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An analyst forecasted that streaming will account for $34 billion of the total revenues.

The global recorded music industry will grow into a nearly $41 billion behemoth by 2030, thanks largely to the growth of streaming, according to Goldman Sachs analyst Lisa Yang and her team.

The Goldman Sachs analyst further predicts that streaming will account for $34 billion of that, of which $28 billion will come from paid subscription while $6 billion will come from ad-supported streaming services. She predicts that another $4 billon will come from performance rights, synchronization will be $500 million, physical and downloads $700 million and other come in at $1.2 billion.

The report further states that thanks to the explosion of streaming, the Universal Music Group and Sony Music Entertainment should carry hefty valuations. Both companies are themselves not listed in the stock market, but the shares of their parents, respectively Vivendi and Sony. Corp., are publicly traded.

Looking at the Universal Music Group, Yang assigns a valuation of 19.5 billion euros, which according to the OandA website, converts to $23.3 billion; while she says that her estimates for Sony Music Entertainment’s performance suggests a valuation of 2.16 trillion yen or $19.8 billion.

Looking at UMG, Yang breaks out her estimates for that company, which helped derive its valuation. In the Goldman Sachs report, she estimates UMG’s revenue at 12.6 billion euros  ($15.05 billion) by 2030 (that’s twice its current level), of which 1.58 billion euros ($1.89 billion) will be from publishing; 9.3 billion euros ($11.11 billion) from streaming; 1.1 billion euros $1.3 billion) from artist services and music licensing; 500 million euros ($597 million) from merchandising and 150 million euros ($179.2 million) from physical and download sales.

In 2016, U.S. recorded music sales were up by double digits for the first time in nearly 20 years to 11.4 percent with $7.65 billion in revenue, according to the RIAA. That was up from $6.87 million in 2015. Although the music business showed signs of a recovery at the half-year mark, the 2016 year-end results show more significant growth, led by streaming revenue. This was the first time since 1998 that the U.S industry experienced a double digit increase in overall revenue.

This article can be found on BILLBOARD.COM