That’s up by $7.5 billion on Goldman Sach’s prior most recent projection ($45.7bn). It’s also more than double the size of worldwide record biz revenues last year ($25.9bn) as counted by the IFPI.
Elsewhere this week, Korean K-Pop giant HYBE’s flagship group BTS announced that they’re taking a break to focus on solo projects.
The news spooked investors, with BTS’ ‘hiatus’ announcement causing HYBE’s shares to fall by nearly 25% to 145,000 South Korea Won on Wednesday (June 15), wiping around $1.5 billion from the K-pop giant’s market cap value.
How much is the global music industry going to be worth in 2030?
It’s a question that Goldman Sachs attempts to answer each year via an update to its highly-influential Music In The Air report, penned by respected GS analyst, Lisa Yang, alongside her colleagues.
This year’s 62-page update has now arrived – possibly along with a certain sense of nervousness for those investors who’ve cumulatively spent billions of dollars on music catalog acquisitions over the past 18 months…
SoundCloud has appointed music industry veteran Tracy Chan as Senior Vice President of Creator.
Chan’s appointment at SoundCloud means that he’s exiting his role at Twitch as Head of Music. Chan joined the Amazon-owned livestreaming platform in 2020 from Spotify, where he was Director of Product Management.
Spotify is buying London-based Sonantic, an AI voice platform that claims to be able to create “compelling, nuanced, and stunningly realistic voices from text”.
On Sonantic’s website, the company says its “technology is poised to revolutionize game and film production”.
Launched in December 2018 by Zeena Qureshi and John Flynn, Sonantic’s founders have backgrounds in speech and language therapy to Hollywood sound production…
