According to market predictions by MIDiA Research, the music industry is headed for unprecedented growth with a 51% surge in music industry revenue expected by 2030.
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.
In 2022 alone, the International Music Summit Business Report found the dance music industry grew 34% to $11.3 billion, 16% higher than pre-pandemic levels.
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