'$40B in 2021 — Up 18%

— Up 18%

6 billion in

2021, up 18% from the previous year, according to the latest report by Will Page, industry analyst

Streaming accounted

for 55% of global copyright revenue, up from 52% in 2020

The industry’s

shift to streaming has been dramatic: jJust five years ago, in 2017, streaming accounted for

He removes

double counting in the reports, such as some mechanical royalties that are counted as revenue

In terms

of market share, record labels improved their percentage of global revenue to 65

6% in 2019

— a sign of healthy consumer spending on subscription services such as Spotify and Apple Music

On the

flip side, publishers’ share of global revenue dropped to 34

Still, as

Page points out, this is more equitable than other points in history

In 2001,

when labels’ revenues were peaking at the height of the CD sales boom, publishers received just 23%

In 2014,

however, when label revenues had deteriorated, publishers were growing modestly and CMOs reported "record-breaking collections" up

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