Streaming once again takes center stage in Goldman Sachs latest ‘Music in the Air‘ report. The financial firm lays down a bold claim that the global music industry is on track to nearly double its revenues over the next decade, climbing from about $105 billion in 2024 to nearly $200 billion by 2035. Currently music streaming sales are dominated by top R&B and hip-hop artists such as Bad Bunny, Drake, SZA, Kendrick Lamar, The Weeknd, Burna Boy and Cardi B. For artists, labels, and listeners whose contributions often drive streaming dominance, these trends could reshape both opportunity and equity in the music business.
The Breakdown You Need To Know:
Streaming remains central, but so do new levers like superfans, pricing strategies, and emerging markets that have barely scratched the surface. Hip-hop and R&B make up 29.9% of the music consumed in the U.S., with rock and pop coming in at 17% and 13.3% respectively, according to Statista.
The very platforms making billions from these artists are still grappling with outdated royalty models and inequitable payout structures. Goldman Sachs projects streaming will remain the largest driver of music revenue, expected to reach over 827 million subscribers globally by 2025. But as subscription prices rise, who really benefits? Labels, yes. Platforms, yes. The artists? That part remains murky.
Streaming Culture:
Millennials and Generation Z are spending more of their annual budgets on music than other age groups. In 2024, more than half of Americans aged 13-70 purchased a CD, download, vinyl, or an on-demand or non-interactive subscription (not including satellite radio), according to a Music Watch report. The company also found Americans spent $112 per capita on recorded music, up from $102 in 2023. Spending on livestreams grew 27% to $4.95 per capita.
CultureBanx noted that with streaming becoming the dominant form of music consumption, expect to see more monumental shifts in the music industry. Music labels have and will continue to benefit greatly from streaming.
Case and point, take Universal Music Group and its family of labels which include Capitol Music Group, Island Records, and Def Jam just to name a few. They have a deep roster of heavy hitters like Rihanna, Kendrick Lamar, Drake and Migos. Revenues for the first half of 2025 came in at $6.7 billion, an increase of 6.4% year-over-year.
Superfan Equation:
Enter the “superfan.” Goldman’s latest forecast said superfans, those die-hard supporters who spend on merch, concerts, vinyl, and exclusive content could generate an additional $4.3 billion per year by 2026, possibly $6.6 billion by 2035. It seems as though the business world is finally realizing what the culture has known for decades, loyal fans are currency.
Another big piece of Goldman’s report centers on emerging markets. Right now, these regions have just 8% streaming penetration, but they already account for 60% of new subscriber growth. As internet access expands and mobile-first cultures come online, expect countries in Africa, South Asia, and Latin America to perhaps drive the next billion-dollar wave. People who stream music on their smartphones is growing in developed markets and is expected to rise 37% by 2030.
A.I. & Algorithms:
After a rocky few years during COVID, the live music business is booming again. Goldman expects live music revenue to grow from $34.6 billion in 2024 to $67.1 billion by 2035. The Wall Street giant doesn’t ignore the elephant in the studio, generative AI. While platforms like Spotify are still only seeing a fraction of royalties going to AI-generated tracks, the number of songs being uploaded daily is skyrocketing. That puts more pressure on real artists, especially those without the backing of major labels to break through the noise.
Situational Awareness:
Music is a business, and right now, business is booming. However, the story Goldman Sachs is telling, one of record-setting revenues and billion-dollar opportunities, also demands a closer look at who controls the levers. From streaming platforms to live tours, superfans to emerging markets, the future of music will be shaped by decisions made now. As global revenues double, it’s critical that the returns reflect that influence, not just in visibility, but in ownership, equity, and pay.