Goldman Sachs is predicting good times ahead, for some at least, in the music industry. According to the 2025 edition of their annual Music In The Air report, global music revenue is set to double to $200 billion in the next ten years.
Great news, huh? Well, let’s look a little closer. Much of that potential for growth resides in a few key areas. One of these is streaming in so-called ‘emerging markets’, ie not the West, which contributed 60% of new subscribers in 2024. In these areas streaming penetration is just 8%, which the report estimates will rise to 14% in a decade, “which still leaves an untapped audience of billions.” The report suggests that “these markets are often more price sensitive, so music streamers may have to work harder to turn listeners into paying subscribers. But the process is underway.”
