Global Music Publishing Market
Global Music Publishing Market Overview, Segmentation, Key Developments And Forecast
According to Verified Market Research, the Global Music Publishing Market was valued at USD 5.44 Billion in 2018 and is projected to reach USD 8.15 Billion by 2026, growing at a CAGR of 5.44% from 2019 to 2026.
A music publisher is responsible for ensuring that composers and songwriters receive payment when their compositions are used for commercial use. The copyright of the composition is assigned to a publishing company by the songwriter through a publishing contract. A music publisher’s role is to ensure that the songwriter’s or composer’s songs are being promoted to other musicians or for other media such as advertising, movies, promotional campaigns and mire and to ensure that licenses are issued for the use of the songs.
The rise of music streaming services like Spotify and Pandora is leading to a decline in physical music sales, this has however not caused a led to decline for the industry as a whole. The growth in the number of musicians and live performances are allowing for the growth in the industry as a whole as it paves way for the increasing scope for the music publishing industry as a result. With live performances being one of the ways in which the music publishing market obtains revenue, the growth in the number of performances leads to the growth of the market.
Moreover, the increase in revenue when it comes to various forms of entertainment is leading to the growth of the music publishing industry as it can be seen that the incorporation of music in these various entertainment streams are becoming increasingly important, due to this is can be said that the upsurge in the global entertainment and media industry acts as a driving force for the growth of the market. On the contrary, difficulty in implementing methods in order to curb piracy acts as a restraint for the overall market.
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