Global Music Revenue Set To Double By 2030 Despite Pandemic Impact: Goldman Sachs Report

Goldman Sachs predicts global music revenue will almost double over the next decade, CNBC reported Tuesday.

The investment bank says the revenue from global music will cross $142 billion by the end of 2030, as earlier reported by CNBC.

The music revenue in 2019 was $77 billion, and Goldman predicts a 25% drop over this in the financial year 2020 due to the impact of the novel coronavirus (COVID-19) pandemic.
The bank's Managing Director for Media & Internet Equity Research Lisa Yang said live music has been worst hit by the pandemic and expects a 75% revenue drop in the sector this year.

According to Goldman analysts, Sony Corporation's SNE music arm and Universal Music Group are particularly set to benefit from the increased streaming and better monetization opportunities, CNBC reported.

They said established online music streaming platforms like Spotify Technology SA SPOT and Tencent Holdings Ltd.'s TCEHY music subsidiary are most set to benefit.

Alphabet Inc.'s GOOGL GOOG subsidiary YouTube "is particularly well-placed to capture the growing usage and monetization of music videos through both advertising and subscriptions," Goldman noted, as per CNBC.