Masters are the ownership of a specific sound recording. Publishing is the ownership of the song itself, the composition and lyrics, and it earns through a different set of payments.
Two rights inside every song
Every commercially released track carries two separate copyrights.
The master is the recording: the exact audio file that plays on Spotify, radio or in a film. It is usually owned by the label that funded it, by a distributor under a licence, or by the artist if they released independently.
The publishing is the underlying composition: melody, harmony and lyrics. It belongs to the songwriters, often administered or co-owned by a publisher. The same song can be recorded many times, and each new recording creates a new master while the composition stays the same.
This distinction matters because each right can be sold, licensed or financed separately. Knowing which one you own, and in what share, is the first step in any deal.
Ownership is determined by the relevant contracts and applicable law. Paying for a recording, performing on it or writing the song does not settle every ownership question. Copyright duration varies by jurisdiction and by the type and date of the work. Check the governing law and the complete chain of agreements.
How each side earns money
The two rights are paid through different channels.
| Masters | Publishing | |
|---|---|---|
| What it covers | The sound recording | The song: melody and lyrics |
| Typical owner | Label, distributor or independent artist | Songwriters and publishers |
| Main income | Streaming and download payouts via distributor or label, master sync fees, neighbouring rights | Mechanical royalties, performance royalties via collecting societies, publishing sync fees, print |
| Who collects | Distributor, label, neighbouring rights society | Publisher, administrator, performing and mechanical rights societies |
| Approval for sync | Master owner must approve use of the recording | Publisher and writers must approve use of the song |
How streaming income divides between masters and publishing varies by platform, territory and contract, so we do not quote a fixed split. What matters for you is reading your own statements: they show what each side actually earns for your songs.
Control: what each right lets you do
Owning masters means you decide how the recording is used. You can approve or refuse sync requests for that recording, license it to a distributor, choose where it is released, and collect the master share of every stream directly instead of a contractual royalty.
Master income can include payments from streaming and downloads, licence fees for use of the recording, and neighbouring rights where they apply. Mechanical and performance royalties arise on the composition side. A single use can create payments on both sides, but the payment routes and recipients are not the same.
Owning publishing means you are paid whenever the song is used anywhere: on streams of any recording of it, on radio, live performances, covers, films and adverts. You also control licences for new recordings and syncs of the composition.
Many artists own one side and not the other. A signed artist may own their publishing but not their masters. A songwriter for other artists may own only publishing. A producer may hold a share of masters income through a points agreement.
The strategy question: what to keep and what to sell
There is no universal right answer, but there are clear trade offs.
- Selling only masters brings cash for the recordings while you keep publishing income from every use of your songs. You lose control over how those recordings are used.
- Selling only publishing brings cash for the songs while you keep the recordings. You lose the long tail of performance and mechanical income, including income from covers.
- Selling both usually produces the largest single payment, because a buyer gets full control of the songs. It also means giving up all future income from them.
Selling is not the only route. You can also:
- Keep masters and take an advance on publishing, through a publishing deal or a royalty advance.
- Keep publishing and license masters for a fixed term to a distributor in exchange for a distribution licence advance. Rights return at the end of the term.
- Refinance an unrecouped deal, if your masters sit with a label that has not recovered its advance. See unrecouped deal buyouts.
Not sure which side of your catalog is worth more to you? Take the free catalog readiness check or book a confidential call to talk it through.
Why the difference changes the numbers
An advance or sale based on masters alone is a different calculation from one based on both rights. Each side has its own income history, its own collection chain and its own risks. A funder will look at what each side has earned, how stable it is and which contracts limit it.
That is also why some owners discover more value than they expected. In some catalogs, publishing income is under collected because works were never registered with collecting societies, or because writer splits were never filed. Fixing registrations before a deal can increase the income a buyer can verify. Our guide on how much advance you can get on streaming royalties explains what funders look at for each income stream.
What to check before any deal
- Your contracts. Who owns the master, under what terms, for how long, and with what reversion rights?
- Your publishing agreements. Do you have a publisher or administrator? What share do they hold, and for which territories?
- Your registrations. Are all songs registered with the right collecting societies, with correct splits and identifiers?
- Your statements. Download at least three years of master and publishing statements separately. See preparing royalty statements.
- Co-writers and features. List every party with a share, and whether you need their consent.
- Independent advice. A music lawyer and a tax adviser should review any offer before you sign.
Overlooked income on both sides
Some income is easy to miss because it does not appear on the main distributor statement.
- Neighbouring rights. When recordings are played on radio, television or in public venues, performers and master owners can earn neighbouring rights income through specialist societies in many countries.
- Unclaimed publishing royalties. Mechanical and performance income can sit uncollected when works are not registered, or are registered with wrong splits or missing identifiers.
- YouTube and user generated content. Content ID can collect master and publishing income from videos that use your music, but only if the recordings and works are properly delivered and claimed.
- International collection. Income from other territories may flow through several societies before reaching you, with delays and deductions at each step.
Recovering this income before a deal can improve the history a buyer or funder sees.
Preparing a clear rights schedule
Before contacting buyers or funders, prepare a schedule listing every recording and composition, the percentage you control, relevant agreements, territories, remaining term and consent requirements. Match each line to the income in your statements. If ownership differs between songs, do not present the catalog as one uniform package.
Ask your lawyer to identify assignments, licences, options, reversions, rights of first refusal and restrictions on transfer. Ask your accountant or royalty specialist to reconcile the income attached to each right. This preparation helps a buyer understand exactly what is available and helps you compare offers on the same scope.
Common mistakes
- Assuming you own your masters because you wrote the songs.
- Selling publishing without checking whether a publisher already holds a share.
- Comparing two offers without checking which rights each one covers.
- Ignoring neighbouring rights, which can be a meaningful income stream for performers and master owners.
Frequently asked questions
Can I sell my publishing if I do not own my masters?
Yes. The two rights are separate. If you own your songwriter share or your publishing, you can usually sell or finance it independently, subject to any existing publishing agreement.
Which is worth more, masters or publishing?
It depends entirely on the catalog. Income, stability, contracts and buyer demand differ for each side. Only a review of your statements can show which side carries more value in your case.
What happens to my masters if I sell my publishing?
Nothing changes on the master side. You keep any master rights you own and the income they generate.
Can I get an advance without selling either right?
Often, yes. Licence advances and royalty advances can provide cash while you keep ownership, depending on your contracts and income.
Do I need my co-writers' consent to sell?
You can usually sell your own share, but agreements may contain consent or pre-emption clauses. Have a lawyer check before you commit.
Want to understand the options for your songs? Read our guide to selling a music catalog or book a confidential call.