The global value of music copyright climbed to a record $47.2 billion in 2024, according to a new report by music economist Will Page, marking a notable slowdown as the industry moves beyond the pandemic-era surge.
Published on Page’s Pivotal Economics, the report shows the sector growing by 5.2% year on year — an increase of $2.3 billion. While still positive, Page noted that the pace of expansion has eased as the exceptional gains seen during and immediately after the pandemic begin to fade. Page previously served as chief economist at Spotify and the UK collection society PRS for Music.
Recorded music remained the largest contributor to global copyright value, accounting for $29 billion, or 61% of the total, following a 5% annual increase. Revenues collected by collective management organisations (CMOs) rose more sharply, up 8% to $13.6 billion. In contrast, direct publisher income declined slightly, falling 1% to $4.6 billion. Overall, music compositions represented 39% of total global copyright value.
Despite the recent slowdown, the long-term trajectory remains strong. Page estimates that the value of global music copyright has nearly doubled over the past decade, rising from $25 billion in 2014. Over that period, recorded music revenues have doubled, CMO income has grown by 50%, and publishers’ direct revenues have increased by 112%.
Page attributed much of this sustained growth to the rise of streaming and what he describes as “glocalisation” — a shift in which local markets retain more of the value generated by domestic consumption. “The glocalisation of the value of copyright reminds us that the big figure that is calculated each year is being allocated across markets differently,” he wrote.
The report highlights countries such as Denmark, South Korea, and Brazil, where local artists now dominate domestic charts. In Denmark, 16 of the top 20 albums last year were by Danish artists performing in Danish, a level of local prominence Page argues was unlikely under traditional broadcast-driven systems.
Brazil emerged as the most striking example. According to the report, the country’s YouTube top 100 artists chart is almost entirely made up of Portuguese-language acts, yet local demand alone has been enough to push Brazilian artists onto global rankings. Roni Maltz Bin, chief executive of Brazilian music company Grupo Sua Música, pointed to the recent success of Natanzinho Lima. “He debuted in the same week as Bad Bunny and still reached number four on the Spotify Global chart with 98.3% of all streams coming from Brazil,” Bin said. “This shows the strength of the Brazilian market.”
The analysis also examined the growing influence of K-pop in Japan, where 14 of the top 100 artists are now classified under the genre. Page suggested the lines between K-pop and Japanese pop are becoming increasingly blurred, raising questions about genre definitions in an era of cross-border streaming.
Looking ahead, the report warned that artificial intelligence could affect different parts of the industry unevenly. While consumer-facing AI tools may unlock new revenue opportunities, Page cautioned that production music and other business-to-business segments could face value erosion. “The impact of AI may be asymmetric,” he wrote.
Finally, Page highlighted persistent gaps in global music revenue measurement, estimating that hundreds of millions of dollars in copyright value remain unaccounted for — particularly in markets such as China, where publishing revenues are not fully reflected in international reports. “Global needs to mean global,” Page argued, suggesting that more comprehensive measurement could significantly increase the reported value of music copyright worldwide.