Goldman Sachs predicts global music revenue will almost double over the next decade, CNBC reported Tuesday.
The investment bank says the revenue from global music will cross $142 billion by the end of 2030, as earlier reported by CNBC.
The music revenue in 2019 was $77 billion, and Goldman predicts a 25% drop over this in the financial year 2020 due to the impact of the novel coronavirus (COVID-19) pandemic.
The bank's Managing Director for Media & Internet Equity Research Lisa Yang said live music has been worst hit by the pandemic and expects a 75% revenue drop in the sector this year.
According to Goldman analysts, Sony Corporation's (NYSE: SNE) music arm and Universal Music Group are particularly set to benefit from the increased streaming and better monetization opportunities, CNBC reported.
Alphabet Inc.'s (NASDAQ: GOOGL) (NASDAQ: GOOG) subsidiary YouTube "is particularly well-placed to capture the growing usage and monetization of music videos through both advertising and subscriptions," Goldman noted, as per CNBC.