The company, a subsidiary of Downtown Music Publishing, a publishing and rights management firm that manages rights for artists such as John Lennon, One Direction and Santigold, now has 205,000 artists on its roster and has 2 million songs it tracks.
The global recorded music market grew 9. 7% in 2018 to $19. 1 billion, according to data from the International Federation of the Phonographic Industry (which has been tracking the industry since the days when the dominant technology was the record player).
There were 255 million users of paid services by the end of 2018 — and Songtrust can attribute much of its growth to the opacity in how that money makes its way back to artists.
Much of that growth is now coming from streaming, the IFPI reports, with streaming revenues growing 34% year over year and accounting for 47% of total revenue thanks to paid subscription services.
The company’s growth follows that of a music industry that continues to enjoy a renaissance (at least in terms of dollars spent).