The International Confederation of Societies of Authors and Composers (CISAC) has published its annual Global Collections Report, revealing a record rise in global music royalty collections for songwriters and composers.
CISAC's full report provides 'comprehensive data and analysis of collections across all repertoires' — including music, audiovisual, visual arts, literature and drama — during the year 2022.
All of the regions and repertoires covered by CISAC saw collections growth last year, with music collections taking the lead. Indeed, global royalty collections for songwriters and composers reached 'a historical high point' of €10.8 billion in 2022 — a record 28% year-on-year increase, and 21% above 2019's pre-pandemic levels.
The report also reveals how, thanks in large part to the continued growth of streaming and subscription services, digital has overtaken TV and radio for the first time to become the largest source of global revenue for music creators.
The UK’s royalty collections increased to €1.01 billion in 2022, representing a year-on-year growth of 24% that puts the UK at number three globally behind the US and France. This growth is reflective of figures previously posted by PRS for Music, which is targeting annual collections of £1 billion by 2026.
Live music in particular has experienced a strong post-pandemic recovery, with a sample of more than 100 music societies revealing that live royalties increased by 185.7% in 2022. Live and background collections in the UK, meanwhile, grew by 67.8% to exceed pre-pandemic levels, while more than 128,000 live music events were reported to PRS last year as collections rose by 689%.
Live and public performance royalties also experienced a significant year-on-year increase, rising by 69.9% to total €2.7 billion in 2022. The sector is, however, still 7.9% below its pre-pandemic level, with CISAC citing the struggles of local events and venues to match the recovery made by in-demand international tours and major music festivals.
Speaking about the findings of the report, CISAC Director General Gadi Oron said: 'This is a remarkable return to growth as our whole sector fully recovers from the disastrous three-year pandemic. While live and public performance have bounced back strongly, the recovery is driven most of all by digital which has now become creators’ largest source of income.
'Streaming and subscription have not just revived the status quo, they have transformed the market, changed the game for creators and paved the way for future growth.'
In his foreword to the report, CISAC President and ABBA musician Björn Ulvaeus commented: 'This year’s results show that the collective management system, despite all the enormous challenges it faces in adapting to digital, is still robust and effective. CMOs have the backs of the creators they serve and are now delivering more money to more creators than ever before.
'And that is good news – because, fresh from COVID and the economic squeeze, what we now face is another very serious, existential challenge – that of Artificial intelligence. AI will radically change the world for creators and the creative industry. It demands international leadership and a strong united front from all parts of the creative industry.'
You can read CISAC’s Global Collections Report in full here.
