Music publishing refers to owning the music compositions such as songs in the form of copyrights. It includes acquiring, administering, exploiting and protecting the copyrights in musical compositions. Traditionally, music publishers distributed the music compositions in the form physical recordings such as cassettes, compact discs (CDs) and other physical media. However, with growing trend of digitization and online music, music publishing industry has been into an important phase of transition in the past few years. Due to falling sales of physical music albums, music publishing companies are focusing on creating new and reliable revenue sources. Some of the latest revenue sources for music publishing companies include mobile music outlets, wireless music subscription services, digital streaming services and others. Music publishing companies work with different artists such as music composers, songwriters and musicians. These companies are responsible for licensing the intellectual property of the respective clients (e.g. music composers).
Music publishing market is majorly driven by the growing entertainment and media industry across the globe. With large number of music artists and songwriters entering the global music industry, demand for music publishing companies is expected to increase at a high rate in near future. Most of the music artists prefer working with music publishing companies as it is the most convenient and reliable way of entering the music industry. This is due to the fact that an established music publisher has countless contacts in the industry. Additionally, the music publishing market is driven by the monetary as well as publicity benefits offered to the music composers by companies. Several music publishers offer advance payments to the songwriters long before publishing their work. Music publishing companies make sure that their artists receive full payment with secured copyrights. In addition, music publishing companies undertake several promotional activities for their artists such as producing demo recordings, brochures and other promotional materials. This ensures new opportunities for the music artists thereby increasing the dependence on music publishing companies. However, the music publishing companies may face major challenge from the artists who own and publish their compositions.
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The music publishing market is segmented based on the type of license and geographic regions. Different types of licenses issued by the music publishing companies include reproduction or mechanical license, public performance license, synchronization license and folio license. Reproduction license includes music distribution through physical or digital form. Public performance refers to music broadcast on public media such as radio, concerts and other public events. Synchronization licensing is the distribution of music in films, music videos, televisions and other media. Folio license refers to music distribution in written format. This includes publishing music notation and lyrics on the internet for public use. Furthermore, the market for music publishing is segmented based on geographic regions into North America, Europe, Asia Pacific and Rest of the World (RoW).
Some of the leading companies in music publishing market include Universal Music Publishing Group, Broadcast Music, Inc., Sony/ATV Music Publishing LLC, Criterion Music Corporation, Avatar Publishing Group, Super Cassettes Industries Private Ltd., Warner/Chappell Music, Inc. and others.
