Independent music publishers generated €2.7 billion globally in 2024, representing a 5.1% increase year-on-year.
The figure comes from the latest edition of IMPF’s Global Market View, which has just been published and is available here. Music publishing figures generally take longer to collate due to time lags in payments, although the IMPF has reported the 2024 figures almost four months earlier than the prior year.
The report also confirms that the collective global market share of the independent music publishing community held firm at 26.3% in 2024, meaning the sector remains larger than any individual major.
“This stability, combined with revenue growth, demonstrates the resilience, entrepreneurship and global footprint of the independent publishing community,” stated the report. “Independents continue to be the engines of cultural diversity, investing early in new talent, supporting a wide array of genres, and enabling local repertoire to reach global audiences.”
IMPF’s Global Market View provides insight into the value of the independent music publishing business and the sector’s influence on the global modern music ecosystem.
Independent music publishers’ revenues have grown consistently year-on-year since 2018, when IMPF started compiling global data about the sector. Overall, revenue grew by 116% since 2018 and by 60.7% since 2020, a period affected by Covid.
Revenues were positively impacted by a growth in digital revenues, which were up 9.2%.
The report breaks down collections by territory for the music publishing sector as a whole and the independent share. At the heart of this success is Europe, with total collections amounting to €6.44bn, up 7.3% year-on-year, well ahead of the second largest market, North America, at €3.51bn.
Collections in the region have grown by 64.8% since 2020 and Europe continued to dominate the global collections landscape in 2024, commanding more than half the world’s total music revenues.
Without proper protection, transparency and compensation, a human-centred music ecosystem could quickly erode
Annette Barrett
“These results once again demonstrate the power of a robust copyright framework and a well-developed rights infrastructure,” said an IMPF statement.
Market focus on royalties, non-pop genres and AI
The distribution of royalties across markets continues to show gaps, particularly where CMOs face operational or transparency hurdles.
“Independent publishers have a strong strategic interest in working closely with their CMOs, locally, regionally and internationally, to help build an efficient, interoperable and future-ready collective rights infrastructure,” stated the report.
Another focus is placed on the treatment of non-pop genres in the music ecosystem, which often face systemic under-monetisation despite their cultural and economic significance.
At the same time, the rise of AI-generated music represents the most significant threat to the sector. In a foreword, IMPF president Annette Barrett (pictured) said the organisation “remains clear-eyed and cautiously optimistic as the GenAI wave begins to reshape the music landscape”.
“Together with creators and rights-holder organisations, we are pressing policymakers to recognise that unlicensed AI use can have a devastating impact on our livelihoods,” said Barrett. “Without proper protection, transparency and compensation, a human-centred music ecosystem could quickly erode. We must work towards ensuring that licensing agreements for both AI training and AI-generated outputs are put in place without delay.”
IMPF recently released a number of key principles for fair and sustainable AI licensing.
High-profile independent music publishers from around the world contributed to the report.
Hiroyuki Tachimoto, president, Fujipacific Music, said: “The figures here highlight the resilience and impact of the independent music publishing community, year after year. Globally, and in each country or region, publishers are active economic agents, working with local artists, investing in new talent, promoting creative works, and collecting royalties wherever they are played.”
Alisa Coleman, COO, ABKCO Music & Records, said: “The relationship each publisher maintains with its local collective management organisation is fundamental to how we operate. CMOs play a crucial role in helping publishers collect and distribute royalties to the songwriters we represent, so their efficiency matters. As their partners, we have to work together to strengthen their systems and ensure they deliver the best possible results for everyone involved.”
Countries that were previously overlooked are becoming strategic priorities
Hussain “Spek” Yoosuf
Claudia Mescoli, general manager, Edizioni Curci, IMPF board member, said: “Europe’s position as the world’s leading region for music royalties is no coincidence. It is the result of strong copyright protection, robust licensing frameworks and well-developed collective management infrastructures that ensure creators and rights-holders are properly rewarded. This foundation allows European repertoire to thrive at home and around the world, giving independent publishers and songwriters the confidence to invest, innovate and grow. Europe shows what is possible when the value of creativity is backed by a solid and reliable rights ecosystem.”
Hussain “Spek” Yoosuf, founder and CEO, PopArabia, said: “We’re witnessing a new wave of growth in music publishing across regions like Latin America and Asia, markets that have long had vibrant music cultures but are now seeing a surge in publishing infrastructure, rights management and investment potential. Countries that were previously overlooked are becoming strategic priorities. This momentum is drawing more companies to explore these territories. But meaningful progress only happens when we think local, invest in infrastructure and empower local talent.”
Thando Makhunga, managing director, Downtown South Africa, said: “One of the most exciting developments in our business has been to see music publishing businesses flourish in regions such as Latin America, Asia and Africa. Even more encouraging is that this explosion of world-class talent is built from local music ecosystems. The world is listening, and music can come from anywhere and have an impact on people. This will be a key driver for our business going forward.”
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