According to a new report published by Omdia, retail music sales are set to reach over $56 billion ($40 billion USD) by the end of this year and almost $70 billion ($50 billion USD) by 2026. The record comes as sales are forecasted to rise 9.8% from 2021’s $52.7 billion ($37.7 billion USD).
Despite this year marking a record dollar value in record sales, the high of 1999 still exceeds it by 26% when adjusted for inflation. By today’s values, the previous $54.5 billion ($39 billion USD) record would equate to roughly $88 billion ($63 billion USD).
Credit: Omdia
The biggest growth comes in the form of subscription streaming services, which are forecasted to rise by 17% just this year to $34.9 billion ($25 billion USD). Streaming is expected to make up 67.1% of global music spending revenue, with a total $46.96 billion ($33.6 billion USD).
Digital music advertising is also set to overtake physical music mediums by 2024, and will equate to $9.5 billion ($6.8 billion USD) by 2026.
“The continued shift from ownership of recorded-music to access means global retail sales will break annual records for the next few years and beyond,” says Omdia Senior Principal Analyst of Music and Digital Audio, Simon Dyson.
In the top five countries for music revenue, France is set to drop out as China moves in. The latter is also expected to surpass Germany in 2026.
