Global Music Biz Revenue to Double to $131 Billion in 2030, Says Bullish Goldman Sachs Report
variety.comJem Aswad Senior Music EditorEven as reports from Wall Street grow dark amid worries of a recession, Goldman Sachs predicts a booming decade for the music industry, with total music revenue to double to about $131 billion by 2030.
The company’s annual “Music in the Air” forecast predicts that a combination of global streaming growth, emerging platforms like TikTok, the revival of the live music market and the ongoing strength of vinyl sales will drive the recorded music industry revenues to $52.3 billion by 2030, a $7.5 billion boost over last year’s prediction and more than double last year’s IFPI revenues of just under $26 billion.It is bullish on publishing as well, predicting that revenues will rise to $11.6 billion in 2030, up a cool billion from last year’s prediction for the year.
This rise is based on “higher [projected] streaming, physical and performance revenues,” the latter tied to a faster-than-expected recovery in the live sector following its near-total shutdown due to the pandemic.
The upshot can be found in the report’s opening pages: “We expect consumer spend on music to remain resilient in a higher inflation/ weaker macro environment.
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