In a recent report, consultancy firm Midia Research published latest predictions for the recorded-music industry through 2031. The report predicts significant growth in the tune of $100 billion in global revenue by the end of 2031.
Streaming is expected to be the primary driver of this growth, contributing the majority of revenue growth and accounting for three-quarters of all music industry income by 2031. Midia Research Managing Director Mark Mulligan, in a blog post discussing the report, highlighted the increasing subscriber base for music streaming services. “Global music subscribers hit 737.9 million in 2023, adding more subscribers than in 2022. Music subscribers will break the one billion mark in 2027 and continue to grow, driven by Global South markets.”
Key among those will be China according to Midia. “China will become the second largest recorded music market by 2031. The US will remain the top subscription revenue market in 2031 due to high ARPU, but China will become second due to subscriber growth.”
Midia Research has made a free summary report available for download for those interested the free summary of.
