Music Publishing in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: February 2024
NAICS 51223Revenue
$7.2bn
Past 5-Year Growth
Profit
$XXX.Xm
Employees
6,109
Businesses
753
Wages
$XXX.Xm
Music Publishing in the US industry analysis
Music publishers have remained at the center of a long-term transition over the past five years. Consumers have increasingly used convenient online music streaming services like Spotify and Apple Music to listen to their favorite artists, but less-than-lucrative royalty rates have limited publishers' ability to properly monetize these platforms. Publishers licensing music to TV and movies enjoyed a similar rise in streaming as apps like Netflix and Hulu saw increased viewership. Concerts canceled by COVID-19 led to a temporary slump in performance revenue for publishers, but the strong return to concert venues as pent-up demand was released more than offset any losses. Industry revenue has climbed at a CAGR of 2.0% to an estimated $7.2 billion through the current period and is set to climb 5.2% in 2024 alone.
Trends and Insights
- Album sales have begun to climb again. Vinyl and cassette enthusiasts are bringing back lucrative physical sales after decades of decline.
- Online music streaming has skyrocketed in popularity. Spotify and other streaming platforms have been criticized for underpaying publishers and artists though, forcing publishing companies to rely more on other revenue sources.
- More than one-third of all publishers are in California. New artists are constantly moving to the state to make deals with music publishers, providing a stream of talent ready for monetization.
- Publishers compete on the success of their releases. Getting a single to chart is sure to bring massive revenue for the publisher, as well as boost its ability to acquire the publishing rights to songs from new up-and-coming superstars.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 1.6 % over the past five years, to reach an estimated $7.2bn in 2024.
Trends and Insights
Revenue surged even through the pandemic
- As COVID-19 spread and lockdowns began, social distancing guidelines canceled concerts and cut off performance revenue from publishing houses.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to decline over the next five years.
Trends and Insights
Album sales will rise as hobbyists make up the main customer base
- Album sales have steadily declined over the past two decades as consumers have moved to streaming platforms like Spotify and Apple Music.
Biggest companies in the Music Publishing in the US
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Universal Music | 530.4 | 112.4 | 21.2 | |
Sony Music Publishing LLC | 469.3 | 106.5 | 22.7 | |
Warner | 297.4 | 20.8 | 7.0 |
To view the market share and analysis for all 3 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Mechanical royalties, Performance royalties and Synchronization royalties. Mechanical royalties is the largest segment of the Music Publishing in the US.
Trends and Insights
Performance royalties make up nearly half the industry's revenue
- Performance royalties include the broadcast of music on TV, radio, cable and satellite, as well as the live performance of licensed songs at concert halls or other venues. This segment also includes the broadcasting of music at sporting events, restaurants or bars and the performance of music in staged theatrical productions.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- There are no industries to display.
Complementors
- Independent Label Music Production in the US
- Major Label Music Production in the US
- Audio Production Studios in the US
- Performers & Creative Artists in the US
International industries
- Global Music Production and Distribution
- Music Publishing in Canada
- Music Publishing and Sound Recording in Australia
- Sound Recording & Music Publishing in the UK
Table of Contents
About this industry
Industry definition
This industry acquires, copyrights and authorizes the licensed use of musical compositions and recordings. Publishers may own the rights to various musical works or have been chosen to administer copyright and licensing agreements on behalf of musicians, songwriters and composers. Licensing agreements specify the royalties paid to publishers in exchange for authorized use of these works through various media channels.
What's included in this industry?
Acquiring and registering copyrights to musical worksLicensing and distributing musical worksCollecting royalty payments from licensed users of musical worksIssuing royalty payments to composers and performersCompanies
Universal MusicSony Music Publishing LLCWarnerPurchase this report to view all 3 major companies in this industry.
Related Terms
PEER-TO-PEER (P2P) LABELMECHANICAL ROYALTIESIndustry Code
NAICS 51223 - Music Publishing in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Album sales have begun to climb again. Vinyl and cassette enthusiasts are bringing back lucrative physical sales after decades of decline.
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Online music streaming has skyrocketed in popularity. Spotify and other streaming platforms have been criticized for underpaying publishers and artists though, forcing publis...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
More than one-third of all publishers are in California. New artists are constantly moving to the state to make deals with music publishers, providing a stream of talent read...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Publishers compete on the success of their releases. Getting a single to chart is sure to bring massive revenue for the publisher, as well as boost its ability to acquire the...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Great talent makes for great revenue growth. Earnings soared for Universal in 2021 as live concerts returned and consumers packed venues to see the big-name artists they had ...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Universal Music's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Sony Music Publishing LLC's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Warner's performance by revenue, market share and profit margin from 2018 through 2024
Detailed analysis
- Description and key data for Universal Music, and factors influencing its performance in the industry
- Description and key data for Sony Music Publishing LLC, and factors influencing its performance in the industry
- Description and key data for Warner, and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Many government laws protect music publishers. Intellectual property is a complex system, and new modernization laws have helped publishers and artists get properly compensat...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Profit has risen as streaming grows. The transition to platforms like Spotify and Apple Music has allowed for new revenue at little additional cost.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Music Publishing in the US industry in United States in 2024?
The market size of the Music Publishing in the US industry in United States is $7.2bn in 2024.
How many businesses are there in the Music Publishing in the US industry in 2024?
There are 753 businesses in the Music Publishing in the US industry in United States, which has grown at a CAGR of 1.3 % between 2019 and 2024.
Has the Music Publishing in the US industry in United States grown or declined over the past 5 years?
The market size of the Music Publishing in the US industry in United States has been growing at a CAGR of 1.6 % between 2019 and 2024.
What is the forecast growth of the Music Publishing in the US industry in United States over the next 5 years?
Over the next five years, the Music Publishing in the US industry in United States is expected to decline.
What are the biggest companies in the Music Publishing in the US market in United States?
The biggest companies operating in the Music Publishing market in United States are Universal Music, Sony Music Publishing LLC and Warner
What does the Music Publishing in the US in United States include?
Acquiring and registering copyrights to musical works and Licensing and distributing musical works are part of the Music Publishing in the US industry.
Which companies have the highest market share in the Music Publishing in the US in United States?
The company holding the most market share in United States is Universal Music.
How competitive is the Music Publishing in the US industry in United States?
The level of competition is high and increasing in the Music Publishing in the US industry in United States.
