A new report has found that global royalty collections for creators has hit a record high.
Figures published today by the International Confederation of Societies of Authors and Composers (CISAC) show that collections have increased by 6% on the previous year to equate to US$10.1 billion annually.
In the music sector alone, songwriters, music composers and publishers saw collections grow by 6.8% to US$8.9 billion, helped by a 52% increase in digital revenues.
Meanwhile, as predicted, the report has found that revenues from digital uses of all repertoires have nearly tripled since 2012, and grew 51.4% in 2016 to over US$1 billion, largely driven by streaming subscription services.
While Europe led the way last year for collections (56.8%), collections in Asia-Pacific and Australasia increased 10.3% to over US$1.5 million.
"This year’s report shows the system of collective management of creators’ rights is robust, successful and ready for more growth," CISAC Director, General Gadi Oron, said.
"The big traditional revenue streams, led by broadcast and live performance, remain stable and strong.
"Digital royalties continue to surge and in some markets already overtake other forms of income. The figures we’re releasing today reflect our societies’ relentless effort to be more efficient and innovative, and drive income growth."
To see the full report, click here.