US music publishing revenues grew significantly in 2024, increasing by 13.41% to $7.039 billion, according to the National Music Publishers Association (NMPA). This growth is a strong contrast to the slower growth in recorded music revenues, which rose by only 2.7%. NMPA President and CEO David Israelite noted that this is the 10th straight year of double-digit growth in music publishing.
A major reason for this growth is the improved collection of unpaid royalties, which accounted for 27% of total revenue for songwriters and music publishers. Israelite explained that nearly $2 billion came from sources that previously did not believe they needed to pay for licensing.
Despite these gains, music publishers and songwriters faced challenges due to Spotify’s reclassification of its paid music subscriptions as “bundles,” which allowed it to pay lower mechanical royalties. This change resulted in a loss of $230 million in mechanical royalties for publishers in the first year alone, with potential losses reaching $3.1 billion by 2032. The NMPA has urged Congress to allow music publishers to negotiate royalty rates directly with streaming services rather than being bound by government controls.
At the NMPA’s annual meeting, Israelite called for a relaxing of regulations affecting music publishing royalties in the US and emphasized the importance of solidarity among rights holders during negotiations with large companies. He believes that collective action can lead to better outcomes for songwriters, urging them to articulate their disputes effectively to improve their income in a free market.
