This report provides our annual assessment and forecasts for the recorded music market on the one hand, and the music publishing industry on the other hand. The reason for our dual focus is the key role played by mechanical revenues generated by the sale of recorded music formats in revenues of the music publishing industry, despite their decline since 2000
Revenues from performance (licensing fees from the use of music in broadcasts, music piped in shops or performed live) and synchronisation (music licensed for adverts and TV/film) have proved more resilient. Performance in particular was affected by the severe advertising recession in the music publishing industry’s core markets in 2008/09, whose impact we anticipate will still be felt in 2010
On the whole, however, music publishing revenues should recover and stabilise in our forecast period to 2014.