The most recent Goldman Sachs Forecasts:
- Global revenue for recorded music is forecast to grow 7.5% in 2023 (versus 7.3% in the previous forecast), with a compound annual growth rate of 8.6% for 2023 to 2030 (broadly unchanged from before).
- Goldman Sachs Research expects streaming growth to remain healthy, with a CAGR of 11% (unchanged).
- The average revenue per user (ARPU) on paid streaming music services has fallen by 40% since 2016. The decline in ARPU has occurred as streaming services such as Apple Music and Spotify have introduced family plans, lowering prices for bundled users.
- There are some strategies to boost ARPU going forward: price increases and implementing super fan tiers.
