Axios/Newsweek/AP The new music industry continues to grow, with more than 70,000 new music publishers releasing more than $3.4 trillion in digital music sales last year.
The new publishers are not the only ones making money: The majority of music companies have added more than 1 million employees, according to a recent survey by the Recording Industry Association of America.
But their numbers represent only a small portion of the overall music industry, with revenue more than doubling in the past five years to $2.9 trillion.
Here’s a look at the top publishers and their most recent revenue figures:Music Publishers by RevenueThe top music publishers in the United States are now:Apple (NASDAQ: AAPL), CBS Corp (NYSE: CBS) and Warner Music Group (NYSE) — accounting for 85 percent of all digital music revenue, according a recent report by MusicTrac.
That’s up from 79 percent five years ago.
They also represent almost 50 percent of digital music subscriptions, up from 45 percent last year, according the survey.
Spotify (NASDER: SPOT) is also an important publisher.
Spotify has more than 6 million paying subscribers, and more than a billion songs streamed in the U.S. each month, according Toilspring Music.
Spotify is the only major music streaming service to have surpassed 100 million paid subscribers.
In addition to Spotify, other major music publishers include Warner Music, Warner Music Entertainment Inc. and Sony Music Entertainment.
And while those publishers may have fewer subscribers, they also represent more than 50 percent and 65 percent of the U-play streaming market, respectively.
Music Publishers with the Most RevenueThe following are the top five most profitable music publishers and the top three most profitable streaming services in the country.
The top five publishers are:Apple Inc., CBS Corp. and WarnerMusic Group — accounting to 84 percent of U.K. music sales, according Axios.
This year, Apple has had a lot of success with its new streaming service, which is set to debut in the first quarter of 2018.
Spotify, which started in 2016, has grown by almost 600 percent to $1.5 billion in revenue since its launch in 2014.CBS Corp. has the most revenue in the US.
The music company has more revenue in its digital streaming service than any other music company.
Spotify and Apple accounted for more than 95 percent of Spotify’s revenue in 2016.
The other major publishing companies in the top 10 include Universal Music Group, Warner, Sony Music and Apple.
Universal Music also has the second most revenue, behind Universal Music Corp. Spotify had nearly $1 billion in total revenue in 2017.
Spotify’s digital music business, including its streaming service and album sales, is worth $3 billion, according TOILSpring Music’s latest survey.
In the UK, BMG Music and Sony/ATV are both profitable.
BMG, which owns the BMG music label, has more in digital sales than any of the top six music labels.
Sony/ATL is the most profitable British music publisher, with total revenue of nearly $8 billion.
B&M Music, which also owns BMG and Sony, is the second-most profitable British label.ATL also has more digital sales of $4.1 billion.
Music, the second largest music publisher in the UK behind BMG is also profitable, but its digital revenue is less than half of Sony/AMP, which has $8.5 trillion in sales.
The chart below lists the top ten U.T. music publishers.
The top three are Warner, Universal Music and BMG.
The bottom two are BMG’s Universal Music Publishing, and B& Music.
In 2018, the average U.P. music publisher generated $1,717.9 million in total revenues, according The Wall Street Journal.
The bottom two U.
Ps. in the chart earned $1 million, and the other two earned $200,000.
The music industry is a big business, with about $6.3 trillion in revenue.
The U.N. says that music sales represent more revenue than any industry except the auto industry, which generated $2 trillion last year in total sales.