2025全球独立音乐出版行业市场观察报告（第六版）

Foreword by Annette Barrett, President of IMPF About IMPF Executive Summary Value of independent music publishers’ business A look at the future Focus 1: Closing the royalty distribution gap Focus 2: Treatment of non-pop genres in themusic publishing ecosystem Conclusions Foreword by IMPF PresidentAnnette Barrett 2024 was a strong and dynamic year for independent music publishers and we have severalreasons to be satisfied with the findings of this report. Let me focus on a couple of them. Firstly, our global revenues have been growing in 2024, thanks to overall positive markettrends, with most streams of income posting increases. This is great news for publishers asthey try to diversify their sources of revenue. Secondly, the global market share of independent music publishers is holding steady at26.3% and taken collectively the independent music publishing community is still largerthan the biggest major music publisher. This consistency reflects the sector’s resilience Thirdly, based on the most recent Global Collections Report from CISAC, our business hastruly become digital. In most countries, digital has become the leading source of revenue,or the second behind public performance rights. This ensures that we have steady, and These findings corroborate what we hear from our members around the world. It’s been agood and active couple of years, with most economic indicators showing positive signs. At the same time, we remain clear-eyed and cautiously optimistic as the GenAI wavebegins to reshape the music landscape. Recent studies by SGAE and KODA warn of seriousrevenue risks in the years ahead, as tens of thousands of AI-generated tracks, over 50,000 IMPF is fully alert to this challenge. Together with creators and rightsholder organisations,we are pressing policymakers to recognise that unlicensed AI use can have a devastatingimpact on our livelihoods. Without proper protection, transparency and compensation, a As publishers, we believe deeply in human creativity and in the relationships we build withour authors and composers. This relationship is not just the foundation of our business; itis the heart of it. We can embrace innovation while defending the essential role of human The Independent Music Publishers Forum (IMPF), the global trade body for independentmusic publishers, is a community of 300+ companies worldwide representing publishingentrepreneurs and music lovers who believe that the song and the composition are at the The mission of IMPF is to stimulate a more favourable business environment in differentterritories and jurisdictions for artistic, cultural and commercial diversity for its musicpublisher members and the songwriters and composers they represent. And IMPF ensures IMPF works closely with the global network of collective management organisations (CMOs)to promote greater transparency and better governance. IMPF members are usually activemembers of the local CMOs in their territories. IMPF advocates on behalf of all forums where the future of the music sector is underdiscussion.Whether in front of the European Union,the World Intellectual PropertyOrganization or any other body that can affect policy change, IMPF ensures that the voice In 2025, IMPF received a second grant from the Creative Europe programme, following aninitial payment covering the period 2022-2025, which helped fund several initiatives, inparticular the annual Global Music Summit and Songwriting Camp in Palma de Mallorca.More broadly, through several co-funded initiatives, the project has been able to build the The executive instrument of IMPF is the Board of Directors, a college elected every two years.Annette Barrett of Reservoir Media is the current President of IMPF. “IMPF has seen a rapid rise in its membership over the past year, with new companiesjoining us from all around the world. Our members support local talent and each otherin their respective countries and on the global stage. It is such a vibrant and dynamic Mary Jo Mennella, CEO and Founder, Music Asset Management, past AIMP President,Board Member of the Songwriters Hall of Fame and IMPF Board member 2024 was a strong and forward-moving year for independent music publishers, markedby sustained global revenue growth, a stabilised market share at 26.3%, and continuedexpansion of digital income across all regions. According to the IMPF Global Market View2025, independent music publishers generated revenues of €2.7bn in 2024, an increase of A defining trend in 2024 was the continued shift toward digital, which has now become thelargest revenue source for most music publishers. Global digital collections reached 5.01bn,accounting for nearly 40% of total CMO revenues. Independent publishers have benefited India, in particular, stands out: the dramatic transformation of IPRS, now surpassing €80min annual collections, is a case study in how improved licensing conditions, data accuracy,governance and international cooperation can rapi