to accelerating demand for CDs in Asia and insatiable need for the ‘platters that matter’ in Europe and America.”

He suggests that this “isn’t going to slow down” however. 

Other points raised in the report include a “great restatement” relating to exchange rate fluctuations; a shift back towards publishers in terms of their share of the overall revenues pie; and an update on Page’s ‘Malbecnomics’ analysis of the “real price of music” and what that means for the evolution of the cost of a monthly streaming subscription.

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