A Global Market Music Forecast report that was published in June further elaborated, claiming revenues could reach a staggering $42.4 billion by the end of the decade.
Retail spending in the music industry could also hit an astounding $87.1 billion, with paying subscribers to music streaming services surpassing 1.1 billion users. Much of this growth is driven by a rise in subscribers from Asia Pacific and Latin America.
The predictions of 51% were in alignment with Goldman Sacs’ The Music In The Air June report, which similarly predicted $50.1 billion in recorded music trade revenues and 1.2 billion paid music streaming subscribers by 2030.
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