A new report forecasts that the music industry will see a 75% plunge in live music revenue in 2020, due to COVID-19. IPCC, “IPCC Special Report on Climate Change and Land” (August 2019)New York State Department of Environmental Conservation, “Coastal Storm Risk Management Projects” President’s Council of Economic Advisors and U.S. Department of Energy, “Economic Benefits of Increasing Electric Grid Resilience to Weather Outages” (August 2013) San Francisco Chronicle, “SF’s Embarcadero seawall measure wins easily” (November 2018) United Nations, “Factsheet: People and Oceans” (June 2017)WYNC, “A Great Wall of Staten Island to Ward Off Hurricanes” (August 2015)World Economic Forum, “Global Future Council on Cities and Urbanization” XinhuaNet, “China approves 2018-2035 master plan for Xiongan New Area” (January 2019)A TEMPORARY PAUSE: IFPI Global Music Report 2020, Music & Copyright, OMDIA, PWC, Company data, Goldman Sachs Global Investment Research Investor Relations . Please refresh the page and try again. ...followed by a strong rebound as the crisis drives the offline to online shift.The global music industry has been hit by the Covid-19 pandemic, but the slump is likely to be short-lived. We believe revenue will slump 26% in 2020, largely due to the widespread disruption to live events.
KEY DRIVERS: IFPI, Goldman Sachs Global Investment Research Lisa Yang and co. write: “For recorded music, we forecast c.3% growth in 2020, marking the first year of meaningful slowdown since the market returned to growth in 2015, as we expect the growth in streaming will be offset by weaker physical and licensing revenue.” What We Do . Please refresh the page and try again.Invalid input parameters. Worldwide . Streaming is turning up the beat for the music industry as global music revenue is set to reach record highs. Goldman Sachs shows how. We believe global music industry revenue will slump in 2020, largely due to the disruption of live events. Lisa Yang (pictured) & team, Goldman Sachs’ updated Music In the Air.
Houston Chronicle, “Harris County voters pass $2.5 billion flood bond one year after Harvey” (August 2018) The popularity of streaming platforms is ushering in a second digital music revolution, and Goldman Sachs Research expects global music revenues to almost double in the next 15 years. Media Relations . World Economic Forum, “Global Future Council on Cities and Urbanization” Thank you for subscribing to BRIEFINGS: our weekly email about trends shaping markets, industries and the global economy.Some error occurred. Intergovernmental Panel on Climate Change (IPCC), “Climate Change 2014 Synthesis Report” (2014) The music industry has entered a new era of growth after nearly two decades of disruption. Paid subscribers 2019.
More are listening to music that they already know and makes them feel positiveMusic video streaming in the US increased during lockdown, compared with the 8 weeks beforeUS streams for artists such as the Beatles and Fleetwood Mac increased in March, suggesting a shift towards catalogue listeningof 16-24 year olds in the UK consumed music on Facebook or Instagram in April 2020Increase the importance of social media for music discovery and promotion
New York State Department of Environmental Conservation, “Coastal Storm Risk Management Projects” IPCC, “IPCC Special Report on Climate Change and Land” (August 2019) Insights . WHO RECEIVES THE $10 YOU SPEND ON STREAMING?
City of Miami, “Miami Forever Bond Project to Mitigate Effects of Sea Level Rise” (March 2019) The average price of a standard music streaming subscription has remained unchanged at $9.99 for the past decade, while Netflix prices have risen around 5-8% every year over 2014-19. Streaming will save it. San Francisco Chronicle, “SF’s Embarcadero seawall measure wins easily” (November 2018) TUNING INTO NEW HABITS: Spotify, Nielsen, Media Research, Alpha Data, Goldman Sachs Global Investment Research
Spotify only operates in 79 markets, compared with Netflix at 194Only 8% of the global smartphone population paid for music streaming in 2019New streaming platforms, such as Amazon Music and ByteDance, are entering the marketAn increase in the number of streaming devices available, such as smart speakers, smartphones and tablets, is enabling easier music consumption of 16-34 year olds in the US reported using music streaming services in 2019 City of Miami, “Miami Forever Bond Project to Mitigate Effects of Sea Level Rise” (March 2019) As the streaming market strengthens, we expect music streaming prices to rise. Client Login . China Daily, “Xiongan New Area’s master plan: highlights” (April 2018) of concert fans said they would continue to watch live streaming events even after physical events resume Our Firm .
A surge in streaming subscriptions ... Read the latest Music in the Air report for more on the future of the music industry Access the report.
The popularity of streaming platforms is ushering in a second digital music revolution, and Goldman Sachs Research expects global music revenues to almost double in the next 15 years.
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