With Connor Middleton, global research analyst

From the turn of the millennium, revenues for the recorded music industry had been on a steady decline owing to the rise of online piracy as well as the unbundling of music albums made possible by services such as iTunes. However, the rapid growth of streaming services such as Spotify led to an inflection point in industry revenues in 2015, as a greater share of the population was once again paying for the music it consumed.

With the music industry now exhibiting strong secular growth, can this be maintained?

IFPI (2020 and 2022), company reports (2021), World Bank (2021), J.P. Morgan estimates (2019).

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