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Music Industry: Difference between revisions
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* Overall streaming (including subscription and advertisingsupported), accounted for the highest proportion of the market, increasing to a 67.0% share of the overall market in 2022 up from a 65.5% share the prior year. | * Overall streaming (including subscription and advertisingsupported), accounted for the highest proportion of the market, increasing to a 67.0% share of the overall market in 2022 up from a 65.5% share the prior year. | ||
* 589M users of paid subscriptions accounts. | * 589M users of paid subscriptions accounts. | ||
== Forecasts == | |||
=== Statista === | |||
* Revenue in the Music Streaming market is projected to reach US$25.71bn in 2023.<ref>https://www.statista.com/outlook/dmo/digital-media/digital-music/music-streaming/worldwide</ref> | |||
* Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 5.13%, resulting in a projected market volume of US$31.40bn by 2027. | |||
=== Goldman Sachs === | |||
* Forecast music revenue to more than double to about $131 billion by 2030. Recorded from 30 billion in 2017 to 80 billion. <ref>https://www.goldmansachs.com/insights/pages/infographics/music-streaming/</ref> | |||
Grow Factors: | |||
* Millennials and Generation Z are spending more of their annual budgets on music than other age groups | |||
* Streaming platforms will continue to expand their reach as smartphones become more popular. | |||
* New payment solutions, business models and recognition of intellectual property rights set the stage for growth | |||
* Streaming could lose some of its appeal and consumers might resort to piracy if prices go up and labels pulls music from streaming plarforms. | |||
== References == | == References == | ||