US Music Publishing Revenues Hit $7.3B in 2025, NMPA Reveals at Annual Meeting Honoring P!nk, Julian Bunetta and Harvey Mason Jr.

Why It Matters

The data underscores publishing’s rising commercial clout but highlights how bundling practices and legal disputes threaten songwriter income and could trigger sizable DSP liabilities. The AI‑licensing agreement signals a new revenue frontier for rights holders.

Key Takeaways

• Publishing revenues reached $7.3 billion in 2025, up 3.7% YoY
• Gap with recorded‑music revenue narrowed to 58% as publishing grows
• Spotify and Amazon bundling cost songwriters roughly $480 million in royalties
• Spotify’s potential liability to MLC could hit about $473 million
• NMPA struck its first industry‑wide AI licensing deal with Udio

Pulse Analysis

The U.S. music publishing sector posted a robust $7.3 billion in 2025, marking the ninth consecutive year of growth and narrowing the historic disparity with recorded‑music wholesale revenues. While recorded music still commands a larger share at $11.5 billion, publishing’s 3.7% year‑over‑year rise reflects stronger songwriter royalties, sync placements, and mechanical collections. This trend signals a shifting revenue landscape where publishing is becoming an increasingly vital pillar of the broader music economy.

A contentious driver of the publishing slowdown is the rise of subscription‑bundle models on major streaming platforms. Spotify’s reclassification of its Premium tier and Amazon’s similar bundling have collectively stripped roughly $480 million from songwriter payouts, according to NMPA estimates. The practice also reversed the traditional royalty split, pushing performance royalties above mechanical for the first time. Legal pressure mounts as the Mechanical Licensing Collective threatens a $473 million liability for Spotify if it is forced to treat Premium as a non‑bundle, a scenario that could reshape royalty accounting across the industry.

Beyond streaming, the NMPA’s recent activities point to emerging opportunities. The association recovered $110 million for its members through settlements and legal actions, bringing total recoveries close to $1.5 billion. Its landmark licensing agreement with AI music creator Udio marks the first sector‑wide deal of its kind, laying groundwork for royalty frameworks in the AI‑generated music space. Together, these developments suggest that while publishing enjoys growth, rights holders must navigate bundling challenges and capitalize on new technology‑driven revenue streams.