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Music Industry: Difference between revisions
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==== 2023 ==== | ==== 2023 ==== | ||
Analysts at Goldman Sachs remain positive about future growth in the music business, despite reducing their previous prediction for market growth this year from 8% to 7.1%. Goldman Sachs thinks that the under-monetisation of music can be solved in several ways, including regular recurring price rises for streaming subscriptions, and more efforts to make money from superfans of artists.<ref>https://www.musicbusinessworldwide.com/peloton-paid-the-record-industry-more-than-tiktok-last-year-says-goldman-sachs-in-latest-music-in-the-air/</ref><ref>https://musically.com/2023/06/29/goldman-sachs-updates-its-music-industry-revenue-forecasts/</ref><ref>https://completemusicupdate.com/article/more-major-structural-changes-likely-as-music-industry-pursues-next-round-of-digital-growth-says-goldman-sachs/</ref> | [[File:Screenshot 2023-07-18 151758.png|center|thumb|798x798px|https://www.musicbusinessworldwide.com/peloton-paid-the-record-industry-more-than-tiktok-last-year-says-goldman-sachs-in-latest-music-in-the-air/]]Analysts at Goldman Sachs remain positive about future growth in the music business, despite reducing their previous prediction for market growth this year from 8% to 7.1%. Goldman Sachs thinks that the under-monetisation of music can be solved in several ways, including regular recurring price rises for streaming subscriptions, and more efforts to make money from superfans of artists.<ref>https://www.musicbusinessworldwide.com/peloton-paid-the-record-industry-more-than-tiktok-last-year-says-goldman-sachs-in-latest-music-in-the-air/</ref><ref>https://musically.com/2023/06/29/goldman-sachs-updates-its-music-industry-revenue-forecasts/</ref><ref>https://completemusicupdate.com/article/more-major-structural-changes-likely-as-music-industry-pursues-next-round-of-digital-growth-says-goldman-sachs/</ref> | ||
“The music industry is on the cusp of another major structural change given the persistent under-monetisation of music content, outdated streaming royalty payout structures and the deployment of Generative AI,” it explains. | “The music industry is on the cusp of another major structural change given the persistent under-monetisation of music content, outdated streaming royalty payout structures and the deployment of Generative AI,” it explains. | ||
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* It predicts tha'''t ’emerging platforms’ will account for 14% of global recorded music revenue (up from 6% last year) by 2030.''' | * It predicts tha'''t ’emerging platforms’ will account for 14% of global recorded music revenue (up from 6% last year) by 2030.''' | ||
'''Streaming''' | '''Streaming''' | ||
* Its '''CAGR forecast for recorded music ''streaming'' growth in that same period (2023-2030) also remains “unchanged”, says Goldman, at +11%.''' | * Its '''CAGR forecast for recorded music ''streaming'' growth in that same period (2023-2030) also remains “unchanged”, says Goldman, at +11%.''' | ||
* Prediction for recorded '''music ''streaming'' revenue in 2023 has been pared down: Goldman now expects 2023’s global music streaming revenue (gross) to grow by 11.9% YoY (vs a 13.0% previous forecast).''' | * Prediction for recorded '''music ''streaming'' revenue in 2023 has been pared down: Goldman now expects 2023’s global music streaming revenue (gross) to grow by 11.9% YoY (vs a 13.0% previous forecast).''' | ||