Indie Music Publishing Growth, Global Copyright Hits $47.2bn, and UK Creators Push Back on AI
How The Music Business Works - Issue #42
December 18, 2025
Welcome back to How The Music Business Works! As the year comes to a close, we want to thank you for being part of our community! Your support and engagement make everything we do possible.
Wishing you a warm and restful holiday season, and here’s to an exciting 2026 filled with great music, meaningful conversations, and what’s next for the industry!
To close out the year, here are the key stories shaping the music business and the conversations that will carry into 2026.
This week’s edition takes a look at some of the most important developments shaping the music business right now, from the continued growth of global copyright revenues to shifting power dynamics around rights, royalties, and technology.
We’re looking at new figures highlighting the continued rise of independent music publishing, fresh analysis on the expanding global value of music copyright, and a clear signal from creators pushing back against unlicensed AI training. Alongside the data, we’re tracking key courtroom developments, from paused royalty disputes in digital radio to a high-profile lawsuit over sample licensing and long-standing royalty agreements.
Here’s what you need to know this week across the music industry.
IMPF: Independent Music Publishing Sector Sees 5.1% Revenue Increase as Market Share Holds Steady
Independent music publishers generated €2.7bn globally in 2024, up 5.1% YOY according to IMPF’s latest Global Market View. Independents held a steady 26.3% global market share, remaining larger than any single major publisher and underlining the sector’s resilience and long-term growth. Since 2018, independent publishing revenues have grown 116%, driven largely by digital income, which rose 9.2% in 2024. Europe continued to lead global collections, generating €6.44bn, more than half of worldwide music revenues, supported by strong copyright frameworks and rights infrastructure. The report also highlights ongoing challenges around royalty transparency, under-monetisation of non-pop genres, and the growing threat posed by unlicensed AI use, with IMPF calling for fair and sustainable AI licensing without delay.
Global Value Of Music Copyright Reached $47.2 Billion In 2024, Says New Will Page Report
The global value of music copyright reached a record $47.2bn in 2024, up 5.2% YOY, according to a new report by economist Will Page. Recorded music accounted for 61% of the total, while compositions generated 39%, split between CMOs and direct publisher income. While the industry has nearly doubled in value over the past decade, Page notes that growth is slowing as pandemic-era gains fade and deeper structural shifts take hold. Streaming continues to drive revenue but is reshaping how value is captured, with “glocalisation” enabling domestic artists to dominate home markets and even break globally without international reach. The report also flags emerging risks, including unlicensed AI music and major gaps in global measurement, suggesting hundreds of millions in copyright value remain uncounted worldwide.
The UK government has revealed that 88% of respondents to its copyright and AI consultation believe AI companies should be required to license copyrighted works when training their models. Only 3% supported the government’s previously floated idea of a new AI copyright exception with a rightsholder opt-out, with even fewer backing an exception without opt-out. Creative industries overwhelmingly favored strengthening copyright law, while tech companies largely supported new exceptions. Campaigner and composer Ed Newton-Rex said the results send a clear message that AI companies should pay for the content they use. While the government has published an interim update, it is keeping all options open ahead of a full report and economic impact assessment due in March, as it attempts to balance creator protection with AI innovation.
Sonos Scores a Critical Judgment Against SoundExchange
A US federal judge has stayed SoundExchange’s royalties lawsuit against Sonos Radio and Napster, putting the case on hold until an appeals court rules in a closely related dispute involving SiriusXM. The lawsuit seeks more than $3.3 million in alleged unpaid royalties from 2022–23, plus interest. At the center of the dispute is whether SoundExchange actually has the statutory authority under Section 114 of the Copyright Act to bring royalty enforcement actions. That question arose after a separate federal court dismissed SoundExchange’s long-running case against SiriusXM, ruling the statute does not explicitly grant SoundExchange the right to sue, a decision SoundExchange has appealed. While the judge declined to dismiss the Sonos case entirely, he ruled that a limited stay was appropriate, pausing proceedings until shortly after the appeals court issues its decision, which could have major implications for SoundExchange’s future enforcement powers.
Dionne Warwick Sued By Rights Company Over Royalties From Doja Cat Sample Deal
A royalty collection firm has sued Dionne Warwick, alleging she is attempting to cut off long-standing royalty payments tied to agreements that could be worth hundreds of thousands, or even millions, of dollars. Artists Rights Enforcement Corp claims it negotiated the 2023 sample licence allowing Doja Cat to use Walk On By in Paint the Town Red and is contractually entitled to a share of the resulting royalties. The lawsuit says Artists Rights has represented Warwick since 2002, recovering and administering royalties from labels and CMOs under agreements granting the firm 25–50% of income collected. According to the complaint, Warwick is now seeking to terminate those agreements and redirect payments directly to herself. Artists Rights is asking the court to affirm its ongoing entitlement to royalties and alleges breach of contract and unjust enrichment.