Music publishing hit $11.1 billion in 2024, surpassing labels as the industry’s most consistent winner [IMS Ibiza 2025 Report]

Music publishing revenue outperformed labels again in 2024, with renewed investor confidence and stronger growth from streaming.

Unveiled live during IMS Ibiza 2025, the latest IMS Business Report showcases how music publishing continued to outperform recorded music last year. With steady investment returns and stronger DSP revenue share, the sector proved its resilience once again.

Music publishing remained a growth engine in 2024, posting $11.1 billion in revenue despite a slight deceleration from 2023. Once again, it outpaced label growth, underscoring publishing’s increasing appeal to investors.

This year, streaming income for publishers grew by 11%, outstripping labels’ 6%, while DSPs surged 18%, capturing more value across the ecosystem. Catalogue deals returned in strength, especially for material from the 1990s–2010s, signaling continued confidence in the long-term value of songwriting.

The shift reveals a recalibration of how the market sees value. As platforms expand, the timeless core of publishing continues to generate dependable returns. Music Publishing has become the industry’s sleeper success – steady, strategic, and increasingly lucrative.

You can download the IMS Business Report, written by Mark Mulligan and MIDiA research here.