[UPDATED] The music business had a tough go of it earlier this decade. but more recently things have certainly taken a turn for the better. Thankfully, this trend shows no signs of waning, according to recently published research from a team at Goldman Sachs.
Guest post from AWAL
Business really is booming. Back in 2016, financial services juggernaut Goldman Sachs dug deep into music business economics. Their findings, published as a widely read report, “Music In The Air,” single-handedly boosted an entire industry’s confidence in its own future with bullish predictions of ballooning revenues.
Fortunately, things are still looking up. Goldman’s research team recently refreshed their study with new statistics, painting an ever-clearer picture of fan demographics, streaming adoption, and global business growth.
Despite many, many years of concerted efforts by traditional music companies to stifle this very sort of innovation, new business models and consumption habits have ushered in a new era of prosperity. In other words, it’s a wonderful time to eat, sleep, and breathe music.
This research is right in line with what we’ve been preparing for at AWAL and Kobalt, where we’ve publicly embraced and supported streaming as an idea long before it was popular. The best part? We haven’t even scratched the surface of what’s actually possible.
Streaming isn’t just a new way to sell records, it’s actually a fundamental shift in how the entire industry should work. This is why we’re doubling down, investing an enormous amount of resources in teams and technology around the world to power creators on their own terms.
Click the link to explore Goldman's findings with the full "Music In The Air" interactive infographic.