Like many leaders of industry suffering from pandemic-related, lockdown issues, the music business is experiencing a significant financial loss from festivals and artists forced to cancel individual events and tours. Yet some analysts at Goldman Sachs believe that the industry could enjoy a massive rebound in time.
After running a thorough analysis of the state of the music business, the well-known investment bank notes that while the live music industry (like many others) 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 2021. Specifically, the group estimates that live music revenue will drop as much as 75% this year, but given the overall growth of paid streaming as well as the rising demand for live events, numbers could double by the end of the decade. These estimates include the paid online streaming market increasing to 1.2 billion users by 2030, a 400% increase from 2019.
Though most of the music events slated for this Summer have been canceled or, at the very least, postponed, those who stay the course and wait out the Corona Virus-induced storm may reap the benefits of a revitalized industry of hungry businesses and artists. Some events such as drive-in concerts and socially-distanced live concerts have begun to pop up, acting as test runs for a slow return to normalcy. Watch this space for more news regarding the revitalization of the music industry.