Annette Barrett (IMPF): 'Platforms need to recognise the true value of songs'

Independent music publishers' organisations IMPF and AIMP organised a joint webinar on January 12 titled 'The State Of The Music Publishing Industry Post-Covid. How Are We Going To Do In 2021?'. This is an edited version of the session's opening speech by Annette Barrett, Managing Director & Global Strategic Liaison at Reservoir Music, and IMPF President.

  Speakers included Ender Atis, COO, Budde Music Publishing; Michael Lau, CTO, Round Hill Music Publishing & NY Chapter President, AIMP; Michelle Lewis, Co-Founder SONA & award-winning songwriter; Mary Jo Mennella, Founder & CEO, Music Asset Management; and Teri Nelson Carpenter, President & CEO Reel Muzik Werks & LA Chapter President, AIMP.

If this past year has taught us anything, it is to expect the unexpected and to somehow be better prepared or insulated in the future. IMPF spent most of last year helping our members with a Covid response, but also working to define for the first time a report on the value of independent publishing within the global music ecosystem.

  The study, which is available on our website and via AIMP, compiles known available information on the music industry and aims to illustrate the global market revenue and percentage share of indie music publishing. It looks at where the industry revenue was at internationally in 2019 and 2018, a view which is critically important in light of the impact of the Covid pandemic of 2020 and indeed this coming year of 2021. 

 
  The total value of the global music copyright business in 2018 was worth in €25.52 billion, and 61% of this figure, over half of the total, was generated by the recording industry. Music publishers, songwriters, and composers accounted for the remaining 39%.

  In 2019, the value of music publishing alone was estimated at €5 billion globally. Independent music publishers represent 27% of that global market share which is rather impressive considering that the report classifies “independents” as those companies with a market share of 5%, or less, of the overall music publishing market. And of course, this 27% global figure varies widely according to region, with, for example, independents constituting a remarkable 63% of the publishing market in Japan.

  Given the growing importance of digital internationally, and the low figures which not only can you see in the report but which we experience when we receive income from the platforms, independent publishers want to look at ways of ensuring that our own value and that of the song is fully recognised.

  The low digital income needs to be addressed by our continuous efforts to solve the unfair way that money is collected and subsequently distributed by the streaming services, and by rethinking the way streaming licences are granted.  

  It is vitally important that policy makers understand that the “safe harbour” regime which was designed in the early days of the Internet can no longer be used to exempt certain online services from the normal conditions of music licensing.  

  And it is so important that we work together to rebalance the asymmetries between the money collected and that doled out, an asymmetry that has been hugely exacerbated by Covid. The platforms need to recognise the true value of the song and its why we work so hard as a publisher trade body to ensure effective relationships with our counterpart songwriter organisations.

  Given the theme of this session is 'The state of publishing in 2021 with and post Covid' then I can say that we really are “stronger together.” So, while we know not to try to predict the year ahead, there are nevertheless opportunities for all of us to help make this ecosystem better for everyone.  Having watched as the world was turned upside down throughout this past year and as recently as last week in Washington DC and the consequences of Brexit in the United Kingdom, the voice of the creative community worldwide can really drive change.

  Music inspires. and those of fortunate enough to work with songwriters, composers and musicians really do know that by supporting each other we can tackle the future.

By Annette Barrett