The Record Industry Expects a Windfall. Where Will the Money Go?

In recent years, several financial institutions have predicted record labels will soon be celebrating annual revenues that begin to approach, if not surpass, their late-1990s peaks: What was an inflation-adjusted $25 billion-per-year business before the millennium could bring in more than $41 billion annually by 2030, according to Goldman Sachs. Label revenue from sales and licensing of recorded music totaled $19.1 billion globally in 2018, marking a fourth straight year of increases. Much of the rise is thanks to people paying for subscriptions to streaming music services.

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