Region dominates continued rise in global spending by subscribers but industry faces pricing challenges
North America is set to maintain its grip over music spending in the coming years, as subscription models grow in popularity to account for more than 60 per cent of global consumer revenues by 2027, according to forecasts from consultancy Omdia. Paid subscriptions to streaming services such as Spotify have revived the music industry over the past several years, restoring revenue that had been lost to online piracy at the turn of the millennium.
Goldman Sachs analysts believe that the monetisation of music has “significantly lagged consumption” and also expect price rises “on a regular basis, especially in an environment of higher inflation”. When Spotify launched in 2008, “the environment for recorded music sales was completely different”, says Simon Dyson, Omdia analyst. “Piracy was still horrendous. There was still lots of free music floating around. The $9.99 was in line with the price of a CD.
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