Streaming was the biggest source of income for musicians in 2022, says research

(Reuters) – Streaming became the biggest source of income for musicians in 2022 and helped increase their earnings by more than 25%, to 10.83 billion euros, according to a survey published this Thursday (26).

Digital royalty collections increased by almost 34%, reaching 4.2 billion euros in 2022, the International Confederation of Societies of Authors and Composers (CISAC) said in the report.

After a boom during the pandemic, streaming revenues have doubled pre-Covid levels and represent 35% of the total for music creators, surpassing TV and radio.

Royalties from the live and public performance sector – including concerts, exhibitions and theaters – increased by 69.9% to €2.68 billion in 2022, but remained below 2019 levels of around 7.9% after the collapse during the pandemic.

The report said live entertainment continued recovery in 2023 due to pent-up demand and could grow beyond pre-pandemic levels.

However, the research warns that the outlook beyond 2023 is uncertain due to concerns about consumer spending and reduced touring budgets for artists.

Earlier this week, music streaming giant Spotify reported a 26% increase in the number of its monthly active users to 574 million in the third quarter, beating its own forecast and analyst estimates of 565.7 million.

CISAC president Bjorn Ulvaeus, one of the founders of the Swedish music group ABBA, said artificial intelligence could have an impact on the sector’s profits in the future.

“It may not affect creators’ revenue in 2023, but it will in the coming years. Right now, creators must sit at the table with technology companies and authorities at the highest level,” said Ulvaeus.

CISAC is a network of authors’ societies that protects the rights and represents the interests of more than 4 million creators of music, audiovisual, theater, literature and visual arts.

(By Juby Babu)