1、CONTENTS1FOREWORD2EXECUTIVE SUMMARY3ABOUT THE INDEPENDENT MUSIC PUBLISHERS INTERNATIONAL FORUMMETHODOLOGY6MEMBERS OF IMPF89ACKNOWLEDGEMENTSFINANCIAL SPONSORS OF THE REPORT75KEY ISSUES FACING PUBLISHERSFULL RECOVERY IS NOT THERE YETIMBALANCE IN THE SPLIT OF REVENUESTHE IMPACT OF THE MECHANICAL LICENS

2、ING COLLECTIVE ON MECHANICAL RIGHTSMARKET ANALYSIS4THE ROLE OF MUSIC PUBLISHERSTHE KEY PLAYERS IN THE MUSIC PUBLISHING ECOSYSTEMTHE VARIOUS TYPES OF PUBLISHERSMUSIC PUBLISHERS STREAMS OF REVENUESMARKET SHARE OF MUSIC PUBLISHERSVALUE OF PUBLISHING IN THE MUSIC RIGHTS ECOSYSTEMTHE CASE OF FRANCETHE SH

3、ARE AND VALUE OF INDEPENDENT MUSIC PUBLISHING1This is the third Global Market View published by the Independent Music Publishers International Forum(IMPF),providing data about the global market value of the independent music sector.The music publishing business is the business of compositions,and of

4、 the people behind this business songwriters,lyricists,composers,producers and,of course,music publishers.In short,it is the business of songs.Without songwriters and composers and their creations there would be no music industry.Yet,the intrinsic value of this business remains under-estimated.The c

5、urrent economic model,dominated by the rise of streaming,works in favour of performers and recordings.The ratio of streaming revenues split between recording and publishing is basically one to five.In other words,when one euro or dollar is paid to rights holders by streaming services,performers and

6、labels take a hefty 80%while songwriters and publishers split among themselves the remaining 20%.The fact that many debates around the world have focused on the need for a fairer and better remuneration of songwriters is a direct consequence of this imbalance.While some studies,such as the United Ki