Unwrapping Music Publishing

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Host: Matthew Ash | Guest: Jay Mistry, CEO of JM Consultancy

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Join us for this episode the Spotlight where we lift the lid on the world of music publishing for TV and film. In this episode, we sit down with Jay, an experienced music industry consultant, who shares his insights into the unique challenges and opportunities music publishers face in screen media. Jay’s deep understanding of the industry makes for a fascinating, honest conversation about what really happens behind the scenes when music meets film and TV.

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Welcome to the Spotlight Podcast. In our interviews, we feature insightful people working at the deep end of TV and film production and distribution. Today’s guest is Jay Mistry, CEO of JM Consultancy. Jay is an experienced music industry professional who’s held senior executive positions at PRS, BMG Music Publishing, Discovery Channel, and Jingle Punks. He’s also a board member of the news conference in Cannes called McCann and a judge on Talent Is Timeless. Jay, thank you so much for joining us.

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Jay Mistry
Hi Matt, lovely to be here. How are you doing?

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Matthew
Yeah, we’re all good here, thank you. Busy, but good.
So Jay, you work in a pretty exciting industry—though exciting can sometimes mean turbulent. What aspects of your role give you the most headaches?

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Jay Mistry
Oh wow. I guess—well, if you’re talking about my role in my job or my role within the industry, they’re kind of two different things.
Within the industry, the biggest frustration is always trying to champion composers.
In my role, though, it’s definitely time. I'm juggling quite a few things at the moment. The real challenge is switching between tasks—going from speaking with a lawyer about a contract to then talking with my staff about artwork for the next release. That rapid context switching can be really tough.

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Matthew Ash
Are you good at that sort of juggling?

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Jay Mistry
Well, I think so—yeah!
But honestly, I find the hardest part is switching into “domestic mode” at home. My brain is just so work-absorbed all the time.

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Matthew Ash
It’s probably not turned off at that point, is it? That’s the trouble.

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Jay Mistry
Exactly. It’s really difficult for me to switch off in the evenings. Holidays help—when I occasionally take one!
But yeah, the lack of time is a big issue. Another major bugbear is not getting responses from people.
My inbox usually sits at around 100 emails because I either file or deal with them straight away. But I’ve also got hundreds of follow-ups just chasing responses from people.
Being independent and a consultant, time is money. It’s frustrating when I can’t move things forward for clients because others don’t reply.

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Matthew Ash
I get that. We all reach a point where we just want people to give us feedback—good or bad. Just come back to us! It’s not that hard, really.

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Jay Mistry
Exactly. Even just a “Thank you, Jay—I’ll get back to you in two weeks” would help. Then I know I don’t need to chase.

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Matthew Ash
I always ask this one—I think it’s insightful: your role involves making loads of decisions each year. What’s your approach to decision-making? And do you think you’re good at it?

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Jay Mistry
I think good, quick decisions are based on two things: your knowledge and your experience.
It’s much easier to make the right call when you know what you’re doing. That experience gives you the confidence to say, “This is the path forward.”
If it’s a big problem, I never respond the same day. I give myself time to think—leave it, sleep on it, and look again the next day. Often, I see things differently and the answer becomes clearer. So yeah, taking your time is key, especially for major decisions.

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Matthew Ash
That’s brilliant advice—for anyone.

Now, I’ve got some technology-related questions because Creative is a technology company. We’re always curious about perspectives like yours.
Technology is now fundamental in any role, especially when running a company. So, what big changes do you see on the horizon in your industry—and how will you address those using technology?

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Jay Mistry
The big one? AI. It’s a double-edged sword.
We—and the companies we work with—use AI, but mostly on the assistive side, not the creative side. And we love it in that context because it makes things quicker and easier.
It helps with tasks like metadata search. For example, you can say, “I want a song with a male vocal, this BPM, these instruments, and it should be a pop song,” and it narrows down thousands of tracks to the right ones. That’s brilliant—because no one can search through hundreds of thousands of songs manually.

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Matthew Ash
No, that makes complete sense.

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Jay Mistry
Where it becomes problematic is when AI starts generating new music. That’s really bad—not just for the industry but for the general public too.
Do people really want a computer to make music for them? If AI is creating music, you lose bands, live performances—everything.
We’re lobbying through organisations like PRS and the Ivors Academy to make our voices heard in government. The creative industries contribute billions, yet we’re often not a priority in policymaking.

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Matthew Ash
We have to protect the creative industry, don’t we? Because you’re right—AI will never create something with the individuality of, say, Bohemian Rhapsody. That human spark is irreplaceable.

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Jay Mistry
Exactly. The human brain is where the magic happens. AI doesn’t know how to break the rules the way a human does. It learns from what already exists, but creativity is about doing something unexpected.
Composers push boundaries. Without them, where’s the innovation?

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Matthew Ash
Absolutely.

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Jay Mistry
And it’s not just composers. It’s the publishing companies, record labels, marketing teams, touring crews, session musicians—so many people are involved.
If AI replaces music creation, those jobs disappear. And so do the concerts and live events that people love. You’ve been to tons, I’m sure—Coldplay, Springsteen, whoever. Those experiences can’t be replaced.

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Matthew Ash
We seriously can’t let it get to that point.

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Jay Mistry
No, we can’t. Maybe I’m oversimplifying, but I’ve already seen fewer people entering the industry.
It used to be that you could get an advance from a label, which supported you while you wrote. Now, you almost have to be wealthy to be a songwriter. Many have to juggle two or three jobs just to survive.
The value of music has plummeted—and we shouldn't be letting that happen.

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Matthew Ash
Well, I had another question, Jay, but I want to pivot. Let’s talk about music in schools. You clearly have strong views—what’s happening there?

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Jay Mistry
It’s all about economics—government funding, or the lack of it. Local governments say they can’t afford instruments, and music teachers aren’t paid enough.
My kids learn piano and guitar, and I’m happy to pay for that. But when I was a kid, I was handed a violin, a recorder, and taught how to play—whether I wanted to or not! It was part of the curriculum.
We learned about staves, crotchets, quavers—all that music theory.
That doesn’t happen anymore. Unless you pursue music in higher education, you might never learn it. And that’s tragic. It’s another case of: how are we letting this happen?

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Matthew Ash
Totally agree. No one's giving anything away these days. Free instruments for kids feels like a thing of the past. But who knows—maybe someone will step up and change that.

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Jay Mistry
Yeah, but, you know, all the big organizations in the music industry need to come together and lobby the government. I get that music is seen as a "nice to have" rather than essential, and governments always have other priorities. But people only realise the value of music once it’s gone. That’s always the case.

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Matthew Ash
Yes, I get that entirely. It’s funny—you say music isn't a priority, but it’s like sport. No one says sport is essential, but it’s a huge part of our culture. It's about being the best—whether you’re a musician or a sportsman. Sport gets huge investment, and thankfully so.

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Jay Mistry
Well, sport is a bit different. It's largely driven by advertising, ticket sales, and big business. That’s why athletes can earn millions a day. But no composer is earning that—maybe only the top 1% of the music industry make over £100k a year. I’m making that number up, but it's probably not far off.

When people complain about Spotify and streaming rates—like £0.0001 per stream—people like Ed Sheeran or Dua Lipa aren’t struggling. But if you don’t have a massive audience, it’s hard to make a living.

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Matthew Ash
Yeah, it must be hard for those who aren’t reaching global audiences.

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Jay Mistry
Exactly. Streaming is a double-edged sword. You can reach someone in Mongolia, which is amazing. But the compensation is the issue. It all comes down to how the pot of money is split. More tracks in the system means less money per track. And streaming companies are focused on dividends. Daniel Ek just cashed out something like £300 million in shares. If I were him, I’d be ashamed.

Don't get me wrong—I admire those who built platforms that allow music to be heard globally. That’s brilliant. But I’ve worked in royalties at PRS, BMG, and other places. I know the system. If there's £100 to go around, and only £10 goes to the artists—that’s just wrong. Everyone can see that.

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Matthew Ash
So, is this the fault of the streaming platforms? Is it greed?

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Jay Mistry
I think it started off with good intentions—Napster, file sharing, the digital revolution. The idea was: "Wouldn’t it be brilliant if we could store and share all our music in one place?" That part worked. But then it became about investment, development, shares. So yes, it’s partly greed. The investors want their returns. I get that.

But once you’ve made your first billion—or even a million—what more do you need?

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Matthew Ash
Yeah, it ends up with too many fingers in the pie. That’s life.

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Jay Mistry
Exactly. The investors need to get paid, but the creators—the composers—are left behind. We’ve lost sight of where the real talent lies.

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Matthew Ash
So, we’re back to AI then. What happens if music becomes AI-generated?

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Jay Mistry
AI music can be good and useful in some areas, but it’s a slippery slope. We’re talking about real creative jobs here. Technology has improved music over time—like wireless guitars—but that’s different from replacing composers. Some parts of the industry need to be left alone.

I know the Ivers Academy, PRS, AIM, and others are lobbying the government. And sometimes ministers understand, but they often say their hands are tied. I don’t know the exact solution, but I know we have to keep trying.

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Matthew Ash
There’s no quick fix, Jay. But we need people like you to advocate for real creative talent. You work with musicians every day. Just keep knocking on doors.

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Jay Mistry
Yeah, I’ll keep doing that as long as I can.

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Matthew Ash:
One last question, Jay. What’s the best advice you’d give to someone starting out in the industry?

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Jay Mistry
Good question. It really depends on what part of the industry you’re going into—royalties, A&R, legal, copyright. Each has its own path. But I’d say: be prepared for everything to be completely different from what you learned at university. Real-world experience is key.

It’s like going to a mechanic who learned everything by the book, but in the real world they just know where to hit the engine with a hammer to get it started. You have to learn to work around problems. And you only learn that by doing.

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Matthew Ash
If I’ve learned anything, it’s the importance of a good mentor. I hope new people in the industry come knocking on your door.

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Jay Mistry
In fact, I’m mentoring now—for the Ivers Academy and Help Musicians. I just got matched with my mentee last week and I’m meeting them tomorrow.

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Matthew Ash
That’s fantastic. Jay, thank you so much for joining me. You’re a very interesting guy, and I could easily ask another 30 questions. I’ll also introduce you to someone I interviewed in the US who’s doing great things in music software—he’s someone you should meet.

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Jay Mistry
Thanks, Matt. I’d love that. I really enjoyed this conversation, and I’ll definitely share the podcast. I’ve listened to some of your previous episodes—especially the ones on residuals for actors—and found them really interesting.

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Matthew Ash
Brilliant. That’s exactly why you’re on here. Thanks again, Jay.

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Summary

In this insightful conversation, Matthew Ash speaks with Jay, a seasoned professional in the music industry, about the challenges and frustrations facing musicians today. Jay passionately discusses the broken economics of streaming, where most artists receive a fraction of the revenue generated by their music, while major investors and platforms profit heavily. He highlights the double-edged sword of digital accessibility, noting that while global reach is now easier than ever, compensation for creators has diminished.

They touch on AI-generated music, the importance of maintaining human creativity, and the need for government lobbying to protect artistic careers. Jay also shares thoughts on mentorship, advising new entrants to prepare for the stark differences between academic theory and real-world music business. He currently mentors for organizations like the Ivers Academy and Help Musicians.

Ultimately, Jay advocates for fairer treatment and recognition of creative talent, emphasizing the need for ongoing dialogue, reform, and action within the industry.

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