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年全球音樂版權的價值猛增至455億美金，較上一年增長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.
這反映了音樂版權經濟實力的增強，2014年版權價值爲250億美金。如果當前趨勢持續下去，音樂版權的價值在十年內可能翻倍。
Record Labels And Streaming: Key Drivers Of Growth
唱片公司與流媒體：增長的關鍵驅動力
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.
根據經濟學家Will Page的年度行業報告（來自Billboard），唱片公司在音樂版權市場中佔據最大份額，2023年產生了285億美金的營業收入，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.
流媒體繼續主導收入來源，增長率爲10.4%。實體音樂銷售表現強勁，黑膠唱片銷售增長15.4%，在許多地區超越了CD。Page預測到2028年，黑膠唱片行業的價值可能達到30億美金，受到更高單價和全球需求的推動。
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.
包括環球音樂集團（場外交易：UMGNF）、華納音樂集團（納斯達克：WMG）和索尼集團（紐交所：SONY）的索尼音樂娛樂在內的主要上市唱片公司都是這些趨勢的主要受益者。
UMG, for instance, reported $3.2 billion in Q3 2024 revenue, showing strong performance fueled by streaming and physical sales.
例如，環球音樂集團在2024年第三季度報告了32億美金的營業收入，這一表現得益於流媒體和實體銷售的強勁表現。
Shifting Dynamics In Songwriter Royalties
歌曲作者版稅的動態變化
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，代表詞曲創作者和出版商收取版權費的集體管理組織（CMOs）的營業收入在2023年增長了11%，達到了129億。CMOs的數字收入現已超過廣播和電臺的收入，反映出流媒體平台在傳統媒體中的主導地位。
However, publishers are increasingly turning to direct licensing agreements, bypassing CMOs to avoid administrative delays and fees.
然而，出版商越來越多地轉向直接許可協議，繞過CMOs以避免行政延誤和費用。
"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，支付給藝術家的需要201天，支付給詞曲作者的需要383天，」佩奇解釋道。這些延誤可能會侵蝕詞曲作者營業收入的三分之一，原因在於交易成本。
Music Surpasses Cinema
音樂超過電影
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%.
疫情後，音樂產業的復甦使其在經濟產出上超過了電影。2023年，音樂的規模比電影大38%，與2019年電影領先33%形成鮮明對比。
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.
音樂版權數字反映了對權益持有者有利的貿易營業收入，而電影的332億票房收入則在發行和製作之間分配。
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（紐交所：LYV）這樣的公司在錄音音樂和現場表演領域中利用了這一勢頭。
Streaming's Global Trade Advantage
流媒體的全球貿易優勢
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.
流媒體平台爲來自低版稅地區的藝術家創造了新的機會。北美和歐洲佔據了80%的流媒體收入增長，相比拉丁美洲和亞洲提供了顯著更高的支付。
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，哥倫比亞藝術家如J. Balvin和Shakira在2023年從美國的流媒體中賺取了近10000萬美元，是他們在家鄉所產生金額的六倍。
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（紐交所：SPOT）和騰訊音樂娛樂（紐交所：TME）等上市流媒體平台在這一動態中發揮着關鍵作用。Spotify在高價值市場受益於高級訂閱收入，而騰訊音樂則爲亞洲的大型觀衆提供一系列流媒體和社交娛樂服務。
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封面圖像使用人工智能通過Dall-E製作。
