Publishing royalties remain strong while some segments such as live music get pummeled by the pandemic. Global streaming growth more than compensates for the declines in performance royalties from radio and live performances.
Streaming has helped lift the entire music market — publishers in the United States collected $3.7 billion in 2019, according to the National Music Publishers’ Association — which has drawn new investors attracted to the steady and growing income generated by music rights.
For standards today we’re seeing an average multiple for publishing at 17 to 18 times. That’s up from 15 to 17 in 2019 and 13 to 14 in 2018.