The distinction between publishing rights and sound recording rights, also commonly referred to as compositions and masters, respectively—is one of many factors in evaluating music catalogs. Both rights generate royalties from the exploitation of music across various platforms and uses, though each is paid based on distinct licensing and collection channels.
In the pre-streaming era, publishing rights were considered a steadier income source, benefiting from broad performance royalties and diversified revenue channels. Recording rights, by contrast, had fewer royalty channels and were therefore more exposed to format disruptions—such as shifts from CDs to MP3s and, later, to streaming—as well as cyclical sales patterns, particularly in the 2000s. Today, however, the adoption of streaming has reshaped the economics of royalties. Recording royalties have become more predictable, subscription-driven, and less vulnerable to piracy, narrowing the historical gap in perceived stability versus…