Goldman Sachs predicts $198.1bn global music industry by 2035

A Goldman Sachs ‘Music In The Air’ report predicts the global music industry will grow from $112.5 billion in 2025 to $198.1 billion by 2035. This growth is expected to be driven largely by emerging markets, including China, India, and Latin America, which could add more than 500 million paying music streaming subscribers over the next decade.

While these markets represent a massive opportunity for subscriber growth, the report notes a challenge: revenue per listener in these regions is typically lower than in the United States or Europe. In China, Tencent Music has successfully increased its paying subscriber ratio from approximately 4% in 2018 to nearly 23% in 2025, though competition is rising from challengers like Soda Music.

Regarding streaming, Goldman Sachs forecasts that paid subscriptions will generate $33 billion annually by 2035, with the total number of paid subscribers reaching 1.53 billion. The report suggests the industry could benefit from introducing ad-light subscription tiers and periodic price increases. Additionally, the report views artificial intelligence as presenting more near-term opportunities than risks for music labels, though long-term market share may depend on the cultural adoption of artificial art.