Global music publishing revenue reached $12.2 billion in 2025 as majors outgrew independents

Catalogue is becoming a key revenue stream, while streaming's share of publishing income is set to rise further through 2033

London, UK – Music publishing revenue grew 9.6% in 2025 to reach $12.2 billion, with major publishers outgrowing independents, according toMIDiA Research's 2026–2033 global music publishing forecasts report.

The report finds that growth has yo-yoed between the major and independent publishers for the past three years. Majors strongly outgrew independents in 2023, while independents strongly outgrew majors in 2024, with newly acquired and managed catalogues as a contributor.

In 2025 growth flipped again. MIDiA attributes this to a combination of majors growing well and weaker performance among several large independent publishers. Major publisher market share grew from 53.4% in 2024 to 54.7% in 2025. Sony Music Publishing, the largest publisher,  was the fastest-growing major for the second year running, adding nearly one percentage point to its market share.

Catalogue is becoming a key revenue stream. Music catalogue fund publishing revenue rose 14.9% from 2024 to reach $1.6 billion in 2025. 

While publishing rights are still key to catalogue acquisitions, the share of publicly-reported deals that include publishing rights fell in 2025, while the prevalence of recording and name, image, and likeness rights in deals grew. 

Looking ahead, MIDiA's research finds that global streaming expansion, streaming subscription price increases, and improved rightsholder monetisation will drive near-term overall music publishing revenue growth. Longer-term growth will moderate as the subscription market matures and mechanical and performance revenues decline.

Music streaming accounted for the largest share of global publishing revenues in 2025, and that share will grow further by 2033. Emerging platforms, including AI, present an opportunity for publishers to secure more favourable shares of the royalty pot than with streaming.

The publishing market's growth outlook remains strong. The next phase will reward active value creation. Publishers will need to compete for share of new use cases, capture more of the value already being generated, and position themselves for growth that is increasingly global, fragmented, and complex.

“Our latest music publishing forecasts showcase a market that is growing well and that is more diversified than that of the record labels, with streaming just one part of a diversified mix of revenue streams.

The publishing market’s growth outlook remains strong – the next phase will reward active value creation. Publishers will need to compete for share of new use cases, capture more of the value already being generated, and position themselves for growth that is increasingly global, fragmented, and complex.” - Mark Mulligan, Managing Director, MIDiA Research 

"While everyone talks about streaming, publishing’s real strength is how broadly diversified its revenue base actually is. Looking ahead, simply collecting standard royalties won't be enough. The winners will be the publishers actively fighting for stronger value shares in emerging tech like AI."– Leon Farrell, Senior Music Analyst, MIDiA Research

Read the full report: https://www.midiaresearch.com/reports/midia-research-20262033-global-music-publishing-forecasts-more-than-streaming 

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