Investment giant Goldman-Sachs has been one of the great cheerleaders for the revival of the music industry, and its projections played no small role in some of the industry’s recent successes — no…
Investment giant Goldman-Sachs has been one of the great cheerleaders for the revival of the music industry, and its projections played no small role in some of the industry’s recent successes — not leastHowever, the coronavirus pandemic has knocked the wind out of many formerly rosy projections for the music industry, largely due to the virtual shutdown of the live-entertainment business.
Although it projects streaming to maintain its 18% annual growth, recorded-music is expected to grow just 3% due to the accelerated, pandemic-driven drop in physical and licensing revenue. It expects record labels to be the primary beneficiaries of streaming’s continued growth, based on their significant royalties from streaming platforms. The report projects that Spotify will retain its leading position, but by 2030 Apple Music will have dropped to fourth place behind Tencent Music and Amazon.
The report identifies several key beneficiaries of this growth — main Universal Music owner Vivendi, Tencent Music, YouTube/Google parent Alphabet — and points to one major company receiving a negative impact: Sirius, which not only is a major radio network owner but its parent company, Liberty Media, also owns 34% of, the world’s largest live-entertainment company, which has lost significant value since the pandemic lockdown began.
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