Global Music Revenues Are Forecast to Double to $200 Billion in 2035

The global music industry experienced a hiccup last year. But amid an uncertain economic landscape, the market should remain resilient, its revenues projected to nearly double between 2024 and 2035.

From growing at 15.6% in 2023, the music industry grew at only 6.2% last year—the first year in which revenues fell short of expectations since Goldman Sachs Research began forecasting the market’s trends. This was due to “a mix of structural, cyclical, and one-off factors,” Eric Sheridan and Stephen Laszczyk write in the team’s 2025 edition of the annual “Music in the Air” report.

“But we still think the industry has significant scope to increase in value, even if growth is slower than initially anticipated,” Sheridan and Laszczyk say. Our analysts expect revenues to hit nearly $200 billion in 2035, from $105 billion in 2024. 

But the drivers, they say, “will be different from those over the last 5 or 10 years.” New streaming markets, new models to monetize music, video content, and superfans offer potential for the industry to expand its revenues. 

The music industry is changing

Sheridan and Laszczyk also expect other significant shifts in the industry. Among them is a move towards video—or, as they describe it, “a blurring of lines between different forms.” As a way to attract new users, Sheridan and Laszczyk say, “we’re seeing more players push video content onto their platforms.” Streamers are also bundling audiobook and music subscriptions to merge those two audiences. ​

Although generative artificial intelligence (AI) once prompted worries about the proliferation of new, AI-generated music on streaming platforms, there has been no evidence of that yet. “But AI remains a key topic,” Sheridan and Laszczyk say. “What we’re seeing is a collaboration between music publishers and platforms to try to protect the interests of artists from the disruptions of AI.” 

The team has also changed its forecast for the ad-supported streaming market, now projected to grow at a compound annual growth rate of 5.7% between 2025 and 2030, versus 11.3% previously. “That’s a reflection of cyclical pressure,” Sheridan and Laszczyk say. “Given macroeconomic concerns, we see slower growth for ads in the near term. The ad-supported revenue model will take time to improve—but it will happen.” 

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