U.S. music publishing revenue rose to $7.3 billion in 2025, the National Music Publishers’ Association (NMPA) revealed at its annual meeting on Wednesday (June 10). This is up from $7.04 billion in 2024, which the trade organization reported at last year’s meeting, and $6.2 billion in 2023.
The meeting, held at Alice Tully Hall at New York’s Lincoln Center, is considered a state of the union for U.S. music publishers and attended by the industry’s highest-ranking publishers and songwriters. This year, its chief legal officer and chief operating officer, Danielle Aguirre, focused her speech on the financial health of the U.S. publishing business. She explained how Spotify and Amazon‘s 2024 moves to shift some of their subscription tiers to “bundles” — meaning a subscription tier that includes multiple offerings for a discounted price tag, thus qualifying it for a reduced U.S. mechanical royalty rate — led to a loss of almost $500 million in value for songwriters and publishers.
Related
This subject was also addressed at the NMPA annual meeting last year, where it was noted that the first year under bundling lost songwriters and publishers $230 million in total. Since it unveiled its bundled tiers, Spotify in particular has inked deals with numerous NMPA members — and the NMPA itself — to improve remuneration for songwriters. However, a source close to the matter previously told Billboard that these deals primarily did this by opening up a new revenue stream for licensing music videos on the streaming service, rather than changing the U.S. mechanical rate.
