The music industry is poised for a golden decade, with Goldman Sachs forecasting global music revenues to soar to nearly $200 billion by 2035, effectively doubling from current levels.
This bullish outlook, driven by skyrocketing demand for streaming services, steady expansion in music publishing, and a vibrant resurgence in live performances, signals a robust recovery from the pandemic-induced slump of 2020.
With revenues projected to grow 7.7% in 2025 alone, the industry is riding a wave of consumer enthusiasm for digital platforms and concert experiences, propelled by blockbuster tours from global superstars.
The COVID-19 pandemic dealt a severe blow to the music industry, slashing global revenues by 30% in 2020 as live events ground to a halt and supply chain disruptions delayed physical sales. Yet, the sector has staged a remarkable comeback.
By 2023, global music revenues hit $28.6 billion, per the IFPI, with streaming accounting for 67% of the total, and 2025 is on track for a 7.7% year-over-year increase, buoyed by subscription platforms like Spotify, Apple Music, and YouTube. Goldman Sachs predicts this trajectory will continue, with the market expanding at a compound annual growth rate (CAGR) of around 6-8% through 2035, reaching approximately $200 billion.
Streaming remains the industry’s backbone, with paid subscriptions growing 10.4% in 2023 to 667 million accounts globally, alongside ad-supported platforms like YouTube and TikTok driving broader access.
Music publishing, bolstered by licensing deals for film, TV, and social media, is also a steady performer, with Goldman Sachs noting its “resilient margins” and growth potential. Meanwhile, physical formats like vinyl—up 13% in sales in 2023—continue to surprise, particularly among younger fans seeking tangible collectibles.
Live Music’s Triumphant Return The live music sector, decimated during COVID-19 lockdowns, is now a powerhouse of growth. Concert ticket sales and festival attendance have surged as fans, eager for shared experiences, flock to venues. In 2023, global live music revenue reached $33 billion, with 2024 and 2025 seeing even stronger demand. Goldman Sachs attributes this to a “post-pandemic experiential boom,” with consumers prioritizing concerts over other discretionary spending.
Megastar tours have supercharged this revival. Taylor Swift’s Eras Tour, launched in 2023, shattered records as the highest-grossing tour ever, generating over $1 billion and drawing millions across 150+ shows. Coldplay’s Music of the Spheres World Tour, spanning 2022-2025, sold over 10 million tickets with its eco-conscious production and immersive visuals. Beyoncé’s Renaissance World Tour (2023) captivated audiences with its bold theatrics, grossing $579 million across 56 dates.
These tours, alongside festivals like Coachella and Glastonbury, have reignited fan passion, with artists like Sabrina Carpenter and Chappell Roan also packing venues in 2025.