Goldman Cut Its 2020 Paid Music Streaming Revenue Forecast By $2.2 Billion… And It's Not All Bad News

Forecasting A Mixed Bag

MUSIC BUSINESS WORLDWIDE reports on GOLDMAN SACHS’ "Music In The Air" report, a highly influential paper for prognosticators in the entertainment arena. Written by top analysts at the investment bank, led by LISA YANG, who is GOLDMAN’s LONDON-based Managing Director, Media & Internet.

GOLDMAN sparked big interest ahead of the sale of 10% of UMG to a TENCENT-led consortium and forecast that the number of paying subscribers to music streaming services would hit 1.15 Billion by 2030.

In in a newly updated "Music In The Air" published last FRIDAY (5/14), GOLDMAN has adjusted its latest predictions due to the COVID-19 pandemic, and recent stats from IFPI to a mix of good and so-so news for artists, labels, songwriters and publishers.

GOLDMAN’s "Music In The Air," with a sub-head of "The Show Must Go On,"  now forecasts that total global record industry net/wholesale revenues will reach $20.8 Billion this year.

That’s up by 3%, or $600 Million, on the $20.2 Billion wholesale figure the record industry generated in 2019 by IFPI). GOLDMAN also posits that it’s also down by 8% – or by $1.8 Billion – on the group’s prior forecast ($22.6 Billion) for this 2021.

Check out the full report, here.

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