: Music to buck economic woes, double revenues to 1 bn by 2030 #IndiaNEWS #Cinema Los Angeles, June 15 | At a time when Wall Street doesnt have much good news coming out of it, Goldman Sachs predicts

Music to buck economic woes, double revenues to 1 bn by 2030 #IndiaNEWS #Cinema
Los Angeles, June 15 | At a time when Wall Street doesnt have much good news coming out of it, Goldman Sachs predicts a booming decade for the music industry, with total music revenue to double to about 1 billion by 2030, says Variety.
The investment banking and financial services companys annual Music in the Air forecast predicts that a combination of global streaming growth, emerging platforms such as TikTok, the revival of the live music market and the growing strength of vinyl sales will drive the recorded music industry revenues to .3 billion by 2030, a .5 billion boost over last years prediction.
The report by analyst Lisa Yang,however, tempers some of its predictions for the coming year due to the impact of a weaker macro and the effect of Russias war on Ukraine, which largely removes both countries from the global music economy, Variety reports.
It also points to the competition between streaming companies as a positive, with Spotify emerging as the clear leader with a 34.4 per cent of the global market share, although its lead is diminishing. YouTube Music and Chinas Tencent Music are gaining while Apple Music and Amazon Music remain broadly stable.
And although Goldman Sach, according to Variety, lowered its projection for the total number of paid streaming subscribers by 2030 from 1.277 billion to 1.26 billion it raised its streaming revenue projection based on ARPU (average revenue per user), from .8 to .8.
Not surprisingly, the report predicts a continued dominance of the three majors Sony, Universal and Warner although some independents, notably Frances Believe, continue to rise. Its projections for live music for 2030 remained stable, with a forecast that it will generate .3 billion this year.
Source: IANS

Latest stock market news Twitter alternate of India

10% popularity Flash it Bury this