What is the macro situation for the music business?
After a period of significant decline due to music piracy between 1999 and 2014, the music industry is experiencing a strong recovery in recent years.
According to estimates from Goldman Sachs Research, the global music industry - including recorded music, publishing, and live events - rebounded strongly in 2021, with a notable 34% year-over-year (YoY) increase.
This growth can be attributed to several factors, such as the substantial return of live events (up 200% YoY, reaching 50% of 2019 levels), the accelerated adoption of streaming services (up 24% YoY), and a resurgence in physical sales (up 16% YoY).
The music industry has consistently achieved double-digit revenue growth rates in recent years and is projected to nearly double in size by 2030, according to Goldman Sachs' estimations. According to their latest report, recorded music and music publishing experienced their fastest growth rates on record in 2021, increasing by 18.5% and 17% YoY, respectively.
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