The National Music Publishers' Assn. has estimated that annual U.S. publishing revenues stand at $2.2 billion -- it's the first year the group has measured the market. The downside, however, to that large sum is that the trade group has also estimated publishers miss out on roughly $2.3 billion in revenue, owing to outdated copyright law and government regulations.

The NMPA apparently calculated the money the industry is missing out on by making an estimate based on direct deals cut by its members with the iTunes Radio service and the direct deals done with Pandora, before the PRO rate court judges ruled that publishes can't pull digital rights unless it pulls out completely from the PROs for all licensing.

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“We are finally able to capture what the industry is worth and, more importantly, what our industry is losing,” NMPA president and CEO David Israelite said in a statement. “The new digital marketplace is changing how songwriters and their music publishing partners can thrive. As the marketplace evolves, it is essential our industry no longer be hamstrung by outdated laws and government regulation.”

With a change in its dues structure, NMPA can quantify the total industry revenue and value through information collected from its membership. The group's modernization program requires music publishing members to provide revenue data and captures market share information. The total industry revenue is based on numbers reported to NMPA by its members for 2013.

Based on reports from its members, NMPA estimates that performance licensing accounts for 52% of the U.S. publishing revenue; mechanical licensing 23%; synch licensing 20%; and other 5%.

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