The National Music Publishers Association (NMPA) members had revenue of $3.3 billion – an increase of 11.8% from $2.957 billion, CEO David Israelite revealed at the group’s annual meeting.
Israelite said the U.S. music publishing sector grew at the same rate as the recorded music sector for the first time in recent history. “In recent times, we had lagged behind,” he said, according to Billboard.
The revenue breakdown was 54.56% performance, 21.09% synchronization, 6.59% other and 17.76% mechanical. Further breaking down the performance sector, digital accounted for 32.64%, while radio contributed 13.06% and TV 8.75%.
While 86% of record label revenue came from digital, Israelite said music publishers have more diverse income streams. “The key takeaway is that the state of the industry is strong,” he said.
The reported growth comes before the implementation of recent music publishing victories such as the Copyright Royalty Board’s rate determination, changes brought on by the Music Modernization Act and the U.S. Department of Justice's plan to review the consent decrees under which ASCAP and BMI operate.
Spotify, Amazon, Google and Pandora are appealing the CRB rate increase, which had Israelite commenting, “It's bad enough we have a compulsory license. It's worse that after two years of rate trail, we are not yet getting the rate because of an appeal.”
Israelite said the Music Modernization Act will be implemented soon, “This manufactured drama over who will be [designated to run the] the MLC will be over.”
Regarding the Justice Department requesting comment as it reviews ASCAP and BMI, he said, “We are working with ASCAP and BMI and the most important songwriter advocate on the planet, [ASCAP chairman] Paul Williams. We will work to get changes for the better for the songwriter.”