ERA STATEMENT ON GLOBAL VALUE OF MUSIC COPYRIGHT EXCEEDING $45BN IN 2023

Kim Bayley, CEO of digital entertainment and retail association ERA, said:

“This report amounts to a ringing endorsement of the role ERA’s members have had in propelling music industry revenues.

“The biggest driver for the business success of artists, labels, songwriters and music publishers is the work of digital services and retailers.

“No one can be unaware of the vinyl revival, but it is striking that vinyl revenues are now growing faster than streaming and extraordinary to think that US vinyl revenues may exceed $1bn this year.

“The report highlights the benefits to the music industry of the growth of streaming video at the expense of cinemas, with video services paying five times as much to music publishers as cinemas.

“This is an excellent piece of work which highlights the strides made by digital services and retailers in helping artists and songwriters monetise their art.”

https://musically.com/2024/11/25/music-beat-cinema-in-2023-with-45-5bn-global-copyright-value/