Goldman Sachs anticipates that global music industry revenue will nearly double, rising from $105 billion in 2024 to about $200 billion by 2035. This substantial expansion is expected to be fueled by growth in recorded music, publishing, and live music events. The report highlights that regular increases in streaming subscription prices—projected to occur every 12 to 24 months—will play a key role in boosting overall revenues.
Emerging markets are set to be a driving force, accounting for 60% of new streaming subscribers in 2024, despite a current penetration rate of just 8%. Compared to video streaming, where U.S. subscription prices have climbed 15% every two years, music streaming fees have remained largely unchanged. Industry sentiment now points to more frequent price adjustments for music streaming services, supporting the sector’s long-term growth outlook.
Goldman Sachs sees the music industry as resilient and well-positioned to benefit from untapped global markets and ongoing technological innovation. These factors make it an appealing investment opportunity for those seeking sustained growth in the coming decade.
