I wanted to share with you my thoughts on this: what’s the future of music licensing in 2023?
As you may know, I’ve done videos like this in the past, and every time I talk about the predictions for the market, it’s usually very predictable. However, there are a lot of innovations happening in the world of music licensing, and the market is going in the direction it needs to go.
One major change in the industry has been the implementation of PROs (performing rights organizations) in royalty-free libraries. This may seem a bit confusing at first, as royalty-free music is typically not associated with collecting royalties. However, this change allows you to sell music that has been registered with a PRO in order to collect royalties in a royalty-free library. This is a significant shift from just a few years ago, when it was not allowed to sell music affiliated with a PRO in these libraries.
In addition to this change, there has also been the rise of subscription-based royalty-free libraries, similar to the Netflix model where you pay a monthly fee to download music. This has caused some controversy among composers, but I have personally seen the benefits of this model as it provides a more predictable income stream through recurring revenue from clients who are paying a monthly fee to access my music.
What’s the future of music licensing in 2023?
Overall, the evolution of music licensing and royalty-free libraries has been happening for the past few years, and I expect it to continue in the coming years. I hope this update gives you some insight into the current state of the industry and where it may be headed in the future.
Watch the video for more: