Based on articles by Dylan Smith in Digital Music News and Glenn Peoples on Billboard websites, June 29 and 30, 2023
Goldman Sachs has made waves in the music industry with its highly anticipated report that signals a seismic shift in revenue and consumption patterns. This game-changing analysis reveals a new path forward for the music business, where live performances take center stage as the primary revenue driver, surpassing traditional album sales.
More importantly, it tones down last year's prediction, where the annual revenue was established at $153B by 2030. This year, their much awaited report sets the number at $151.4B.
The report, filled with intriguing insights, identifies the rising influence of emerging markets, particularly in Asia, as key drivers of growth. These untapped markets, fueled by a burgeoning middle class and increased technological access, offer unprecedented opportunities for artists, labels, and streaming platforms to expand their reach and cultivate new fan bases.
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Read more on this interesting topic on Digital Music News, where it was initially published.
Summary by ChatGPT.
Illustrations taken from Goldman Sachs' website
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