Streaming, Vinyl Propel Music Copyright Value To $45.5 Billion
Streaming, Vinyl Propel Music Copyright Value To $45.5 Billion
Streaming continued to dominate revenue sources, with a 10.4% growth rate. Physical music sales also performed strongly, as vinyl sales rose 15.4%, outpacing CDs in many regions. Page predicted vinyl could become a $3 billion industry by 2028, driven by higher unit prices and global demand.The value of global music copyright surged to $45.5 billion in 2023, marking an 11% increase from the previous year.
2023年全球音乐版权的价值猛增至455亿美金，较上一年增长11%。
This reflects the growing economic strength of music rights, which were valued at $25 billion in 2014. If current trends continue, music copyright could double in value over a decade.
这反映了音乐版权经济实力的增强，2014年版权价值为250亿美金。如果当前趋势持续下去，音乐版权的价值在十年内可能翻倍。
Record Labels And Streaming: Key Drivers Of Growth
唱片公司与流媒体：增长的关键驱动力
According to economist Will Page's annual industry report (via Billboard), record labels accounted for the largest share of the music copyright market, generating $28.5 billion in 2023—a 21% year-over-year increase.
根据经济学家Will Page的年度行业报告（来自Billboard），唱片公司在音乐版权市场中占据最大份额，2023年产生了285亿美金的营业收入，同比增加21%。
Streaming continued to dominate revenue sources, with a 10.4% growth rate. Physical music sales also performed strongly, as vinyl sales rose 15.4%, outpacing CDs in many regions. Page predicted vinyl could become a $3 billion industry by 2028, driven by higher unit prices and global demand.
流媒体继续主导收入来源，增长率为10.4%。实体音乐销售表现强劲，黑胶唱片销售增长15.4%，在许多地区超越了CD。Page预测到2028年，黑胶唱片行业的价值可能达到30亿美金，受到更高单价和全球需求的推动。
Major publicly traded record labels such as Universal Music Group NV (OTC:UMGNF), Warner Music Group Corp (NASDAQ:WMG), and Sony Group Corp's (NYSE:SONY) Sony Music Entertainment were among the primary beneficiaries of these trends.
包括环球音乐集团（场外交易：UMGNF）、华纳音乐集团（纳斯达克：WMG）和索尼集团（纽交所：SONY）的索尼音乐娱乐在内的主要上市唱片公司都是这些趋势的主要受益者。
UMG, for instance, reported $3.2 billion in Q3 2024 revenue, showing strong performance fueled by streaming and physical sales.
例如，环球音乐集团在2024年第三季度报告了32亿美金的营业收入，这一表现得益于流媒体和实体销售的强劲表现。
Shifting Dynamics In Songwriter Royalties
歌曲作者版税的动态变化
Moreover, collective management organizations (CMOs), which collect royalties on behalf of songwriters and publishers, saw revenues rise by 11% to $12.9 billion in 2023. Digital collections from CMOs have now surpassed those from broadcast and radio, reflecting the dominance of streaming platforms over traditional media.
此外，代表词曲创作者和出版商收取版权费的集体管理组织（CMOs）的营业收入在2023年增长了11%，达到了129亿。CMOs的数字收入现已超过广播和电台的收入，反映出流媒体平台在传统媒体中的主导地位。
However, publishers are increasingly turning to direct licensing agreements, bypassing CMOs to avoid administrative delays and fees.
然而，出版商越来越多地转向直接许可协议，绕过CMOs以避免行政延误和费用。
"A song that spikes in mid-March, for example, takes 201 days to pay the artist and 383 days to pay the songwriter," Page explained. These delays can erode a third of songwriter revenue due to transaction costs.
“比如一首在三月中旬激增的歌曲，支付给艺术家的需要201天，支付给词曲作者的需要383天，”佩奇解释道。这些延误可能会侵蚀词曲作者营业收入的三分之一，原因在于交易成本。
Music Surpasses Cinema
音乐超过电影
The music industry's recovery following the pandemic has enabled it to overtake cinema in terms of economic output. In 2023, music was 38% larger than cinema, a stark contrast to 2019 when cinema led by 33%.
疫情后，音乐产业的复苏使其在经济产出上超过了电影。2023年，音乐的规模比电影大38%，与2019年电影领先33%形成鲜明对比。
Music copyright figures reflect trade revenue that benefits rights holders, while cinema's $33.2 billion box office revenues are divided between distribution and production.
音乐版权数字反映了对权益持有者有利的贸易营业收入，而电影的332亿票房收入则在发行和制作之间分配。
Companies like Live Nation Entertainment (NYSE:LYV), which operate in recorded music and live performance sectors, have capitalized on this momentum.
像live nation entertainment（纽交所：LYV）这样的公司在录音音乐和现场表演领域中利用了这一势头。
Streaming's Global Trade Advantage
流媒体的全球贸易优势
Streaming platforms have created new opportunities for artists from regions with lower royalty rates. North America and Europe, which account for 80% of streaming revenue growth, provide significantly higher payouts compared to Latin America and Asia.
流媒体平台为来自低版税地区的艺术家创造了新的机会。北美和欧洲占据了80%的流媒体收入增长，相比拉丁美洲和亚洲提供了显著更高的支付。
For example, Colombian artists like J. Balvin and Shakira earned nearly $100 million from U.S. streams in 2023, six times what they would have generated in their home country.
例如，哥伦比亚艺术家如J. Balvin和Shakira在2023年从美国的流媒体中赚取了近10000万美元，是他们在家乡所产生金额的六倍。
Publicly traded streaming platforms such as Spotify Technology SA (NYSE:SPOT) and Tencent Music Entertainment (NYSE:TME) play a crucial role in this dynamic. Spotify benefits from premium subscription revenues in high-value markets, while Tencent Music caters to large audiences in Asia with a range of streaming and social entertainment services.
如Spotify Technology SA（纽交所：SPOT）和腾讯音乐娱乐（纽交所：TME）等上市流媒体平台在这一动态中发挥着关键作用。Spotify在高价值市场受益于高级订阅收入，而腾讯音乐则为亚洲的大型观众提供一系列流媒体和社交娱乐服务。
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Cover image made using artificial intelligence via Dall-E.
封面图像使用人工智能通过Dall-E制作。
