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      <image:title>Undercurrents - Global Value of Music Copyright Hits New All-Time High, Nearly Doubling in a Decade to $47.2bn in 2024 - Make it stand out</image:title>
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      <image:title>Undercurrents - Global Value of Music Copyright Hits New All-Time High, Nearly Doubling in a Decade to $47.2bn in 2024 - Make it stand out</image:title>
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      <image:title>Undercurrents - Music smashes box office records: Global Value of Music Copyright soars to $45.5bn, now worth more than cinema - Make it stand out</image:title>
      <image:caption>Image: Unsplash/Nicolas LB</image:caption>
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      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/8c920481-aded-47a4-87c0-09b32cd4d8f8/Global+Value+of+Music+Copyright+2023_Column.jpg</image:loc>
      <image:title>Undercurrents - Music smashes box office records: Global Value of Music Copyright soars to $45.5bn, now worth more than cinema - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/eb96f051-60f0-4e51-a599-29c1cca5dcbd/harry-swales-0l0KjNoAfAk-unsplash.jpg</image:loc>
      <image:title>Undercurrents - Music smashes box office records: Global Value of Music Copyright soars to $45.5bn, now worth more than cinema - Make it stand out</image:title>
      <image:caption>Image: Unsplash/Harry Swales</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/8dfd5c33-0298-40a3-b402-12cc14debc40/Global+Value+of+Music+Copyright+2023_donut2.png</image:loc>
      <image:title>Undercurrents - Music smashes box office records: Global Value of Music Copyright soars to $45.5bn, now worth more than cinema - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/3a36b08f-d2ae-45c5-a5fc-ac7afdc0b0e4/mitchel-lensink-KmGMMxVv0_Q-unsplash.jpg</image:loc>
      <image:title>Undercurrents - Music smashes box office records: Global Value of Music Copyright soars to $45.5bn, now worth more than cinema - Make it stand out</image:title>
      <image:caption>Image: Unsplash/Mitchel Lensink</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/04f53acc-3905-47d7-a2b3-7cd67f5518b4/North-South+Divide+in+Value+and+Volume+Streaming+Growth.jpg</image:loc>
      <image:title>Undercurrents - Music smashes box office records: Global Value of Music Copyright soars to $45.5bn, now worth more than cinema - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/53850d1b-eda9-460c-9816-28677110f573/AdobeStock_407663300.jpg</image:loc>
      <image:title>Undercurrents - Music smashes box office records: Global Value of Music Copyright soars to $45.5bn, now worth more than cinema - Make it stand out</image:title>
      <image:caption>Image: Adobe Stock/Svitlana</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/218c5f79-5e43-4696-aaaa-0226e54822dd/Music+Copyright+overtakes+Cinema+Box+Office+%28%24bn%29.jpg</image:loc>
      <image:title>Undercurrents - Music smashes box office records: Global Value of Music Copyright soars to $45.5bn, now worth more than cinema - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/9701afcf-f58a-4653-a4be-498084e8393e/AdobeStock_526951278.jpg</image:loc>
      <image:title>Undercurrents - Music smashes box office records: Global Value of Music Copyright soars to $45.5bn, now worth more than cinema - Make it stand out</image:title>
      <image:caption>Image: AdobeStock/StockPhotoPro</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/2c4fe489-75ea-4ded-824e-ec35c81b4af3/A+Changing+of+the+%28Screen%29+Guard+%28%24bn%29.jpg</image:loc>
      <image:title>Undercurrents - Music smashes box office records: Global Value of Music Copyright soars to $45.5bn, now worth more than cinema - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/407c7fc3-379f-4570-aebe-8541bef1a86d/AdobeStock_347037322.jpeg</image:loc>
      <image:title>Undercurrents - Music smashes box office records: Global Value of Music Copyright soars to $45.5bn, now worth more than cinema - Make it stand out</image:title>
      <image:caption>Image: Adobe Stock/Nopphon</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/b56e9e48-2543-4f2d-977a-e195c45b79a8/Cinema%E2%80%99s+Pain+is+SVODs+Gain+and+Music+is+Better+Off+%28%24bn%29.jpg</image:loc>
      <image:title>Undercurrents - Music smashes box office records: Global Value of Music Copyright soars to $45.5bn, now worth more than cinema - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/7169e78f-a4ab-428f-accd-ea58b3c2d287/rocco-dipoppa-_uDj_lyPVpA-unsplash.jpg</image:loc>
      <image:title>Undercurrents - Music smashes box office records: Global Value of Music Copyright soars to $45.5bn, now worth more than cinema - Make it stand out</image:title>
      <image:caption>Image: Unsplash/Rocco Dipoppa</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/aef97eaf-ec95-4b35-96d2-10d46144df5a/Value+to+Mexicans+and+Colombians+of+Exporting+to+US+%28%24m%29_V2.png</image:loc>
      <image:title>Undercurrents - Music smashes box office records: Global Value of Music Copyright soars to $45.5bn, now worth more than cinema - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/a20c8618-6301-4af6-9528-2e5628334578/AdobeStock_1029673192_Editorial_Use_Only.jpg</image:loc>
      <image:title>Undercurrents - Music smashes box office records: Global Value of Music Copyright soars to $45.5bn, now worth more than cinema - Make it stand out</image:title>
      <image:caption>Image: Adobe Stock/Octavio</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/d9ab827a-7e75-4e0a-865c-be4344813b58/Meet+the+Four+Music+Exporters.jpg</image:loc>
      <image:title>Undercurrents - Music smashes box office records: Global Value of Music Copyright soars to $45.5bn, now worth more than cinema - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/35d29fc3-92b6-4219-96fb-f295c65b0d83/AdobeStock_317300863_Editorial_Use_Only.jpeg</image:loc>
      <image:title>Undercurrents - Music smashes box office records: Global Value of Music Copyright soars to $45.5bn, now worth more than cinema - Make it stand out</image:title>
      <image:caption>Image: AdobeStock/charnsitr</image:caption>
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    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/250b012f-08d0-4416-b767-396fe59de30d/YouTube+Subscribers-+Outsiders+Viewing+In%2C+over+Insiders+Viewing+Out.jpg</image:loc>
      <image:title>Undercurrents - Music smashes box office records: Global Value of Music Copyright soars to $45.5bn, now worth more than cinema - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/05abcdf9-42e4-4a43-ae60-910e35a0d6ac/surinder-pal-singh--MlmXB-Q9Bc-unsplash.jpg</image:loc>
      <image:title>Undercurrents - Music smashes box office records: Global Value of Music Copyright soars to $45.5bn, now worth more than cinema - Make it stand out</image:title>
      <image:caption>Image: Unsplash/Surinder Pal Singh</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/c18bcca4-1660-4ea1-bb64-a2f9207747fd/Table.jpg</image:loc>
      <image:title>Undercurrents - Music smashes box office records: Global Value of Music Copyright soars to $45.5bn, now worth more than cinema - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/063945de-faf6-4962-985c-6997233ec1ce/rahul-kukreja-_5MoVxUZxEw-unsplash.jpg</image:loc>
      <image:title>Undercurrents - Music smashes box office records: Global Value of Music Copyright soars to $45.5bn, now worth more than cinema - Make it stand out</image:title>
      <image:caption>Image: Unsplash/Rahul Kukreja</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://pivotaleconomics.com/undercurrents/completion</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-06-25</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/a777d66d-2a30-4e92-a544-61482ac0adc8/AdobeStock_420941773_Editorial_Use_Only.jpeg</image:loc>
      <image:title>Undercurrents - A Case for Completion - Make it stand out</image:title>
      <image:caption>Image: Adobe Stock/Tada Images</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/96ea606a-907f-4cad-b309-7927f650db10/samuel-regan-asante-vGtPZLEC9HE-unsplash.jpg</image:loc>
      <image:title>Undercurrents - A Case for Completion - Make it stand out</image:title>
      <image:caption>Image: Unsplash/Samuel Regan Asante</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/164b7808-587e-44dd-aa74-ec93738babf8/melanie-van-leeuwen-QA-qQfWJM0E-unsplash.jpg</image:loc>
      <image:title>Undercurrents - A Case for Completion - Make it stand out</image:title>
      <image:caption>Image: Unsplash/Melanie Van Leeuwen</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/93e55a9c-a1c4-42f1-94e0-a502a4c6afbc/AdobeStock_152468662.jpeg</image:loc>
      <image:title>Undercurrents - A Case for Completion - Make it stand out</image:title>
      <image:caption>Image: Adobe Stock/Melinda Nagy</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/fb0e8d78-fa27-4210-9fec-83bcd60fbe51/age-barros-Yx1ZkifiHto-unsplash.jpg</image:loc>
      <image:title>Undercurrents - A Case for Completion - Make it stand out</image:title>
      <image:caption>Image: Unsplash/Age Barros</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/1f12b1ec-efba-4153-9686-c256e5890e49/Completion+Rates+by+Duration.png</image:loc>
      <image:title>Undercurrents - A Case for Completion - Make it stand out</image:title>
      <image:caption>Source: Echonest</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/a2deb602-2955-4c5e-8b68-870c5b4a66bb/harry-shelton-rUUYVOKXdrU-unsplash.jpg</image:loc>
      <image:title>Undercurrents - A Case for Completion - Make it stand out</image:title>
      <image:caption>Image: Unsplash/Harry Shelton</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/4dbc7401-129f-48d3-9495-fc049d1254cb/Flow+Chart.png</image:loc>
      <image:title>Undercurrents - A Case for Completion - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/38f509d2-395a-4883-9241-6d96d5afbcc5/Completion+rate+by+source+of+streams.png</image:loc>
      <image:title>Undercurrents - A Case for Completion - Make it stand out</image:title>
      <image:caption>Source: Echonest, Spotify</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/04b94b27-2d9d-431f-8b86-0cb9c09322a4/bongani-ngcobo-F81J6jfTimI-unsplash.jpg</image:loc>
      <image:title>Undercurrents - A Case for Completion - Make it stand out</image:title>
      <image:caption>Image: Unsplash/Bongani Ngcobo</image:caption>
    </image:image>
    <image:image>
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      <image:title>Undercurrents - A Case for Completion - Make it stand out</image:title>
      <image:caption>Image: Unsplash/Daniele Franchi</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://pivotaleconomics.com/undercurrents/canada-streaming</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-06-25</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/1706102833088-Y1XP3UI359LC2JJDW68W/heidi-fin-H4fYXZ1hyco-unsplash.jpg</image:loc>
      <image:title>Undercurrents - Will gets to work and makes Canada's ambitious Online Streaming Act a success - Make it stand out</image:title>
      <image:caption>Image: Unsplash/Heidi Bin</image:caption>
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  </url>
  <url>
    <loc>https://pivotaleconomics.com/undercurrents/soundcloud</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-06-25</lastmod>
  </url>
  <url>
    <loc>https://pivotaleconomics.com/undercurrents/podcasting</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-06-25</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/d2d6a8fe-04e0-4a40-8c6e-f72c1d32f4c4/Screenshot+2023-11-28+at+17.25.02.png</image:loc>
      <image:title>Undercurrents - Mind the Gap: Why is all the podcast money in the US? - Make it stand out</image:title>
      <image:caption>Image: Unsplash/AXP Photography</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/826c1749-c09c-423a-8c8a-ea30c9b6a323/UK-podcasting.jpg</image:loc>
      <image:title>Undercurrents - Mind the Gap: Why is all the podcast money in the US? - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/18d9a6f7-5a49-4d91-bf3e-eae50b45fab8/How+far+behind+the+US+are+other+podcast+ad+markets%3F.jpg</image:loc>
      <image:title>Undercurrents - Mind the Gap: Why is all the podcast money in the US? - Make it stand out</image:title>
      <image:caption>Source: PWC, Edison Infinite Dial, Podnews, Will Page</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/e56077d4-1978-41c6-82c4-74392b0d940a/sebastian-pandelache-aNWtIW1w-v4-unsplash.jpg</image:loc>
      <image:title>Undercurrents - Mind the Gap: Why is all the podcast money in the US? - Make it stand out</image:title>
      <image:caption>Unsplash/Sebastian Pandelach</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/25b142b7-2ba3-4f1b-9ce9-a5a7037bafda/WILL+PAGE+Mind+The+Gap+Charts_V1.jpg</image:loc>
      <image:title>Undercurrents - Mind the Gap: Why is all the podcast money in the US? - Make it stand out</image:title>
      <image:caption>Sources: IFPI and OMDIA</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/0cbed115-8824-4ac7-9c06-55c2af48fac8/gregory-cole-tFqmQn8IuvI-unsplash.jpg</image:loc>
      <image:title>Undercurrents - Mind the Gap: Why is all the podcast money in the US? - Make it stand out</image:title>
      <image:caption>Image: Unsplash/Gregory Cole</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://pivotaleconomics.com/undercurrents/music-copyright-2022</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-06-25</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/375e793b-e20d-4562-adfe-7aafd5f8a7b5/pim-myten-m41k1lTzjVM-unsplash.jpg</image:loc>
      <image:title>Undercurrents - It’s official: music’s a $40bn business. Global Value of Music Copyright ramps up 14% to $41.5bn in 2022, with publishers clawing back share - Make it stand out</image:title>
      <image:caption>Image: Unsplash/Pim Myten</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/8d8dee29-abdd-4906-8e60-614eb03e392f/jodie-walton-BLnEwf41IAE-unsplash.jpg</image:loc>
      <image:title>Undercurrents - It’s official: music’s a $40bn business. Global Value of Music Copyright ramps up 14% to $41.5bn in 2022, with publishers clawing back share - Make it stand out</image:title>
      <image:caption>Image: Unsplash/Jodie Walton</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/d69279b7-8451-4c40-9444-77c611cfbffa/Global+Value+of+Music+Copyright-2.jpg</image:loc>
      <image:title>Undercurrents - It’s official: music’s a $40bn business. Global Value of Music Copyright ramps up 14% to $41.5bn in 2022, with publishers clawing back share - Make it stand out</image:title>
      <image:caption>Source: IFPI Global Music Report, CISAC Global Collections Report, Music &amp; Copyright, and Will Page</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/9848d8f6-3cee-4b6d-8e98-bcfb14ba3ab8/joel-muniz-mXF1hOJ37BI-unsplash.jpg</image:loc>
      <image:title>Undercurrents - It’s official: music’s a $40bn business. Global Value of Music Copyright ramps up 14% to $41.5bn in 2022, with publishers clawing back share - Make it stand out</image:title>
      <image:caption>Travis Scott (Image: Unsplash/Joel Muniz)</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/2eb0472c-f560-4f36-93b2-01998878f21d/2022+on+%E2%80%9821+Change+in+Music+Copyright%2C+%24m.jpg</image:loc>
      <image:title>Undercurrents - It’s official: music’s a $40bn business. Global Value of Music Copyright ramps up 14% to $41.5bn in 2022, with publishers clawing back share - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/e76c8646-bf0f-4ec7-a3a3-8c653a24218d/elizeu-dias-aZ3qiq1eTRk-unsplash.jpg</image:loc>
      <image:title>Undercurrents - It’s official: music’s a $40bn business. Global Value of Music Copyright ramps up 14% to $41.5bn in 2022, with publishers clawing back share - Make it stand out</image:title>
      <image:caption>Image: Unsplash/Elizeu Dias</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/9c1bad39-98ab-4ecc-94cb-4e5bad833362/The+Great+Restatement-+How+FX+wiped+%243bn+from+last+year%E2%80%99s+report.jpg</image:loc>
      <image:title>Undercurrents - It’s official: music’s a $40bn business. Global Value of Music Copyright ramps up 14% to $41.5bn in 2022, with publishers clawing back share - Make it stand out</image:title>
      <image:caption>Source: IFPI Global Music Report, CISAC Global Collections Report, Music &amp; Copyright and Will Page</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/b0070e9d-93f6-44d0-a87c-fe2cdffd5dd7/jesman-fabio-1zwJqd5cNys-unsplash.jpg</image:loc>
      <image:title>Undercurrents - It’s official: music’s a $40bn business. Global Value of Music Copyright ramps up 14% to $41.5bn in 2022, with publishers clawing back share - Make it stand out</image:title>
      <image:caption>Image: Unsplash/Jesman Fabio</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/ad16b9d9-36f8-45c7-9b5c-74de8eeedf99/Global+Value+of+Music+Copyright+2023_Charts_V2.jpg</image:loc>
      <image:title>Undercurrents - It’s official: music’s a $40bn business. Global Value of Music Copyright ramps up 14% to $41.5bn in 2022, with publishers clawing back share - Make it stand out</image:title>
      <image:caption>Source: IFPI Global Music Report, CISAC Global Collections Report, Music &amp; Copyright and Will Page</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/3cc81d49-cf3e-4ada-9c52-e51acb67858c/Global+B2C+Revenues+to+Songwriters%2C+Publishers+and+their+CMOs.jpg</image:loc>
      <image:title>Undercurrents - It’s official: music’s a $40bn business. Global Value of Music Copyright ramps up 14% to $41.5bn in 2022, with publishers clawing back share - Make it stand out</image:title>
      <image:caption>Source: IFPI Global Music Report based on USD$ 2022 Constant Currency, MIDIA and Will Page</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/b8b63096-122d-4f57-9683-bef6ea34fc4e/thibault-penin-GrzoKN1aqSg-unsplash.jpg</image:loc>
      <image:title>Undercurrents - It’s official: music’s a $40bn business. Global Value of Music Copyright ramps up 14% to $41.5bn in 2022, with publishers clawing back share - Make it stand out</image:title>
      <image:caption>Image: Unsplash/Thibault Penin</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/c51ff10e-fce4-4047-aaff-e35f4143c0fb/Standalone+%249.99+Price%2C+incl.+Inflation+Adjustment.jpg</image:loc>
      <image:title>Undercurrents - It’s official: music’s a $40bn business. Global Value of Music Copyright ramps up 14% to $41.5bn in 2022, with publishers clawing back share - Make it stand out</image:title>
      <image:caption>Source: Survey of Global Streaming Services, St Louis Federal Reserve and authors own calculations</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/b5169159-0f1f-44e0-a8df-b0ff595c44ce/AdobeStock_388278772_Editorial_Use_Only.jpeg</image:loc>
      <image:title>Undercurrents - It’s official: music’s a $40bn business. Global Value of Music Copyright ramps up 14% to $41.5bn in 2022, with publishers clawing back share - Make it stand out</image:title>
      <image:caption>Image: Adobe Stock/nikkimeel</image:caption>
    </image:image>
    <image:image>
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      <image:title>Undercurrents - It’s official: music’s a $40bn business. Global Value of Music Copyright ramps up 14% to $41.5bn in 2022, with publishers clawing back share - Make it stand out</image:title>
      <image:caption>Source: Survey of Global Streaming Services, BEA and authors own calculations</image:caption>
    </image:image>
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      <image:title>Undercurrents - It’s official: music’s a $40bn business. Global Value of Music Copyright ramps up 14% to $41.5bn in 2022, with publishers clawing back share - Make it stand out</image:title>
      <image:caption>Image: Unsplash/Linus Sandvide</image:caption>
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      <image:title>Undercurrents - It’s official: music’s a $40bn business. Global Value of Music Copyright ramps up 14% to $41.5bn in 2022, with publishers clawing back share - Make it stand out</image:title>
      <image:caption>Image: Adobe Stock/AboutLife</image:caption>
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      <image:title>Undercurrents - It’s official: music’s a $40bn business. Global Value of Music Copyright ramps up 14% to $41.5bn in 2022, with publishers clawing back share - Make it stand out</image:title>
      <image:caption>Source: Luminate Data</image:caption>
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      <image:caption>Image: Adobe Stock/Alexander Raths</image:caption>
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      <image:caption>Image: Unsplash/Kojo Kwarteng</image:caption>
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      <image:title>Undercurrents - Global Value of Music Copyright jumps 18% to a record high of $39.6bn in 2021: could it have been even higher? - Make it stand out</image:title>
      <image:caption>Source: IFPI Global Music Report, CISAC Global Collections Report, Music &amp; Copyright, MIDIA and Will Page</image:caption>
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      <image:title>Undercurrents - Global Value of Music Copyright jumps 18% to a record high of $39.6bn in 2021: could it have been even higher? - Make it stand out</image:title>
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      <image:title>Undercurrents - Global Value of Music Copyright jumps 18% to a record high of $39.6bn in 2021: could it have been even higher? - Make it stand out</image:title>
      <image:caption>Image: Unsplash/Wesley Tingey</image:caption>
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      <image:title>Undercurrents - Global Value of Music Copyright jumps 18% to a record high of $39.6bn in 2021: could it have been even higher? - Make it stand out</image:title>
      <image:caption>Source: IFPI Global Music Report, CISAC Global Collections Report, Music &amp; Copyright and Will Page</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/b1c7254f-fccb-4335-87da-48b7c50d93a7/thomas-habr-X4e8n5ncOEs-unsplash.jpg</image:loc>
      <image:title>Undercurrents - Global Value of Music Copyright jumps 18% to a record high of $39.6bn in 2021: could it have been even higher? - Make it stand out</image:title>
      <image:caption>Image: Unsplash/Thomas Habr</image:caption>
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      <image:title>Undercurrents - Global Value of Music Copyright jumps 18% to a record high of $39.6bn in 2021: could it have been even higher? - Make it stand out</image:title>
      <image:caption>Source: IFPI Global Music Report, CISAC Global Collections Report, Music &amp; Copyright and Will Page</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/684c9ac6-7d95-4388-84df-b4792785a77e/AdobeStock_195750233.jpeg</image:loc>
      <image:title>Undercurrents - Global Value of Music Copyright jumps 18% to a record high of $39.6bn in 2021: could it have been even higher? - Make it stand out</image:title>
      <image:caption>Image: Adobe Stock/yossarian6</image:caption>
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      <image:title>Undercurrents - Global Value of Music Copyright jumps 18% to a record high of $39.6bn in 2021: could it have been even higher? - Make it stand out</image:title>
      <image:caption>Source: St Louis Federal Reserve</image:caption>
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      <image:title>Undercurrents - Global Value of Music Copyright jumps 18% to a record high of $39.6bn in 2021: could it have been even higher? - Make it stand out</image:title>
      <image:caption>Source: IFPI Global Music Report, CISAC Global Collections Report, Music &amp; Copyright, MIDIA and Will Page</image:caption>
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      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/bef475a6-1f51-4a8c-afdc-2c21a85c5465/Deflating-the-Spotify-%C2%A39.99-Price-Point.jpg</image:loc>
      <image:title>Undercurrents - Malbeconomics - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/18878a7a-738e-4cd4-b90c-c15b9b9a8792/Blended-Monthly-Price-of-Music-per-Account-Holder.jpg</image:loc>
      <image:title>Undercurrents - Malbeconomics</image:title>
      <image:caption>Source: IFPI Global Music Report, CISAC Global Collections Report, Music &amp; Copyright and Will Page</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/824d9101-4461-4951-86c4-44753a376966/Malbec-Pricing-in-British-Restaurants-2009-and-2021.jpg</image:loc>
      <image:title>Undercurrents - Malbeconomics</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/3f72b3de-fd3e-43f8-a58a-db58b578d967/scott-warman-h4AGlo55tTA-unsplash.jpg</image:loc>
      <image:title>Undercurrents - Malbeconomics - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/c8f7fc4a-aa99-4511-8c9d-26aad4a9ffb4/Medium-glass-of-Malbec-and-all-the-world%E2%80%99s-Music-adjusted-for-inflation.jpg</image:loc>
      <image:title>Undercurrents - Malbeconomics - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/63ac3c69-4670-4f86-89d6-ab9b1ff49c8a/Will-Page-Malbeconomics_Rights-tech_Nov-2022_V1.jpg</image:loc>
      <image:title>Undercurrents - Malbeconomics - Make it stand out</image:title>
      <image:caption>Rights Tech: Will Higher Streaming Prices Lift All Boats? Don’t Bank On It READ</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://pivotaleconomics.com/undercurrents/copyright-2021</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-06-25</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/3f4baf5a-0943-4ce6-9f94-ed58e4041d4b/filip-havlik-VHf4jqrUu7g-unsplash.jpg</image:loc>
      <image:title>Undercurrents - Global Value of Music Copyright up 2.7% to $32.5bn in 2020; scales tip in favour of labels whose boom in streaming growth offset the bust in public performance for publishers - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/c2b5b244-428a-44f2-8663-594535782a45/antoine-j-kj0s9IzvPNM-unsplash.jpg</image:loc>
      <image:title>Undercurrents - Global Value of Music Copyright up 2.7% to $32.5bn in 2020; scales tip in favour of labels whose boom in streaming growth offset the bust in public performance for publishers - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/0b561ef3-0933-412d-b961-8ad388eda36b/Value-of-Copyright-Nov-2021-Figure-1.png</image:loc>
      <image:title>Undercurrents - Global Value of Music Copyright up 2.7% to $32.5bn in 2020; scales tip in favour of labels whose boom in streaming growth offset the bust in public performance for publishers</image:title>
      <image:caption>Source: IFPI Global Music Report, CISAC Global Collections Report, Music &amp; Copyright and Will Page</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/9b84f839-dd5a-46dd-8748-5eaafe8669a8/Value-of-Copyright-Nov-2021-Figure-2.png</image:loc>
      <image:title>Undercurrents - Global Value of Music Copyright up 2.7% to $32.5bn in 2020; scales tip in favour of labels whose boom in streaming growth offset the bust in public performance for publishers</image:title>
      <image:caption>Source: IFPI Global Music Report, CISAC Global Collections Report, Music &amp; Copyright and Will Page</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/b5d6cf0c-7dd3-407a-a847-9ba9b5d3dba6/Value-of-Copyright-Nov-2021-Figure-3.png</image:loc>
      <image:title>Undercurrents - Global Value of Music Copyright up 2.7% to $32.5bn in 2020; scales tip in favour of labels whose boom in streaming growth offset the bust in public performance for publishers</image:title>
      <image:caption>Source: IFPI Global Music Report, CISAC Global Collections Report, Music &amp; Copyright and Will Page</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/328d0e04-983b-4a3f-9675-2657f7980584/AdobeStock_54020632.jpeg</image:loc>
      <image:title>Undercurrents - Global Value of Music Copyright up 2.7% to $32.5bn in 2020; scales tip in favour of labels whose boom in streaming growth offset the bust in public performance for publishers - Make it stand out</image:title>
      <image:caption>Image © Adobe Stock</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/bc4af90e-7825-4826-9460-af1374c88486/AdobeStock_379701201.jpeg</image:loc>
      <image:title>Undercurrents - Global Value of Music Copyright up 2.7% to $32.5bn in 2020; scales tip in favour of labels whose boom in streaming growth offset the bust in public performance for publishers - Make it stand out</image:title>
      <image:caption>Image © Adobe Stock</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/433111ea-13d4-4342-a181-d260459a3c72/neonbrand-aakpiFHR5t8-unsplash.jpg</image:loc>
      <image:title>Undercurrents - Global Value of Music Copyright up 2.7% to $32.5bn in 2020; scales tip in favour of labels whose boom in streaming growth offset the bust in public performance for publishers - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/359e3a37-f1f4-40ce-b97a-ce68a624aa1a/brooke-cagle-nZp9JF-OyiE-unsplash.jpg</image:loc>
      <image:title>Undercurrents - Global Value of Music Copyright up 2.7% to $32.5bn in 2020; scales tip in favour of labels whose boom in streaming growth offset the bust in public performance for publishers - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/3dd75bfb-65df-449a-8153-2c8c8aa27e27/Figure+4.png</image:loc>
      <image:title>Undercurrents - Global Value of Music Copyright up 2.7% to $32.5bn in 2020; scales tip in favour of labels whose boom in streaming growth offset the bust in public performance for publishers</image:title>
      <image:caption>Source: Will Page from Omdia</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://pivotaleconomics.com/undercurrents/the-story-behind-the-soundtrack-to-the-book</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-06-25</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/1617960688900-PUKRLGNMY3UX554DAQN9/Luciana+Soares+de+Souza.jpeg</image:loc>
      <image:title>Undercurrents - The story behind the soundtrack to the book</image:title>
    </image:image>
  </url>
  <url>
    <loc>https://pivotaleconomics.com/undercurrents/copyright</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2025-06-25</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/1616406536254-QPUE6CHI4SEY2HIOIF6T/Tarzan+Economics+Coming+Soon.jpg</image:loc>
      <image:title>Undercurrents - The Global Value of Music Copyright reached a record high of $31.6bn in 2019, up $2.1bn on prior year. Streaming makes up 47%.</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/1616412306658-G1F1DTKW3Q527P49242E/Chart%2B1.jpg</image:loc>
      <image:title>Undercurrents - The Global Value of Music Copyright reached a record high of $31.6bn in 2019, up $2.1bn on prior year. Streaming makes up 47%.</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/1616412587438-88YHL72QRBPNCHJWJIRO/Chart+2.png</image:loc>
      <image:title>Undercurrents - The Global Value of Music Copyright reached a record high of $31.6bn in 2019, up $2.1bn on prior year. Streaming makes up 47%.</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/1616412169005-6JVRWJOBSO9PR5UF0PYI/Chart+3.png</image:loc>
      <image:title>Undercurrents - The Global Value of Music Copyright reached a record high of $31.6bn in 2019, up $2.1bn on prior year. Streaming makes up 47%.</image:title>
    </image:image>
    <image:image>
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      <image:title>Undercurrents - The Global Value of Music Copyright reached a record high of $31.6bn in 2019, up $2.1bn on prior year. Streaming makes up 47%.</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/602a5678aeefe23588ad9da9/1616412514145-AS89FPKSZ02FJXKXOPZB/Chart%2B4.jpg</image:loc>
      <image:title>Undercurrents - The Global Value of Music Copyright reached a record high of $31.6bn in 2019, up $2.1bn on prior year. Streaming makes up 47%.</image:title>
    </image:image>
    <image:image>
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      <image:title>Undercurrents - The Global Value of Music Copyright reached a record high of $31.6bn in 2019, up $2.1bn on prior year. Streaming makes up 47%.</image:title>
    </image:image>
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