Last year the global music industry grew significantly less than it did in 2023, growing only 6.2% compared to 15.6%. Despite these current setbacks, analysts from Goldman Sachs are very optimistic about the future economic growth in the music industry. These projections are very bold, as Goldman Sachs is projecting that the industries revenue is going to almost double in the next 10 years reaching a new milestone of 200 million. However, this report explained that the path to reaching 100 million in 2024 is going to be a lot different in the next decade.
There are going to be a lot of key factors that change the way the music industry generates revenue within the next 10 years. Emerging streaming markets that are specific to Africa, Asia, and Latin America are expected to develop as internet access in these areas grows a new wave of subscribers will join. Additionally an integration of video content is expected to arise as streaming services will make music videos, live sessions, and even interactive experiences. Lastly, new monetization models will surface giving artists more profit while increasing the engagement of the fans. Overall, even with a down year in growth for the music industry, experts believe with emerging streaming markets, new video content and monetization models the music industry will go nuclear in the next decade.
https://www.goldmansachs.com/insights/articles/global-music-revenues-are-forecast-to-double-to-200-million-in-2035
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