New report predicts 51% increase in music trade revenues by 2030
Retail spending is projected to grow to $87.1 billion while paid music subscribers worldwide is set to reach 1.1 billion
Getty Images / Javier Ghersi
Midia Research, an entertainment industry analytics company, has revealed its forecasts for the music industry’s growth until 2030.
The most notable predictions from its Global Market Music Forecasts report, which was published in June, are a 51% increase in global recorded music trade revenues, reaching $42.4 billion by the end of the decade.
Additionally, retail spending is projected to grow to $87.1 billion. Midia also predicts that the number of paid music subscribers worldwide will reach a whopping 1.1 billion by 2030, with the majority of growth coming from Asia Pacific, Latin America, and Rest of World regions. In 2022, according to Statista, this number sat at just 616 million.
The Midia report follows a similar prediction by Goldman Sachs. The investment banking company, in its Music In The Air June report, instead projected a slightly higher rise to $50.1 billion of recorded music trade revenues in 2030 and a similar figure of 1.2 billion paid subscribers.
While these reports focus on consumer revenue, we recently were given the predictions of the music tech industry by musician, content creator and analyst, Benn Jordan. He gravely envisioned layoffs for Moog, Apple and Spitfire Audio, saying, “I honestly hope I’m wrong.”
In his findings, he saw that Native Instruments was acquired by Francisco Partners along with other music companies for around €773 million, raising doubts about its long-term success. Speculations suggest that Native Instruments may acquire Spitfire Audio and incorporate it into a subscription service, possibly leading to layoffs. Even Apple is predicted to face layoffs, Jordan predicts, which would be the first since 1997.
Access Midia Research’s Global Market Music Forecasts report via midiaresearch.com.
