Production music is a $1 billion global industry “hidden in plain sight” that is ready for its close-up, according to Joe Saba, who promises to deliver just that with the fourth annual Production Music Conference, Oct. 4-6 at the Loews Hollywood Hotel.
Saba, who is vice chairman of the Production Music Association, notes that this is the first time the trade group has put a value on the production music sector, which supports “tens of thousands of songwriters, composers and musicians” as well as ancillary businesses like recording studios, rights administration and software services.
Loosely defined as pieces primarily composed for visual and marketing media that can be re-used across multiple projects and mediums, production music is today ubiquitous on screens that span in size from Imax to mobile.
In the U.S. alone production music accounts for annual revenue of about $500 million, says Saba, explaining the numbers are based on a proprietary PMA study and includes synch, publishing and other profit centers. He says the internal numbers are “conservative,” citing a February report in Forbes that quantifies production music at $2 billion worldwide.
Read the full article in Variety here: http://variety.com/2017/biz/news/production-music-billion-dollar-business-study-1202563223/