The global music industry is experiencing a slowdown, with streaming growth decelerating and major players like Apple and Amazon needing help to expand their user bases. Music companies are scrambling to find new revenue streams as the industry enters a slower-growth era. According to a report by Goldman Sachs, global music streaming revenue is expected to grow at a compound annual growth rate (CAGR) of 8% from 2022 to 2030, a much slower rate compared to the 18% CAGR from 2017 to 2021. According to a report from music business blog, Music in the Air, developing markets will be up to 70% of new streaming music subscribers by 2030.
In an Opinion-Editorial for AfricaBusiness.com Faisal Kiwewa, our member from Uganda and Director at BAYIMBA Cultural Foundation advances a case for Africa becoming the next big opportunity amidst the global slowdown in the music industry. Read the op-ed here
