New market share results reveal the recorded-music and music publishing winners and losers in 2023

Music & Copyright’s annual survey of the recorded-music and music publishing sectors has revealed the changes in global market share for the three major music groups and the independent sector. UMG remained the overall global music group leader last year, but for the third year in a row, second-placed SMG reduced the gap. UMG’s recorded-music share was down slightly for the third consecutive year, while SME has registered share growth for four straight years. WMG’s share fell back for a second year, and the independent sector’s share edged down after a modest rise in 2022. For publishing, SMP extended its lead over second-placed UMPG, while WCM’s share was up for the third straight year. The collective share for the independent sector fell below 40% for the first time since 2014.

Modest changes in recorded-music market shares
According to Music & Copyright, UMG remained the top company for combined physical and digital recorded-music trade revenue in 2023. The leading major accounted for 31.8% of the total compared with 31.9% in 2022. For digital revenue only, UMG’s share was down, to 32.4% from 33%, while the company’s physical share increased, to 29.3% from 27.6%.

Record companies, digital- and physical-revenue market shares, 2022 and 2023
Source: Music & Copyright

SME’s position as the second-largest record company was maintained. Moreover, the company was the only one of the three majors not to lose combined digital/physical share. Last year, SME accounted for an unchanged 22.1% of the total. The company’s digital share grew to 23.5% from 23.2%, while its physical share was down to 16.6% from 17.7%. SME’s share of all recorded-music trade revenue, which includes licensing and other revenue as well as income from physical and digital music sales, increased to 22.9% from 22.6%.

Record companies, total recorded-music-revenue market shares, 2022 and 2023
Source: Music & Copyright

The smaller of the three majors, WMG, suffered a dip in share for both digital and physical sales for the second year in a row. According to Music & Copyright, WMG’s digital share was down last year, to 16.8% from 17.2% in 2022. The company’s share of physical sales fell to 10.4% from 10.9%. The results meant WMG’s combined digital/physical share slipped to 15.5% from 16%. Collectively, the independents saw a rise in digital share for the second consecutive year. The share last year was up to 27.3% from 26.6%. For physical formats, the independents’ share edged down to 43.7% from 43.8%. The results meant independent companies’ combined digital/physical revenue share grew to 30.6% from 30%.

Rise in publishing shares for SMP and WCM
Music & Copyright has calculated that global music publishing revenue topped the $9bn milestone for the first time last year. Total income increased 10.9%, to a record high of $9.03bn from $8.14bn in 2022. Last year’s growth rate was down on the 17.7% rise in 2022 and 17.6% improvement in 2021.
Not only did SMP maintain its leading position ahead of UMPG last year, but the gap between the two widened slightly to 1.5 percentage points from 1.3 points in 2022. SMP’s share edged up to 24.9% from 24.7%. UMPG’s publishing share edged down to 23.3% from 23.4%.

Music-publishing companies’ revenue market shares, 2022 and 2023
Source: Music & Copyright

Third-placed WCM registered the third consecutive annual rise in share. Moreover, WCM’s share was the highest for more than 10 years. Music & Copyright estimates the company accounted for 12.4% of global publishing revenue in 2023 compared with 12% in 2022. Although the collective share of independent music publishers maintained a healthy lead, the share slipped last year to 39.4% from 40%. For more market share details and further analysis just follow this link.

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Recorded-music market share gains for SME and the indies, publishing share growth for UMPG and WCM

Music & Copyright’s annual survey of the recorded-music and music publishing sectors has revealed the changes in global market share for the three major music groups and the independent sector. According to the survey, UMG remained the top company for combined physical and digital recorded-music trade revenue last year, although the company’s share edged down slightly to 31.9% from 32% in 2021 (see Figure 1). For digital revenue only, UMG’s share slipped to 33% from 33.3%, while its physical share increased to 27.6% from 26.8%. The shares are based on revenue received by each company/grouping.

Figure 1: Record companies, physical- and digital-revenue market shares, 2021 and 2022

Source: Music & Copyright

SME enhanced its position as the second-largest record company. Its combined digital/physical market share increased for the fourth consecutive year, ending 2022 at 22.1% compared with 21.7% in 2021. SME’s digital share grew to 23.2% from 22.6%, while its physical share was down to 17.7% from 18.5%. SME’s share of all recorded-music trade revenue, which includes licensing and other revenue as well as income from physical and digital music sales, increased to 22.6% from 21.9% (see Figure 2).

Figure 2: Record companies, total recorded-music-revenue market shares, 2021 and 2022

Source: Music & Copyright

The smaller of the three majors, WMG, suffered a dip in share for both digital and physical sales. According to Music & Copyright, WMG’s digital share was down last year, to 17.2% from 18.2% in 2021. The company’s share for physical sales fell to 10.9% from 11.4%. Of the three majors, WMG had the biggest difference between its digital and physical shares—6.3 percentage points compared with 5.4 points for UMG and 5.5 points for SME.

Collectively, the independents held the biggest share of physical formats. Moreover, the share was up last year, to 43.7% from 43.2% in 2021. Also, the independents’ digital share increased to 26.5% from 25.9%. The results meant the combined digital/physical revenue share for independent companies grew to 30% from 29.5%.

Little change in music publishing shares
In line with the way Music & Copyright determines global recorded-music market shares, music publishing shares are also based on revenue received by each company. Music & Copyright has calculated that global music publishing revenue increased 17.7% last year, to $8.1bn from $6.9bn in 2021. The growth rate was marginally higher than the 17.6% rise in 2021 but more than three times the 5.2% growth in 2020. Although Sony maintained its leading position ahead of UMPG, the gap between the two narrowed to 1.3 percentage points from 1.7 points in 2021. Sony’s share, which consists of revenue from Sony Music Publishing (rebranded from Sony/ATV in early 2021), EMI Music Publishing (EMI MP), and Sony Music Publishing Japan, edged down to 24.7% from 24.9% (see Figure 3).

Figure 3: Music-publishing companies, revenue market shares, 2021 and 2022

Source: Music & Copyright

UMPG’s publishing share grew last year, to 23.4% from 23.2% in 2021. Third-placed WCM registered the second consecutive annual rise in share. Music & Copyright estimates the company’s share increased to 12% from 11.8%. Although the collective share of independent music publishers maintained a healthy lead, the share slipped slightly last year, to 40% from 40.1%.

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UMG and SME put the market share squeeze on WMG and the independent sector

Music & Copyright’s annual survey of the recorded-music and music publishing sectors has revealed the changes in global market share for the three major music groups and the independent sector. In a repeat of the last review, UMG enhanced its position as the global leader. The company registered growth in its recorded-music market share, while the publishing unit UMPG saw the biggest share gain for any music publisher for more than 10 years. SME saw its total recorded-music share return to growth after three years of decline. Although Sony’s publishing share was down year-on-year, the company’s market share for total music revenue edged upwards. Smaller major WMG suffered a share fall for both recorded-music and music publishing. The independent sector also saw its recorded-music and music publishing shares edge down. Although the indie grouping remained the clear leader for publishing, recorded-music gains for UMG saw the combined indie company share slip to second spot.

Recorded-music share gains for UMG and SME
According to Music & Copyright, UMG increased its share of combined physical and digital recorded-music trade revenue last year, to 32.1%, from 31.8% in 2019 (see Figure 1). For digital revenue only, UMG’s share was up, to 34.1%, from 33.8%, while its physical share was unchanged, at 25.8%.

Figure 1: Record companies, physical- and digital-revenue market shares, 2019 and 2020
Source: Music & Copyright

SME was the second-largest record company and its combined physical/digital market share also increased last year, to 20.6%, from 19.8% in 2019. Ending three straight years of decline, SME’s physical format share grew, to 21.3%, from 18.3%, while the company’s digital market share edged up, to 20.5%, from 20.2%. SME’s share of all recorded-music trade revenue, which includes licensing and other revenue as well as income from physical and digital music sales, was up, to 20.8%, from 20.3% (see Figure 2).

Figure 2: Record companies, total recorded-music-revenue market shares, 2019 and 2020
Source: Music & Copyright

The smaller of the three majors, WMG, experienced a share fall for both physical and digital. Furthermore, the gap between its physical and digital shares widened. WMG’s physical format share slipped, to 10.5%, from 11.7%, while its digital share experienced a more modest decline, to 17.6%, from 17.9%.
Although the independent sector’s physical share remained high, at 42.4%, the share was down on the prior year’s 44.2%. The digital share also fell last year, to 27.9%, from 28.1%. The results meant the combined physical/digital revenue share for independent companies decreased, from 31.9% to 31.6%, just behind leading major UMG.

Sony just holds on to the publishing lead
In line the way in which Music & Copyright determines global recorded-music market shares, music publishing market shares are also based on revenue received by each company. Music & Copyright has calculated that global music publishing revenue grew 5.2% last year, to $5.9bn, from $5.6bn in 2019. The growth rate was up on the 2.2% rise in 2019, but down on the 11.4% increase in 2018. Sony maintained its leading position ahead of UMPG, but the gap between the two narrowed, to just 1.5 percentage points. Sony’s share, which is made up of revenue from Sony/ATV, EMI Music Publishing (EMI MP), and Sony Music Publishing Japan, slipped slightly, to 24.5%, from 25% (see Figure 3). Sony took the top spot in 2013 following the purchase of EMI MP by a Sony-led consortium in 2012. Sony then acquired the approximate 60% of the interest in EMI MP held by the consortium in November 2018, resulting in EMI MP becoming a wholly-owned subsidiary of Sony.

Figure 3: Music-publishing companies, revenue market shares, 2019 and 2020
Source: Music & Copyright

UMPG enhanced its position as the second-largest music publisher with a share increase of two percentage points, to 23%, from 21%. Furthermore, for the second year in a row, UMPG was the only major publisher to increase its share. Third placed Warner Chappell Music saw its share fall, to 11.2%, from 11.6%. Although the collective share of independent music publishers maintained a healthy lead, the share slipped one percentage point, to 41.3% last year, from 42.3% in 2019.

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New issue of Music & Copyright

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UMG and SME put the market share squeeze on WMG and the independent sector
Music & Copyright’s annual survey of the recorded-music and music publishing sectors has revealed the changes in global market share for the three major music groups and the independent sector. In a repeat of the last review, UMG enhanced its position as the global leader. The company registered growth in its recorded-music market share, while the publishing unit UMPG saw the biggest share gain for any music publisher for more than 10 years. SME saw its total recorded-music share return to growth after three years of decline. Although Sony’s publishing share was down year-on-year, the company’s market share for total music revenue edged upwards. Smaller major WMG suffered a share fall for both recorded-music and music publishing. The independent sector also saw its recorded-music and music publishing shares edge down. Although the indie grouping remained the clear leader for publishing, recorded-music gains for UMG saw the combined indie company share slip to second spot.

Another year of rising rights collections for South Korea’s KOMCA
South Korean authors’ society KOMCA has reported a record year for collections. Given South Korea’s advanced recorded-music market, much of KOMCA’s gains in recent years have come from digital sources and last year was no exception. Digital, which overtook performance five years ago to become the collection society’s biggest revenue source, accounted for close to half of domestic receipts last year with both streaming and audiovisual registering a particularly positive 12 months. However, income from mechanical reproduction scored the highest growth with a boom in CD sales driving up the collection source. In contrast, performance revenue was down almost one third with both karaoke and live concerts suffering from measures imposed to limit the spread of the COVID-19 virus. International income topped the previous year’s record with the popularity of K-pop boosting the overseas total.

National trade groups detail recorded-music sales with streaming and vinyl the big positives
In March, the IFPI published global recorded-music trade results for last year. Total sales, which were made up of physical and digital formats and services, performance rights, and synchronization revenue, increased 7.4%, to $21.6bn from $20.2bn in 2019. The rise, which compared with an uptick of 9.7% in 2019, marked the sixth consecutive year of growth. Since the global results were released, a number of national trade associations and retail groups have published local market figures. Although the level of detail differs between countries, all the results show a year-on-year rise in trade/retail sales with streaming the big growth provider. Most countries suffered a drop in sales of physical formats, with the size of the decline exaggerated by the impact on each countries’ retail sector from the COVID-19 pandemic. However, the vinyl revival continued and, in some countries, revenue from the age-old format overtook CDs.

Indie music moves the needle in a hot Asian recorded-music market
The Chinese music market, as well as other territories in the Asia region, is attracting a lot interest from recorded-music’s big guns at the moment as revenue continues to rise. There’s also a sizable amount of focus on the independent music scene with both WMG and Merlin among those making significant plays across Asia. This is a hugely diverse region, however, and the one-size fits all strategy traditionally adopted in western markets won’t work in Asia. Local knowledge will be a key determinant of success, so the business of both hiring experienced Asian executives and allying with national independent record companies will be crucial.

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Global recorded-music and music publishing market share results for 2018

Music & Copyright‘s annual survey of the recorded-music and music-publishing sectors has revealed the changes in global market share for the three major music groups and the independent sector. Recorded-music leader UMG maintained the top spot, with an increased share of digital sales fully offsetting a decline in the company’s share of physical sales. UMG also increased the gap on second-placed SME, with the latter suffering a fall in both its digital and physical shares. WMG’s share of digital sales edged down last year, but a higher share of physical sales boosted the company’s overall recorded-music market share. A repeat of last year saw independent record companies collectively account for the biggest share. Sony was unable to repeat the record year of 2017 for music publishing, with the company suffering a dip in share. UMPG registered the highest share gain of all the major music publishers, but the collective share of the independent sector accounted for the biggest share of the music publishing pie.

Share gains for UMG and WMG at SME’s expense
UMG had a 29.8% share of combined physical and digital recorded-music trade revenue last year, up from 29.7% in 2017. For digital revenue only, UMG’s share increased, to 32.4%, from 32%, while its physical share was down, to 23.4%, from 25.4%.

Record companies, physical- and digital-revenue market shares, 2017 and 2018
Source: Music & Copyright

SME was the second-largest record company, although its combined physical/digital market share was down last year, to 19.9%, from 21.9% in 2017. For the second consecutive year, SME registered a year-on-year fall in both physical and digital market shares. Furthermore, the company’s share of all recorded-music trade revenue, which includes licensing and other revenue as well as income from physical and digital music sales, was down to 20.5%, from 22.3%.

Record companies, total recorded-music-revenue market shares, 2017 and 2018
Source: Music & Copyright

The smallest of the three majors, WMG, experienced a reversal of its 2017 results, when the company’s digital share was up and its physical share down. Last year. WMG’s digital share slipped slightly, to 17.7%, from 18.1%, while its physical share grew to 13.4%, from 12.8%. Overall, WMG’s combined physical/digital share increased, to 16.5%, from 16.2%, and its total revenue share was also up, to 16%, from 15.8%.

Aside from the changes in the majors’ shares, independent record companies’ combined physical/digital revenue share was higher than the leader last year, at 33.8%. The independent company sector increased its share of both physical and digital revenue, but there remained a sizable difference between its physical and digital shares.

Another positive year for music publishing
In line with the way in which Music & Copyright determines global recorded-music market shares, music publishing market shares are also based on revenue received by each company. Music & Copyright has calculated that global music publishing revenue grew 11.4% last year, to $5.47bn, from $4.92bn in 2017. Sony was unable to repeat its record performance of 2017 and suffered a decline in global publishing share last year, to 26%, from 27.3%. Sony took the top spot in 2013, following the purchase of EMI Music Publishing (EMI MP) by a Sony-led consortium in 2012. Sony acquired an approximate 60% of the interest in EMI MP in November 2018. In addition to revenue from EMI MP, the company’s publishing share includes Sony/ATV earnings as well as income from Sony Music Publishing Japan.

Music-publishing companies, revenue market shares, 2017 and 2018
Source: Music & Copyright

UMPG was the second-largest music publisher last year. Music & Copyright estimates the company’s share increased, to 20.2%, from 19.5% in 2017. Furthermore, UMG registered the biggest share growth of the three major publishers. Third-placed Warner/Chappell’s share was up last year, to 12.3%, from 12%. The collective share of independent music publishers was also up, rising to 41.4%, from 41.2%.

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New issue of Music & Copyright with Canada country report

The latest issue of Music & Copyright is now available for subscribers to download. Here are some of the highlights.

Difficult year for SME as UMG, WMG, and the indies make recorded-music and publishing share gains
Music & Copyright’s annual survey of the recorded-music and music-publishing sectors has revealed the changes in global market share for the three major music groups and the independent sector. Recorded-music leader UMG maintained the top spot, with an increased share of digital sales fully offsetting a decline in the company’s share of physical sales. UMG also increased the gap on second-placed SME, with the latter suffering a fall in both its digital and physical shares. WMG’s share of digital sales edged down last year, but a higher share of physical sales boosted the company’s overall recorded-music market share. A repeat of last year saw independent record companies collectively account for the biggest share. Sony was unable to repeat the record year of 2017 for music publishing, with the company suffering a dip in share. UMPG registered the highest share gain of all the major music publishers, but the collective share of the independent sector accounted for the biggest share of the music publishing pie.

GEMA sees third consecutive year of collections over €1bn
German authors’ society GEMA has reported its financial details for 2018. Although collections and distributions were unable to match the previous year’s record levels, the underlying performance was positive. Collections in 2017 were inflated by one-time payments, and the exclusion of those extras meant total income last year registered healthy growth. Public performance and broadcasting, the two biggest collection sources, recorded another year of modest growth, while digital revenue grew sharply. The private copying total more than halved, but the 2017 collection figure was inflated by extra payments, so a year-on-year comparison is not strictly accurate. Overseas income edged down, while mechanicals continued to suffer from lower sales of physical formats. Total expenses were slightly reduced, but the decrease in income meant the cost rate increased.

TikTok gets serious with music as it clocks up the hits
Short-video sharing platform TikTok has seemingly come from nowhere to garner a seriously large following among young demographics around the world. While the service does lean heavily on record companies’ existing catalogs, it has also proved adept at enabling its video “creators” to unearth offbeat atypical tracks that then get serious traction. And TikTok has recently demonstrated that it can not only break emerging artists but also serve as a platform that delivers hits in the mainstream charts. Now it is up to TikTok to take advantage of those capabilities to become a leading music discovery channel in its own right, while record companies need to put resource into the video network as part of their A&R efforts.

Canada country report
In addition to the usual set of music industry statistics and news briefs, the latest issue of Music & Copyright includes a detailed Canada music industry report. Canada is one of the world’s bigger music markets. Although ever present in the top 10, the country lost a couple of places last year, slipping from seventh to ninth. Canada was overtaken by China and Australia, with those two countries registering higher year-on-year growth rates in trade sales. Recorded-music consumption levels were up last year, but the increase in trade revenue was more modest. Although streaming income continued to rise, a big slump in sales of CD albums dented the overall market performance. UMG maintained its market share lead over second-placed SME with the former gaining share and the latter suffering a decline. Canada’s live sector is thought to have registered a positive year with attendance at music events up year on year. Preliminary results from SOCAN show royalty collections were up for the sixth year in a row with the level of royalties collected and distributed breaking previous records.

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UMG and WMG make recorded-music market share gains, Sony outperforms in publishing

Music & Copyright’s annual survey of the recorded-music and music publishing sectors has revealed the changes in global market share for the three major music groups and the independent sector. Recorded-music leader UMG maintained the top spot with an increase in both its physical and digital market shares. Second-placed SME suffered a dip in its recorded-music share, while smaller major WMG continued its upward trend and registered a share increase. A repeat of 2016 saw independent record companies collectively account for the biggest share. Sony remained the leader in terms of corporate music publishing control after registering the best year in the company’s history. UMPG suffered a slight fall in share, while Warner/Chappell and the collective share of the independent publishing sector were unchanged.

UMG extends recorded-music lead
UMG had a 29.7% share of combined physical and digital recorded-music trade revenue last year, up from 29% in 2016. For just digital revenue, UMG’s share stood at 32%, while its physical share was 25.4%.

Record companies, physical- and digital-revenue market shares, 2016 and 2017
Source: Music & Copyright

SME was the second-largest music company, although its combined physical/digital market share slipped last year, to 21.9%, from 22.9% in 2016. SME registered a year-on-year fall in both physical and digital market shares. The company’s share of all recorded-music trade revenue, which includes licensing and other revenue as well as income from physical and digital music sales, was also down, to 22.3%, from 23.2%.

Record companies, total recorded-music-revenue market shares, 2017
Source: Music & Copyright

The smallest of the majors, WMG, experienced a mixed year in digital and physical shares. The company’s digital share increased, to 18.1%, from 17.6%, while its physical share edged down, to 12.8%, from 13.1%. WMG’s combined physical/digital share grew, to 16.2%, from 15.8%, and its total revenue share was up, to 15.8%, from 15.4%.

UMG was the single biggest record company, but independent record companies’ combined physical/digital revenue share was higher than the leader last year, at 32.2%. The independent company sector increased its share of both physical and digital revenue, but there remained a sizable difference between its physical and digital shares.

It is worth pointing out at this stage that following last year’s review of our music publishing share methodology, we have made similar changes to the way we determine recorded-music shares. Our calculations are now based on a much more comprehensive assessment of the recorded-music sector and allow for greater accuracy in the standings of the three majors and the independent companies. The change has meant we have restated the previously published 2016 figures.

Positive year for music publishing
In line the way in which Music & Copyright determines global recorded-music market shares, music publishing market shares are also based on revenue received by each company. Music & Copyright has calculated that global music publishing revenue grew 11.2% last year, to $4.92bn, from $4.42bn in 2016. Sony increased its leading position following the best year in the company’s history. Earnings were boosted by a record growth in streaming. Moreover, the company published the IFPI’s top three artists of last year, Ed Sheeran, Drake and Taylor Swift. Sony accounted for 27.3% of global publishing revenue, up from 27% in 2016.

Music-publishing companies, revenue market shares, 2016 and 2017
Source: Music & Copyright

UMPG was the second-largest music publisher last year. Music & Copyright estimates the company’s share edged down, to 19.5%, from 19.8% in 2016. Third placed Warner/Chappell’s share was unchanged at 12%. Also unchanged last year was the indie share. Independent music publishers have long dominated music publishing and continue to compete well with the majors for major artists’ attention. Music & Copyright estimates that independent companies accounted for 41.2% of publishing revenue in 2017.

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New issue of Music & Copyright with Finland country report

The latest issue of Music & Copyright is now available for subscribers to download. Here are some of the highlights.

UMG and WMG make recorded-music market-share gains; Sony outperforms in publishing
Music & Copyright’s annual survey of the recorded-music and music-publishing sectors has revealed the changes in global market share for the three major music groups and the independent sector. Recorded-music leader UMG maintained the top spot, with an increase in both physical and digital market shares. Second-placed SME suffered a dip in its recorded-music share, while smaller major WMG continued its upward trend and registered a share increase. A repeat of 2016 saw independent record companies collectively account for the biggest share. Sony remained the leader in terms of corporate music publishing control, after registering the best year in the company’s history. UMPG suffered a slight fall in share, while Warner/Chappell and the collective share of the independent publishing sector were unchanged.

Return to growth for Dutch neighboring rights society SENA
SENA, the Dutch collection society representing performers and producers (record companies), has reported a rise in total licensing income for 2017. Domestic receipts increased for the third consecutive year and more than offset a second annual dip in international collections. Total domestic invoiced licensing revenue registered growth, but overseas invoiced revenue fell. In contrast, distributions in the Netherlands last year were down, while payments abroad were up. General licensing was the biggest collection source for SENA members, ahead of broadcasting. SENA noted in its annual report that the first full year of operation of its joint venture service center created with the authors’ society BUMA has brought the expected efficiency benefits. SENA also said that greater cooperation with BUMA on other joint initiatives is a possibility.

Regulation is just the ticket for live music events
Regulators around the world are starting to crack down on event ticket abuses. The key targets in many markets are the sharp practices of secondary ticketing operators, which have been the cause of much consumer complaint for some time. But also in regulatory sights is the widespread lack of price transparency and the use of automated bots to sweep up tickets for resale. And while the live music sector is welcoming of such regulation, there’s also an opportunity for private companies to deploy technological solutions to further help live music fans.

Finland country report
In addition to the usual set of music industry statistics and news briefs, the latest issue of Music & Copyright includes a detailed Finland music industry report. Finland is outside of the global top 20 for revenue from recorded music. But, despite its small size, the country is a market leader in the digital transition from ownership to access. Subscription services already account for more than two-thirds of recorded-music trade earnings in the country and this share is expected to rise further as the reliance on physical formats continues to drop and sales of downloads disappear. The streaming boom means digital trade sales now generate close to 90% of the total market. UMG enhanced its leading position last year with a modest rise in market share while SME took second place from WMG. Royalty earnings collected by authors’ society TEOSTO were down slightly year on year. However, continued growth in digital collections meant the revenue stream increased its share of total royalty receipts to 13.7%. Indications suggest Finland’s live sector registered a good year. Despite lower ticket sales to festivals, attendance at events increased year on year.

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WMG makes recorded-music market share gains, while indies extend publishing lead

The annual survey by Ovum publication Music & Copyright of the recorded music and music publishing sectors has revealed the changes in global market share for the three major music groups and the independent sector. For the second consecutive year, recorded-music leader UMG lost market share, while smaller major WMG closed the gap on second-placed SME. Sony remained the leader in terms of corporate control of music publishing, though its share has fallen for two straight years. Little change in share for second-placed UMPG meant the company narrowed the gap with Sony. The collective shares of the independent publishing sector registered the biggest publishing share increase.

Shifting market shares, but majors still dominate
According to Music & Copyright, UMG had a 32.8% share of combined physical and digital recorded-music trade revenue last year, down from 33.7% in 2015. For physical revenue only, UMG’s share stood at 30.2%, while its digital share was 34.6%.

Record companies’ physical- and digital-revenue market shares, 2015 and 2016

Source: Music & Copyright

SME was the second-largest music company, with a combined physical/digital market share of 22.2%, down from 22.6% in 2015. SME registered a year-on-year fall in both physical and digital market shares. The company’s share of all recorded-music trade revenue, which includes licensing and other revenue as well as income from physical and digital music sales, was also down, to 22.4%, from 22.8%. The smallest of the majors, WMG, was the only one of the three to register share increases last year. The company’s share of revenue from physical recorded-music sales stood at 17% in 2016, up from 16.3% in 2015. For digital, the share grew to 18.9%, from 18.2%. WMG’s combined physical/digital share increased, to 18.1%, from 17.3%.

The independent record companies’ share of combined physical/digital revenue was up in 2016, to 26.9%, from 26.4%. Although the company sector increased its share of both physical and digital revenue, independents’ share of physical formats remained higher than their digital share.

Warner Chappell and indie sector register share gains
Sony maintained its leading position in the publishing sector last year despite a second consecutive dip in market share. The company accounted for 27% of global publishing revenue, down from 28.3% in 2015. Sony took the top spot in 2013, following the purchase of EMI Music Publishing by a Sony-led consortium in 2012. In addition to revenue from EMI MP repertoire administered by Sony, the company’s publishing share includes Sony/ATV earnings as well as income from Sony Music Publishing Japan.

Music-publishing companies’ revenue shares, 2015 and 2016

Source: Music & Copyright

It is worth noting that based on a more comprehensive assessment of the publishing sector, we have restated the previously published 2015 figures. Although some shares have been changed, none of the publishers’ annual performances has been affected.

UMPG was the second-largest music publisher last year and closed the gap with Sony, though its share edged down slightly, to 19.8%, from 20% in 2015. Third-placed Warner Chappell was the only major publisher to register an increase last year, with the company’s share rising to 12%, from 11.4%.

Independent music publishers have long dominated music publishing and continue to compete well with the majors for major artists’ attention. Last year proved to be no exception. Music & Copyright estimates that independent companies accounted for 41.2% of publishing revenue, compared with 40.3% in 2015.

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Music & Copyright is published by Ovum.

New issue of Music & Copyright with Finland country report

The latest issue of Music & Copyright is now available for subscribers to download. Here are some of the highlights.

WMG makes recorded-music market share gains, while indies extend publishing lead
Music & Copyright’s annual survey of the recorded-music and music-publishing sectors has revealed the changes in global market share for the three major music groups and the independent sector. For the second consecutive year, recorded-music leader UMG lost market share, while smaller major WMG closed the gap on second-placed SME. Increased granularity of published music company data meant for the first time the annual survey contained market share figures for music streaming. Sony remained the leader in terms of corporate control of music publishing, though its share has fallen for two straight years. Little change in share for second-placed UMPG meant the company narrowed the gap with Sony. The collective shares of the independent publishing sector registered the biggest publishing share increase, with leading indies BMG and Kobalt both making market share gains.

Domestic collection growth for SENA, but lower US income hits overall total
SENA, the Dutch collection society representing performers and producers (record companies), has reported a fall in total licensing income for 2016. Although domestic receipts were up year on year, lower income from the US meant international collections were down sharply. Similarly, total domestic invoiced licensing revenue registered growth, but overseas invoiced revenue fell. Distributions in the Netherlands and abroad were also down last year. General licensing was the biggest collection source for SENA members, ahead of broadcasting. SENA noted in its annual report that a joint-venture service center created with the authors’ society BUMA began dealing with its individual and collective licensing agreements from the beginning of last year. The aim of the venture is to create efficiency savings for the two societies.

ECJ backs Stichting Brein in media player copyright case
The European Court of Justice (ECJ) has sided with the Dutch antipiracy group Stichting Brein in a case concerning the sale of a multimedia player that enables copyright-protected audiovisual content to be viewed for free. The defendant in the case is an online retailer of a multimedia player that contained open source software that enabled video files to be played through an interface. The court decided that the multimedia player enabled a communication to the public of audiovisual content as described in the 2001 European Copyright Directive and so breached European law. The court also ruled that temporary acts of reproduction as carried out by the multimedia player of a copyright-protected work obtained by streaming on a website belonging to a third party was not exempt from legislation covering the right of reproduction.

Finland country report
In addition to the usual set of music industry statistics and news briefs, the latest issue of Music & Copyright includes a detailed Finland music industry report. Finland is just outside of the global top 20 in terms of trade revenue from recorded music. But, despite its small size, the country is a market leader with regards to progress in the digital transition from ownership to access. Subscription services already account for around two-thirds of recorded-music trade earnings in the country, and this share is expected to rise further as the previous reliance on physical formats slips away and sales of downloads disappear. UMG took the top spot in market share terms last year, replacing WMG, which had been the leader for several years. Royalty earnings were positive, with collections from music use maintaining a well-established growth trend. The country’s live sector also registered a good year despite attendance at festivals suffering from poor weather conditions.

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