Times may be tough, but there is light at the end of the tunnel according to Goldman Sachs.
After running a thorough analysis of the state of the music industry, the leading investment bank notes that while the live music industry would be “severely impacted” from COVID-19 in the short term, those stuck patiently watching from the sidelines may see a financial rebound as soon as next year.
To offer some numerical perspective, Goldman Sachs estimates that live music revenue will drop as much as 75 percent this year, but due to the overall growth of paid streaming as well as the rising demand for live events, could go as far as doubling by the end of the decade. Accordingly, their estimates see the paid online streaming market swell as high as 1.2 billion users by 2030, a 400 percent increase from 2019.
With COVID-19 precautions looking like they will extend through the summer, the music industry continues to be mostly dormant, however with appropriate safety measures being taken, it may not be too long before we’re queuing up for another night out.
Featured image via Ultra Music Festival