The global value of music copyright increased by a few more billions in 2022, according to a new report from former Spotify and PRS for Music chief economist Will Page.

Break it down: Released on Monday, Page's annual report states that the "global value of music copyright" increased by over $5 billion to reach $41.5 billion, up from $36.4 billion in 2021 and marking the first time the value surpassed $40 billion.

The annual increase was split evenly between recorded music and music publishing, according to page, with labels accountant for $26 billion of the overall number. That amounts to a 62.7% share, a lower total than both 2021 (64.6%) and 2020 (63.5%). The dip meant that publishing saw a bump to 37.3% with their direct revenue increasing from $3.7 billion to $4.1 billion.

Live music is back: The report does not factor in the live concert space, a likely reason its overall number is lower than Goldman Sachs' "Music in the Air" report, which forecasted $92 billion in 2023. Live music wasn't totally omitted, though, as Page attributed the 27.5% share of total revenue held by songwriter CMOs to the increase in live music following the pandemic, as concerts increase public performance royalties.

Along with performing rights, demand for physical product including CDs in Asia and vinyl in Europe in the United States, which "ain’t gonna stop spinning anytime soon," according to Page.