Publishing
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The music publishing industry has long been a battlefield, with independent publishers often struggling against the overwhelming dominance of the majors. Companies like Warner Chappell, Sony Music Publishing and Universal Music Publishing Group control vast resources and have significant influence due to their connections with their major record label counterparts, making it difficult for indies to compete.
Despite these challenges, independent publishers continue to embody the spirit of creativity and resilience, navigating the obstacles with unparalleled determination in the face of industry issues including licensing and financial disadvantages, increasing competition and costs, fewer income streams, and more that threaten to push us out of business. Recently, these obstacles have intensified, demanding a more assertive and determined approach from indie publishers. As we progress through 2024 and look ahead to 2025, the reasons for our frustration are pressing and undeniable.
Over the past few months, the gap between indie and major publishers has widened due to systemic problems and recent controversies. TikTok’s licensing deals, heavily influenced by agreements with major record labels and publishers, have sidelined indie publishers, affecting our ability to monetize our catalogs effectively on a platform that has become critical for music discovery. TikTok’s role in propelling songs and artists to the top of the charts and securing lucrative synch deals makes this marginalization particularly troubling. Indie publishers find themselves at a disadvantage, forced to either accept less favorable deal terms or risk losing out on the opportunity to reach these audiences and, in turn, straining our label relationships.
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Similarly, the recent Spotify bundling controversy highlights the stark inequalities between major and independent publishers. By adjusting its service offerings to lower mechanical royalty rates, Spotify has given a significant advantage to major publishers. While all publishers are aligned in fighting Spotify’s move, major publishers, with their extensive financial reserves, can more easily absorb the impact of reduced royalties. Additionally, integration with their record label arms allows their parent companies to negotiate recording royalty deals that help offset losses on the publishing side. Independent publishers, however, operate with much tighter margins and lack the diversified revenue streams of their larger counterparts. For us, every penny matters. A reduced mechanical rate isn’t just a cut; it’s a threat to our very existence.
Beyond these specific cases, the challenges of 2024, including rising operating costs and intense competition in catalog acquisitions, have placed a heavier burden on indie publishers. The surge in catalog acquisitions by major publishers, driven by their financial power and access to capital, has driven up prices, making it increasingly difficult for indies to compete. This trend not only inflates catalog values to potentially unsustainable levels but also concentrates power in the hands of a few dominant players, stifling diversity in the market. Additionally, the rising costs of daily operations, from licensing negotiations to administrative expenses, are squeezing indie publishers even further, forcing some to consider selling their businesses, merging or even closing down.
Despite these challenges, there are still reasons for indie publishers to be optimistic. The Luminate 2024 Midyear Report shows that indie artists’ market share has grown by an average of 1.76%, with the most significant increase in the 500M+ on-demand audio streams category, increasing 2.7% over 2023 to 9.9%. Additionally, 62.1% of artists with 1 million to 10 million U.S. on-demand audio streams have independent distribution. These two examples out of many showcase the continued impact and growing influence of indie creators in the digital space. Advances in technology, especially AI tools, are providing new opportunities for music production, metadata refinement and distribution, leveling the playing field for indie artists and creators. Organizations like the National Music Publishers’ Association (NMPA), the Association of Independent Music Publishers (AIMP) and the American Association of Independent Music (A2IM) continue to advocate for and support indies, ensuring we have the tools and knowledge needed to navigate the industry. Additionally, the rise in synch opportunities and revenue following 2023’s entertainment labor disputes offer indie publishers a growing source of income in a segment of the industry that, fortunately, remains a free market.
The path forward for indie publishers is clear: We must unite and use our challenges to motivate change. By channeling our collective frustration, we can fight for fairer treatment and greater solidarity in the industry. Far from being destructive, our anger can be a powerful force, driving indies to recognize our strength, advocate fiercely for our rights, and reshape the industry. We can create a more just environment for our songwriters, ensuring they are fairly compensated and contributing to a more balanced music industry. The time for complacency is over; it’s time for indies to take action and secure our future, and the future of the songwriters who depend on us.
Marc Caruso is the co-founder and CEO of Los Angeles-based independent music publisher Angry Mob Music, with successful operations in publishing, music rights management and music production. Throughout his more than 20-year career in music as an entrepreneur, composer, producer and Emmy-nominated music editor, Marc has been at the forefront of music publishing and master rights administration for film and TV and has continually been a champion for musician and songwriters’ rights.
Megan Moroney, Jaron Boyer and Warren Zeiders‘ “Pretty Little Poison” were among the evening’s big winners at SESAC Performing Rights’s annual Nashville Music Awards on Sunday night (Nov. 17), as the country music industry’s annual CMA Week got underway with the first of a trio of parties held by performing rights organizations to honor the songwriters and music publishers many of the year’s most performed country songs.
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More than 400 members Nashville’s elite songwriters, publishers and other industry members gathered at the Country Music Hall of Fame Sunday night to honor the SESAC writers behind not only top country songs, but top Americana tunes such as Sierra Ferrell’s “American Dreaming” and The Avett Brothers’ “Orion’s Belt” during the glitzy shindig.
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SESAC Sr. VP/Head of Nashville Creative Shannan Hatch hosted the evening alongside senior directors, creative services ET Brown and Lydia Cahill. The event was sponsored in part by Hatef Aesthetics, Bombas, Brumate, CRVFT, Cymbiotika, Dr. Bronner’s, Eboost, Herban Essentials, Little Secrets, Monopoly, Olaplex, Osea, Pause, and Solawave.
Early in the evening, Megan Moroney performed the title track to her sophomore album, Am I Okay?, before later being honored with the SESAC spotlight award, honoring not only her work on resonant songs such as “I’m Not Pretty” and “Indifferent,” but her myriad accomplishments over the past year, including the release of her album and her three CMA Awards nominations heading into Wednesday evening’s CMA Awards (among them a nomination for female vocalist of the year).
“There’s nothing more fulfilling than writing songs. Thank you SESAC for taking care of the songwriters,” Moroney said in accepting the honor.
Boyer was named SESAC’s songwriter of the year, for his work writing hits including Jason Aldean’s “Let Your Boys Be Country,” and George Birge’s “Mind on You.” He was feted with a Gibson custom guitar as well as a custom ring from Jostens.
“Thank you, Jesus .. .without him none of us would be here,” Boyer said. “I almost retired from songwriting a couple of years ago. I had some good friends that … reeled me in to keep writing songs and here we go. I don’t know what else to say … thank you.”
SESAC’s song of the year went to Warren Zeiders’s “Pretty Little Poison,” co-written by Jared Keim. Zeiders joined with co-writers Keim and Ryan Beaver to offer a compelling performance of the song.
SESAC’s country publisher of the year honor went to Warner Chappell Music, after the publisher picked up several accolades throughout the evening.
See a full list of the evening’s honored songs below:
“Pretty Little Poison”Written by Jared KeimPublished by Warner Chappell Music, Twelve6 SequoiaRecorded by Warren Zeiders
“We Don’t Fight Anymore”Written by Pete GoodPublished by Warner Chappell Music, King Pen Songs, SMACKWORKS MusicRecorded by Carly Pearce and Chris Stapleton
“Mind on You” Written by Jaron Boyer, Michael TylerPublished by Marlowe Sinclaire Songs, MTNoize, peertunes LTD, Melodies of CTM Outlander Recorded by George Birge
“Tucson Too Late”Written by Josh JenkinsPublished by Follow Me Where I Go, SMACKWORKS MusicRecorded by Jordan Davis
“Let Your Boys Be Country”Written by Allison Veltz Cruz, Jaron BoyerPublished by Allison Veltz Sensations, Marlowe Sinclaire Songs, Hipgnosis Tunes, peertunes LTD, Songs of Porterfied Music Recorded by Jason Aldean
“Love You Again”Written by Casey Brown Published by Track & Feels, Warner Chappell Music, Tape Room Tunes Recorded by Chase Matthew
“Creek Will Rise” Written by Chris LaCorte Published by Card Tables Music, Concord Tunes, Hang Your Hat Hits Recorded by Conner Smith
“I’m Not Pretty”Written by Megan Moroney Published by Georgiamo, Sony Music PublishingRecorded by Megan Moroney
“Indifferent”Written by Megan Moroney Published by Georgiamo, Sony Music PublishingRecorded by Megan Moroney
“Can’t Have Mine”Written by Matt AldermanPublished by Aldysongs, Curb Congregation Songs Recorded by Dylan Scott
“Glory Days”Written by Seth MosleyPublished by M & M College Fund, Sony Music Publishing Recorded by Gabby Barrett
“Wine Into Whiskey”Written by Justin EbachPublished El Chapo MusicRecorded by Tucker Wetmore
“Heartless Year”Written by Ed Jurdi, Gordy QuistPublished by Three Pisces Music, Vitrolacaster MusicRecorded by The Band of Heathens
“Fox Hunt”Written by Sierra FerrellPublished by Abel Elba, Pulse WorldwideRecorded by Sierra Ferrell
“Good Together”Written by Rachael PricePublished Warner Chappell Music, 17 Lake Street Music Recorded by Lake Street Dive
“Love of a Girl”Written by Seth Avett, Scott Avett, Bob CrawfordPublished by First Big Snow Publishing, NemoIVMusic, Truth Comes True Publishing, Ramseur Family Fold MusicRecorded by The Avett Brothers
“American Dreaming”Written by Sierra FerrellPublished by Abel Elba, Pulse WorldwideRecorded by Sierra Ferrell
“Orion’s Belt”Written by Seth Avett, Scott Avett, Bob CrawfordPublished by First Big Snow Publishing, NemoIVMusic, Truth Comes True Publishing, Ramseur Family Fold MusicRecorded by The Avett Brothers
Sony Music Publishing returned to No. 1 on the Hot 100 Songs publishers ranking for the third quarter and held on to the top spot among Top Radio Airplay publishers for the 14th consecutive quarter.
The publisher, which had finished a close second to Universal Music Publishing Group (UMPG) in the second quarter, scored its dual wins with a share of 67 tracks on Hot 100 Songs and 63 songs on Top Radio Airplay, including Shaboozey’s “A Bar Song (Tipsy)” — the top tune on both charts this quarter and one that benefited the quarter’s top four publishers, which all have shares of the track. SMP also counts itself as the publishing home of the Top Radio Airplay writer of the quarter, Tommy Richman, who penned and performed the hit “Million Dollar Baby.”
The top Hot 100 Songs writer for the quarter was Zach Bryan, who notched four songs on the chart this quarter, including “Pink Skies” and “28.” He’s represented by Warner Chappell Music, which took second place for a second consecutive quarter on the Top Radio Airplay ranking and rose from No. 3 to No. 2 on the Hot 100 Songs chart. Its shares of 64 tracks on the former chart and 59 on the latter translate to market shares of 23.34% and 25.32%, respectively.
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After a big second quarter at the top of Hot 100 Songs, UMPG landed at No. 3 on both charts with stakes in 48 Top Radio Airplay songs and 51 on the Hot 100 Songs list — good for market shares of 20.23% and 22.41%, respectively.
While the big three publishers jockey for those top slots, Kobalt has consistently maintained its No. 4 berth on both rankings for years. Like the three majors, it owns a piece of “A Bar Song (Tipsy).” In the third quarter, Kobalt’s share of Top Radio Airplay songs increased to 48 from 43 in the second quarter and its quota of Hot 100 Songs rose over the same period from 32 to 36. That equates to an 11.43% market share on Radio Airplay and 10.83% on Hot 100 Songs.
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Hipgnosis sustained its fifth-place ranking quarter to quarter. Its top track on both charts was “Espresso” by Sabrina Carpenter, which was No. 5 on Top Radio Airplay and No. 4 on Hot 100 Songs.
Position Music, a relative newcomer to Billboard’s Publishers Quarterly, stuck around for another quarter, finishing ninth on Top Radio Airplay and seventh on Hot 100 Songs thanks to its share of “Beautiful Things” by Benson Boone.
With the arrival of Position comes the departure of an outlier: Tracy Chapman’s publishing company, Purple Rabbit Music. It finished in the top 10 on both charts for a full year, kept aloft by the success of Luke Combs’ cover of her 1988 Hot 100 No. 6 hit, “Fast Car.”
This story appears in the Nov. 16, 2024, issue of Billboard.
In 2003, Eminem made Oscar history with “Lose Yourself,” the first rap song to win best original song. Now he’s in contention for another top honor. He’s one of 26 songwriters or songwriting teams vying for induction into the Songwriters Hall of Fame this year.
Just six will be elected – three from 13 nominees in the performing songwriters category and three from 13 nominees in the songwriters category, which is reserved for non-performing songwriters. The six inductees will be celebrated at the SHOF’s 2025 Induction & Awards Gala in New York City, which is expected to be in June at the event’s usual home, the Marriott Marquis.
All but five of the 26 nominees are individuals. The five collaborations on the ballot are Steve Barri and P.F. Sloan; Dennis Lambert and Brian Potter; Dan Penn and Spooner Oldham; three members of The Doobie Brothers (Tom Johnston, Michael McDonald and Patrick Simmons); and five former members of N.W.A (Dr. Dre, Eazy-E, Ice Cube, MC Ren and DJ Yella).
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Almost all the nominees are still living. The only exceptions are Sloan, who died in 2015 at age 70, and N.W.A’s Eazy-E, who died in 1995 at age 30.
The youngest nominees are Ashley Gorley and Rodney “Darkchild” Jerkins, both 47. The list includes four women – Franne Golde, Sheryl Crow, Janet Jackson and Alanis Morissette.
Several songwriters who are strongly associated with songwriters who were previously inducted into the SHOF are on the ballot this year – Walter Afanasieff (his frequent collaborator Mariah Carey was inducted in 2022), Roger Nichols (his frequent collaborator Paul Williams was inducted in 2001), Jackson (her brother Michael Jackson was inducted in 2002) and Mike Love (his Beach Boys colleague Brian Wilson was inducted in 2000).
The list includes eight members of the Rock and Roll Hall of Fame – Crow, Eminem, Jackson, George Clinton (who is in the Rock Hall as the leader of Parliament/Funkadelic), Love (who is in the Rock Hall as a member of The Beach Boys), Steve Winwood (who is in the Rock Hall as a member of Traffic), the three aforementioned members of The Doobie Brothers and the five aforementioned former members of N.W.A.
The list includes three members of the Nashville Songwriters Hall of Fame. Sonny Curtis was inducted into that body in 1991, followed by Tom Douglas in 2014 and Oldham in 2020. Curtis, 87, has had many pop and country hits, including “I Fought the Law” and “Walk Right Back,” but he may be best-known for writing “Love Is All Around,” the pitch-perfect theme song from The Mary Tyler Moore Show.
Three of the nominees are past winners of the Grammy for producer of the year (non-classical). Narada Michael Walden won that award in 1988, chiefly for his work with Whitney Houston. Afanasieff won in 2000, Dr. Dre in 2001.
A songwriter with a catalog of notable songs qualifies for induction 20 years after their first significant commercial release of a song.
Eligible voting members have until midnight ET on Dec. 22 to turn in their ballots with their choices of up to three nominees in each of the two categories.
Here’s a complete list of the Songwriters Hall of Fame’s 2025 nominees for induction. The SHOF supplied the five songs listed after each nominees’ name, which they stress “are merely a representative sample of their extensive catalogs.”
Songwriters
Walter Afanasieff – “All I Want for Christmas Is You,” “Hero,” “License to Kill,” “Love Will Survive,” “One Sweet Day”
Steve Barri and P.F. Sloan – “Secret Agent Man,” “Eve Of Destruction,” “Where Were You When I Needed You,” “You Baby,” “Can I Get to Know You”
Mike Chapman – “The Best,” “Love Is a Battlefield,” “Ballroom Blitz,” “Stumblin’ In,” “Kiss You All Over”
Sonny Curtis – “Love Is All Around (Theme from “The Mary Tyler Moore Show”),” “I Fought the Law,” “Walk Right Back,” “More Than I Can Say,” “I’m No Stranger to the Rain”
Tom Douglas – “The House That Built Me,” “Little Rock,” “I Run to You,” “Grown Men Don’t Cry,” “Love Me Anyway”
Franne Golde – “Dreaming of You,” “Nightshift,” “Don’t Look Any Further,” “Don’t You Want Me,” “Stickwitu”
Ashley Gorley – “I Had Some Help,” “Last Night,” “You Should Probably Leave,” “Play It Again,” “You’re Gonna Miss This”
Rodney “Darkchild” Jerkins – “Say My Name,” “The Boy Is Mine,” “You Rock My World,” “Déjà vu,” “Telephone”
Dennis Lambert and Brian Potter – “One Tin Soldier (Theme from “Billy Jack”),” “Don’t Pull Your Love,” “Ain’t No Woman (Like the One I’ve Got),” “It Only Takes a Minute,” “Country Boy (You Got Your Feet In L.A.)”
Tony Macaulay – “Baby Now That I’ve Found You,” “Build Me Up Buttercup,” “Don’t Give Up On Us,” “(Last Night) I Didn’t Get to Sleep at All,” “Love Grows (Where My Rosemary Goes)”
Roger Nichols – “We’ve Only Just Begun,” “Rainy Days and Mondays,” “I Won’t Last a Day Without You,” “Out in the Country,” “Times of Your Life”
Dan Penn and Spooner Oldham – “I’m Your Puppet,” “Cry Like a Baby,” “A Woman Left Lonely,” “Out of Left Field,” “It Tears Me Up”
Narada Michael Walden – “How Will I Know,” “Freeway of Love,” “You’re a Friend of Mine,” “Baby Come to Me,” “Who’s Zoomin’ Who?”
Performing Songwriters
Bryan Adams – “(Everything I Do) I Do It For You,” “Heaven,” “All for Love,” “Have You Ever Really Loved a Woman?,” “Summer of ‘69”
George Alan O’Dowd p/k/a Boy George – “Karma Chameleon,” “Do You Really Want to Hurt Me,” “Time (Clock Of The Heart), “Love Is Love,” “Miss Me Blind”
George Clinton – “Atomic Dog,” “Flash Light,” “(Not Just) Knee Deep,” “I’d Rather Be With You,” “Give Up The Funk (Tear the Roof off the Sucker)”
Sheryl Crow – “All I Wanna Do,” “Soak Up The Sun,” “If It Makes You Happy,” “A Change Would Do You Good,” “Everyday Is a Winding Road”
Tom Johnston, Michael McDonald and Patrick Simmons p/k/a Doobie Brothers – “Listen to the Music,” “Takin’ It to the Streets,” “Black Water,” “What a Fool Believes,” “Long Train Runnin’”
Marshall Mathers p/k/a Eminem – “Lose Yourself,” “Stan,” “Mockingbird,” “Houdini,” “Rap God”
David Gates – “Everything I Own,” “Make It With You,” “Baby I’m-A Want You,” “The Guitar Man,” “If”
Janet Jackson – “Black Cat,” “Together Again,” “Again,” “Got ‘til It’s Gone,” “Rhythm Nation”
Tommy James – “Mony Mony,” “Crimson and Clover,” “Crystal Blue Persuasion,” “Sweet Cherry Wine,” “Tighter, Tighter”
Mike Love – “California Girls,” “Good Vibrations,” “The Warmth of the Sun,” “I Get Around,” “Fun, Fun, Fun”
Alanis Morissette – “You Oughta Know,” “Ironic,” “Hand in My Pocket,” “Thank U,” “Uninvited”
Dr. Dre, Eazy-E, Ice Cube, MC Ren and DJ Yella p/k/a N.W.A – “Express Yourself,” “Dopeman,” “Fu*k Tha Police,” “Gangsta Gangsta,” “Straight Outta Compton”
Steve Winwood – “Higher Love,” “Gimme Some Lovin’,” “I’m a Man,” “Valerie,” “Roll With It”
Sony Music Publishing (SMP) has signed a global deal with Mike Dean and several members of his producer collective MWA, including Sean Solymar, Tommy Rush and Sage Skolfield. The deal also includes a new strategic partnership between SMP and MWA to foster the creative development of its new talent. Dean is one of the most influential producers working today. Since the ’90s, he’s defined the sound of hip-hop. He started his career in the Houston area working with Southern rap icons like Scarface, Ugk and Devin The Dude. Since then, Dean has worked across nearly the entire discography of Ye (formerly Kanye West) as well as on pivotal albums like Travis Scott’s ASTROWORLD, Beyoncé’s Lemonade, Frank Ocean’s Blonde, The Weeknd’s Beauty Behind the Madness and many more.
EMPIRE Publishing has entered a global publishing partnership with two-time GRAMMY winner Billy Ray Cyrus. The voice behind hits like “Achy Breaky Heart” and Lil Nas X’s “Old Town Road” remix, Cyrus is set to release his next song, “Remember Why You’re Here,” on Nov. 22.
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PULSE Music Group has formed a creative joint venture with songwriter/producer Gabe Simon and his publishing entity Abide By the Vibe. Simon is best known for co-writing and co-producing Noah Kahan’s hit album Stick Season along with Kahan’s previous LPs. The first two signings to the PULSE Music Group/Abide By the Vibe JV are Noah Levine (another Kahan co-writer) and Sam “HAFFWAY” Westhoff (a Nashville-based writer, producer and artist).
Bossy Songs (the publishing venture founded by RECORDS CEO and co-founder Barry Weiss) and Sony Music Publishing have extended their joint publishing venture and announced the signing of writer/producer Austin Corona. Corona is perhaps best known for his work on Halsey’s latest album, The Great Impersonator, (“Panic Attack,” “Ego,” “Darwinism,” “Lonely is the Muse”), but he has also worked on Zara Larsson’s Venus, Jean Dawson’s CHAOS NOW and GLIMMER OF GOD, and Peter McPoland’s “Piggy.” Frequently, Corona works alongside his production partner, Wyatt Bernard, who is signed to Sony Music Publishing. The roster for Bossy Songs now includes Corona, Dan Gleyzer, Cheyenna, Michael Sonier, Cody Tarpley and IDA.
The Ivors Academy, the U.K.’s premier songwriting advocacy organization, has elected 40 songwriters and composers to its members Senate. This group includes English star Paloma Faith, Ivor Novello Award winners Kamille and Tinie Tempah, fellow of The Ivors Academy David Arnold, and current Ivors Academy Chair and founding member of Gomez Tom Gray. Elected once every three years, the Senate provides feedback that influences the direction of the Ivors Academy and its positions on key issues like AI, creator remuneration, the future of public funding for the arts and more.
peermusic latin america has signed AQUIHAYAQUIHAY, Un León Marinero and Foudeqush to exclusive worldwide publishing deals. The trio was signed by peermusic Mexico, with the deals encompassing existing song catalogs and future works. “peermusic Mexico is proud to add to its roster these latest signings which showcase the variety and breath of Mexican music’s contemporary talents and our office’s commitment towards supporting our rich local heritage,” said Viridiana Gonzalez, GM of peermusic Mexico, in a statement.
Universal Music Publishing Group has signed Tim Powell in collaboration with Organized Chaos. Powell is a British songwriting talent who has lent his pen to songs like “Hole in the Head” and “Round Round” by Sugababes, “Call the Shots” by Girls Aloud, “Love etc.” by Pet Shop Boys, “Picking Up the Pieces” by Saint Etienne, “Change Your Life” by Little Mix and “Head & Heart” by Joel Corry & MNEK.
Warner Chappell Music and Twelve6 Entertainment have signed singer-songwriter Ben Wagner to a global publishing deal. Wagner is a rising talent in Nashville and is best known for his work with Wyatt Flores on his songs for Netflix’s Virgin River and Ordinary Angels.
Sony Music Publishing Indonesia (SMPI) today announced the signing of acclaimed Indonesian singer, songwriter and actor Sal Priadi to an exclusive global publishing agreement. The landmark deal sees Sal Priadi’s entire back catalog coming under the SMPI umbrella.
Mexican music hitmaker Geovani Cabrera has signed an exclusive global publishing deal with Universal Music Publishing Group (UMPG), Billboard has learned. Born in Sinaloa, Mexico, the 15-year music veteran has penned a number of hit songs, including “JGL” recorded by Luis R. Conriquez, Christian Nodal‘s “Se Me Olvidó” and “A Través Del Vaso” by Los Sebastianes, to name […]
The arbitration process governing SESAC’s performance license rates has determined that for the 2023-2026 licensing period, a blanket fee of 0.2824% of revenue — or a 10.4% increase from the prior period’s rate of 0.2557% of revenue — will be set, according to a press release from the Radio Music License Committee (RLMC).
The rate represents the amount SESAC, a performing rights organization (PRO), can charge stations in exchange for playing works from their repertory over terrestrial radio.
Each side characterized the final rate determination differently, with the RLMC claiming victory because the arbitration panel rejected SESAC’s efforts to more than double the rate, and also substantially expand the license revenue base. But SESAC says the arbitration award reflects a failure by the RLMC in its attempt to lower the rate.
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The rate decision is retroactive to Jan. 1, 2023, which means that stations paying the SESAC interim licensing fee at 2022 rates will receive “a modest true-up adjustment.” The arbitration process governing SESAC’s rates came about as a result of a 2015 RMLC antitrust litigation settlement with SESAC that set forth a rate arbitration process for the next 20 years.
The RMLC announcement claims SESAC sought to justify its efforts to increase rates and expand the licensing revenue base by relying upon rates set for other music licensors.
Meanwhile, SESAC’s statement on the determination says the RMLC failed in its attempt to tie SESAC’s rates to those of BMI and ASCAP, the two U.S. PROs, which operate under consent decrees that mandate a rate trial in the Southern District of New York when negotiations fail.
“Despite the fact that no increase was warranted, the arbitration decision reported here constitutes a significant victory for RMLC-represented radio stations given SESAC’s demands, and comes at a challenging economic time for the industry,” RMLC chairman Ed Atsinger said in a statement. “The RMLC intends to continue to defend and protect the interests of its members at a time when all of the performing right organizations are seeking to aggressively increase their fees.”
In another aspect of the rate determination, the RLMC said that “long-form license terms are still being worked out but it is expected that the non-music format stations will continue to pay the same 77.5% discount” off of the above music stations’ headline rate. Mathematically speaking, that means the RMLC expects that the non-music rate fee will be set at 0.06354% of revenue, or a 10.5% increase from the prior rate of 0.0575%, Billboard estimates.
“The arbitration award reflects another failure of the RMLC to impose regulated rates on SESAC since SESAC and the RMLC concluded their settlement in 2015,” SESAC performing rights president and CEO Scott Jungmichel said in a statement. “The panel awarded SESAC an over 10% increase while rejecting the RMLC’s attempts to lower the rate, turn back the clock, and yoke SESAC to the regulated rates paid by ASCAP and BMI. In addition, the revenue base subject to the fee is significantly greater than the revenue upon which station groups had sought to pay under the 2017 award.”
Nile Rodgers was unanimously re-elected to serve a third term as chairman of the Songwriters Hall of Fame at its annual board of directors meeting held in New York City on Oct. 15. In a key change, the chairman, officers and board of directors will all serve terms of five years, up from the original three-year terms.
Rodgers, a four-time Grammy winner, was inducted into the Songwriters Hall of Fame in 2016 and the Rock and Roll Hall of Fame in 2017 (in the musical excellence category) and received a lifetime achievement award from the Recording Academy in 2023.
“Having Nile as a partner has been a very special and rewarding experience for me personally and professionally,” Linda Moran, SHOF president/CEO, said in a statement. “Nile is one of the rare ones who is respected and admired by his peers and his fans of all generations for being a musical pioneer with his multi-cross-genre music. With an ever-expanding list of credits and accomplishments and, more importantly, his eloquence in talking about and especially his love of songwriting and its process makes Nile the ideal voice for the songwriting community to the world at large as Chairman of the SHOF.”
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“Serving as the Chair of The Songwriters Hall of Fame has been one of the highest points of my career,” Rodgers said in a statement. “To be re-elected to serve another term makes me prouder than I could have ever imagined. This distinguished organization is one of the most brilliantly responsible groups I’ve ever had the pleasure to just sit amongst. Songwriters are the pillar of the music industry, and we recognize and celebrate these great creators. For this honor I’m beyond elated.”
Re-elected officers with Moran include CFO and treasurer Tom Kelly and senior vps David Israelite, Elizabeth Matthews and Mike O’Neill, secretary Mary Jo Mennella and deputy secretary Linda Buckley.
Elected members to the board of directors are SHOF inductees Desmond Child, Steve Dorff and Paul Williams, 2012 Hal David Starlight Award recipient Schaffer “Ne-Yo” Smith, Martin N. Bandier, Donna Caseine, Samantha Cox, Charlie Feldman, Fletcher Foster, Pete Ganbarg, Randy Grimmett, John H. Josephson, Jody H. Klein, Evan Lamberg, Carianne Marshall, Nancy Munoz, Jon Platt, Irwin Z. Robinson, Harold Stephan, Bob Valentine and John Titta. Barry Slotnick will continue as counsel.
Reservoir Media raised its outlook for the coming year and delivered mid-single-digit growth thanks to strong gains in digital and synchronization revenues.
The New York-based company’s revenue increased 6% to $40.7 million in the fiscal first quarter ended Sept. 30, the company announced Wednesday (organic growth that excludes the impact of acquisitions was 5%). Adjusted earnings before interest, taxes, depreciation and amortization climbed 11% to $17.6 million.
Music publishing revenue jumped 10% to $28.6 million due mainly to catalog acquisitions and price increases at digital streaming services. Digital revenue grew 22% to $15.6 million and synchronization royalties increased 30% to $5.8 million as film and TV licensing is “getting back to pre-strike levels,” said CEO Golnar Khosrowshahi during Wednesday’s earnings call. Performance revenue fell 22% to $5.1 million, due to “the timing of hits songs,” the company said. Mechanical royalties dropped 13% to $1.1 million.
Recorded music revenue fell 1% to $10.7 million. Reservoir attributed the year-over-year decline to the reissue of rap icons De La Soul’s physical catalog in the prior-year period. Recorded music physical revenue sank 21% to $1.5 million. Digital revenue fell 0.1% to $7.2 million. Neighboring rights revenue jumped 35% to $1.1 million and synchronization royalties rose 3% to $900,000.
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Last quarter, Reservoir licensed of Snoop Dogg’s publishing catalog and Snoop-owned Death Row Records, and signed deals with Canadian singer-songwriter k.d. lang, country writer-producer Travis Heidelman, songwriter Jon Decious, writer-producer Kes Kamara and writer-producer Ben Stancombe. The company also purchased the publishing catalog of Billy Strange (“A Little Less Conversation,” “Clean Up Your Own Backyard”) and acquired the royalties of Jack Douglas, who produced hits for such artists as Aerosmith and Cheap Trick.
“As we look forward to the second half of fiscal 2025 our pipeline continues to remain strong, with over $1 billion in transactions under consideration at attractive entry multiples,” said Khosrowshahi. Reservoir is looking at opportunities with “better multiples,” she added, “but I still continue to see a substantial number of transactions trading at high-teen multiples. And I think the long-term value of these assets is recognized, thus warranting these multiples.”
Reservoir slightly increased guidance for the full fiscal year. Revenue to a range of $150-153 million (from $148-152 million) and adjusted EBITDA to $59-$62 million (from $58-61 million).
Shares of Reservoir Media were up 0.3% to $8.81 by midday after jumping as high as $9.09, just shy of the stock’s 52-week high of $9.20.
Fiscal first quarter of 2025 financial metrics for Reservoir:
Revenue: up 6% to $40.7 million
Adjusted EBITDA: up 11% to $17.6 million
Net income: down 78% to $200,000
Publishing revenue: up 10% to $28.6 million
Recorded music revenue: down 1% to $10.7 million
As Billboard reported Thursday (Oct. 24), global royalty collections rose 7.6% to a new high of 11.75 billion euros ($10.9 billion, based on the average exchange rate for 2023), according to the Paris-based trade organization CISAC (the Confédération Internationale des Sociétés d´Auteurs et Compositeurs). That article covers the basic news — digital collections grew 9.6% to 4.52 billion euros ($4.18 billion); radio and television collections declined 5.3% to 3.37 billion euros ($3.11 billion) after a significant jump the previous year; and live and background music collections grew 21.8% to 3.06 billion euros ($2.82 billion), fueled mostly by a resurgent concert business. There’s more detail in the news article.
Now let’s take a longer-term look at the state of the market to see where all the recent growth has come from and what that implies about the future. Since 2019, the music collections business has grown from 8.92 billion euros ($8.24 million) to 11.75 billion euros ($10.9 billion), an increase of 31.7% over five years, which is annualized growth of more than 6%. That arguably presents a more accurate picture of market trends than year-by-year changes from this period, since the concert business was so disrupted by the pandemic.
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Most of that growth came from digital, which grew 119% — from 2.06 billion euros ($1.9 billion) in 2019 to 4.52 billion euros ($4.2 billion) last year. Perhaps more important, the 2.46 billion euros ($2.27 billion) of digital growth represents almost all the growth in the business during that time. And that growth is starting to slow. In 2023, digital growth slowed from 35.1% to 9.6%, which contributed to an overall slowing of growth from 29% to 7.6%. Some of that is inevitable — subscription streaming growth has leveled off in the U.S. and Western Europe, the biggest markets that traditionally drive the business. Together, the U.S., Western Europe and Canada account for almost 75% of collections revenue. Digital revenue will almost certainly keep growing — from price increases and new products, among other factors, but the wonder years of digital growth may be in the past.
The state of global royalty collections offers other reasons for optimism, though. First, a caveat: These numbers don’t provide a perfect picture of the music publishing business, or even public performance royalties, since some digital royalties are paid through direct deals. These numbers represent the best global picture of the collecting business available, though, and it seems safe to say that the direct deals, for which numbers aren’t available, roughly follow these trends. This almost certainly understates the growth of the music publishing business, though, since it doesn’t include U.S. mechanical publishing royalties, any synch rights and a variety of new kinds of deals.
The challenge for collecting societies is that the second largest source of revenue, from TV and radio play for compositions, does not seem to be growing. It was 3.4 billion euros ($3.14 billion) in 2019 and it’s now 3.37 billion euros ($3.11 billion) — a more significant decline than it seems, given inflation. Since this revenue is tied to TV and radio businesses in most markets, some of it seems to have gone to digital, which has replaced it as the most important source of revenue.
There’s more hope in the live business. The disruption of the pandemic made this hard to see, but live and background music royalties are growing steadily — from 2.71 billion euros ($2.5 billion) in 2019 to 3.06 billion euros ($2.83 billion) last year — a rise of 12.7%. That’s not so big, divided over five years, but live is growing faster than the rest of the category, and growth in ticket prices for the biggest tours will result in more royalty revenue in territories where that’s linked to ticket prices. That trend is expected to continue, too. That could make live music an important source of growth in both established markets and new ones.
Right now, the collecting society revenue breaks down as follows: 38.5% of money comes from digital; 28.7% from TV and radio; 26.1% from live and background music; 3.2% from CD and video sales; 2.4% from private copy levies (which the U.S. does not have); and 1.1% from other sources. How might that look five years from now? It’s hard to imagine digital climbing above half since that would imply a significant decline for TV and radio revenue. Live royalties should climb, maybe significantly, and background music revenue could climb in some markets, although it’s not likely to grow so much in the U.S. and Western Europe.
The origins of collections revenue will also change: There’s also really impressive growth coming from parts of the world that barely generated much revenue five years ago. Collections in Latin America rose 26.2% last year but 108.2% over the last two years, driven by Mexico and Brazil and the spread of streaming throughout Latin America. Right now, that impressive growth doesn’t change the overall picture much — the region still only accounts for 5.9% of collections revenue. But if that growth pattern continues, the market could become significant soon. Over the last five years, Latin America collections went from 4.1% of the global total to the aforementioned 5.9% share.
The same goes for some markets in Asia. Overall, there’s not much growth there — it’s down 0.3% because of Japanese currency fluctuations but up 6.8% on a constant currency basis. But Vietnam, Indonesia and the Philippines, where between 80% and 85% of collections revenue comes from digital, are up 270.4%, 111.6% and 325.8%, respectively, over the last five years. Those increases aren’t big enough in revenue terms to lift the overall business, but they’re growing fast enough that they could make a difference five years from now. Africa, hailed as having so much potential, seems to be stuck: It went from accounting for .7% of global music collections to .6%. That won’t matter much to overall revenue anytime soon. But it shows how the music business still faces serious challenges in Africa, as well as how those challenges impact real, working creators. These problems are complicated, but they are also urgent: Creators in Africa deserve better.
Growth is continuing in bigger markets, however; the top 10 markets grew 6.3% last year. Over the past five years, the U.S. and Canada grew 44.4% and 38.9% respectively, with the U.K., France and Germany up 44.5%, 34.7% and 20.2%. The strongest growth over that time took place in Korea, up 70.9%. The health and stability of the larger markets should make it easier for the fast-growing smaller ones to improve the entire business.