CISAC Reports 10.7% Drop in 2020 Global Music Royalty Collections Due to Pandemic

Global royalties collections for music creators dropped 10.7% during 2020 due to the pandemic, declining by nearly €1 billion (approximately $1.16 billion) to a pre-2017 level of €8.12 billion (approximately $9.3 billion), according to the 2020 Global Collections Report published Wednesday by CISAC, the International Confederation of Societies of Authors and Composers. The collections were a setback after years of consecutive growth — including an 8% boost in 2019 to €9.17 billion— but under the daunting circumstances of the pandemic, which saw collections from live entertainment, bars, restaurants and other establishments plummet precipitously, most parties agree that the loss could… Read Full Article