The global music publishing sector is expected to grow at an annual rate of 7.1% from 2019-2024.
The forecast is in a new report by ResearchAndMarkets.com.
The report identified a competitive landscape that was “highly fragmented due to the presence of a large number of local and regional players”, alongside major players such as Sony/ATV Music Publishing, Disney Music, Universal Music Publishing Group and Warner Chappell Music.
Key deals noted in the report include a Sony/ATV partnership with Troy Carter’s Q&A.
Wearable and wireless technology are increasing trends in music, according to the report.
“Such devices offer movability and are of huge importance in concerts and live performances,” it said. “Most of the vendors in the music industry partner with the value chain enablers to have easy access and reach to the consumer base, which enables listening to music through these medium and have a significant user base.”
However, it is music streaming that is driving growth in publishing.
According to the IFPI, there is a year-on-year growth of 45.5% in paid media streaming, and 176 million users for paid subscription. The global music publishing market revenue has 38.4% of revenues from the streaming.
Latin America's growth of 17.6% was the highest among all the regions. The region's streaming revenue was also the highest among all the regions, at 48.9%.
An increasing number of concerts and live performances worldwide are also driving the market. The report identified 50 big music festivals in the US in 2019.