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Music's Ascendancy: A Comparative Analysis with Cinema

Music has long been a powerful force in our lives, and its value continues to soar. In economist Will Page's latest annual 'Global Value of Music Copyright' report for 2023, we witness a remarkable phenomenon. The global value of copyright in 2023 reached an astonishing .5bn, showing double-digit growth of 11% year on year and a jaw-dropping 26% increase since the pandemic-riddled 2021. When Page first calculated this figure nine years ago in 2014, it was just bn.

Boom Time for Music Copyright

In 2023, labels accounted for .5bn of the overall figure, with CMOs on .9bn and publishers' direct revenues at .2bn. Labels grew at the fastest annual rate of 12%, closely followed by CMOs at 11%, and publishers' direct income at 4%. The recorded side shows that label income growth of 12% was mainly driven by streaming, which increased by 10.4%. However, physical sales are no longer a negligible factor; in fact, they outpaced streaming growth in percentage terms at 13.4%, with vinyl leading the way at 15.4%.Regarding CMOs, the value of live performance now exceeds that of general licensing for public performance. Songs sung on stage are generating more royalties than those decorating the backgrounds of high streets and hotels. Meanwhile, digital collections have overtaken broadcast and radio. A decade ago, digital made up around 5% of collections, while broadcast accounted for half.Global trends also offer interesting insights. North America and Europe combined account for 48% of music streams but generate 80% of the value. Latin America and Asia (excluding Japan) make up 46% of streaming volume but only generate 12% of the value.When comparing music with cinema, a specific metric is used - global box-office revenues, which were .2bn in 2023. However, if we were to measure 'film' as a medium including the value generated by broadcasters and streaming services, the number would be larger. Another comparison focuses on the amount paid by cinema and subscription video on demand (SVOD - Netflix, Prime Video etc) to music rightsholders. SVOD now pays copyright 5 times more than Box Office.This comprehensive report provides a detailed exploration of the music industry's growth and its significance compared to cinema. It showcases the various sectors and their contributions, highlighting the dynamic nature of the music world.

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