Music industry expects huge growth of revenues thanks to streaming services

Posted 30 August 2017 17:43 CEST by Jan Willem Aldershoff

Revenues of the worldwide music industry is rising, partly due to streaming services, according to the American business bank Goldman Sachs who estimates that total revenue of the industry will grow to $41 billion a year by 2030.

The largest part of that revenue, an estimated $34 billion, will come from paid streams. The revenue from performances and concerts will increase to more than $6 billion a year. Goldman Sachs also expects that record companies Sony and Vivendi will rise in value due to the increase in revenues.

In 2016 the income from music sales in the United States already rose to $16 billion, an increase of 50% compared to 2015. It was for the first time in 20 years that the music industry showed such an increase in revenue. Illegal downloads and copying of CDs and DVDs were an issue for the sales of music for years.

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