Amid the pandemic, analysts at Goldman Sachs have some good news and bad news…
Let’s get the bad news out of the way first, as the music industry has obviously taken a major hit due to the coronavirus (COVID-19) outbreak. Goldman Sachs reports live music will be “severely impacted” due to the postponements and cancellations, which could lead to a 75% revenue drop.
Now, for the good news — researchers believe the music industry will bounce back. Global music revenues are expect to reach $142 billion by the end of the decade — that’s an 84% increase from the $77 billion earned in 2019.
In addition, it’s estimated the online streaming market could grow to an audience of 1.2 billion users by 2030. Online streaming services such as YouTube, Spotify and more are expected to lead the way.
Goldman Sachs said people “may shift away from music streaming to other forms of entertainment in the short term,” but “we believe the industry’s long-term growth outlook is intact.”
Source: CNBC | Photo: Alex Estrada for Insomniac Events