The global recorded music industry will reach £31.8 billion ($41bn) by 2030 thanks to the explosion of streaming, according to a Goldman Sachs analyst.
Lisa Yang forecasted that streaming alone will account for £26.3bn ($34bn) of revenues, followed by performance rights at £3.1bn ($4bn), physical and downloads at £541.5m ($700m) and synchronization at £386.8m ($500m). Other revenues will bring in £928.6bn ($1.2bn).
The predictions – made in the firm's latest Music in the Air video series – mean that music revenues are expected to almost double by 2030.
Speaking about the rise of streaming, Yang described it as 'a massive game-changer' for the music industry, adding 'it establishes a much more sustainable business model for the labels.'
Lisa Yang forecasted that streaming alone will account for £26.3bn ($34bn) of revenues, followed by performance rights at £3.1bn ($4bn), physical and downloads at £541.5m ($700m) and synchronization at £386.8m ($500m). Other revenues will bring in £928.6bn ($1.2bn).
The predictions – made in the firm's latest Music in the Air video series – mean that music revenues are expected to almost double by 2030.
Speaking about the rise of streaming, Yang described it as 'a massive game-changer' for the music industry, adding 'it establishes a much more sustainable business model for the labels.'
