Streaming became the biggest source of income for composers and songwriters in 2022 and assisted in increasing their collections by more than a quarter to $11.44 billion (10.83 billion euros), a report showed on Thursday.
The International Confederation of Societies of Authors and Composers (CISAC) said in the report that digital royalty collections surged about 34 percent to 4.2 billion euros in 2022 as more consumers turned to music and video subscription services.
After a boom during the pandemic, streaming collections have folded from their pre-COVID levels and account for 35 percent of total collections for music creators, topping TV and radio.
Royalties from the live and public performance sector — including concerts, exhibitions, and theatres — rose by 69.9 percent to 2.68 billion euros in 2022 but remained below 2019 levels of around 7.9 percent after collapsing during the pandemic.
Live entertainment has continued its rebound in 2023 on the back of pent-up demand and could grow past pre-pandemic levels, the report said.
However, it warned that the outlook beyond 2023 was uncertain because of concerns over consumer spending and tightening tour-ing budgets of artists.
Music-streaming giant Spotify reported earlier this week, a rise of 26 percent in the number of its monthly active users to 574 million in the third quarter, beating its guidance and analysts’ forecast of 565.7 million.
Artificial intelligence could have an impact on the industry’s earnings going forward, CISAC President Bjorn Ulvaeus, one of the founders of the Swedish music group ABBA, said.
Ulvaeus SAID, “It may not affect the graph lines of creators’ collections in 2023, but it will in years ahead. Right now, creators must sit at the table with the tech firms and policy makers at the highest level.”
