The global live music industry is riding a powerful wave of growth, according to Goldman Sachs’ newly released Music in the Air report for June 2025. The financial giant projects worldwide live music revenue will reach $38.2 billion by the end of the year, marking a significant increase from $37.7 billion in 2024. This represents a robust 10% year-over-year growth, reinforcing live performances as the dominant force in the music business.
Goldman Sachs attributes this boom to “insatiable consumer demand,” particularly from younger demographics that prioritize real-time experiences over physical or digital music ownership. Despite broader concerns over inflation and consumer spending, live music remains a resilient outlier—evidencing continued audience willingness to pay premium prices for concert experiences, even amid economic uncertainty.
This positive outlook aligns with broader projections in the report, which estimates that by 2035, global music revenues could soar to $196.8 billion, with live music accounting for more than $67 billion of that figure. This growth would far outpace the expansion rate of recorded music, which has shown signs of plateauing in key markets.
Key data from the report points to several structural shifts driving this trend:
- Premium pricing power: The average ticket price for stadium shows rose nearly 40% between 2019 and 2024, while club and theater show prices saw a 37% increase. Despite the higher costs, sellouts and secondary market premiums suggest demand is still outstripping supply.
- Touring strategy evolution: Artists are increasingly designing global tours as major economic undertakings, investing in larger production budgets, immersive stage designs, and expanded merchandise opportunities to maximize revenue and fan engagement. LiveNation and AEG have both reported record-setting advance ticket sales for 2025 concert series.
- Recorded music softness: In contrast, the report revised down projections for global recorded music revenue in 2025—from an earlier forecast of $33.9 billion to $31.4 billion. Factors include slower-than-expected growth in streaming subscriptions and a maturing digital ad market.
- Tech integration and monetization: Platforms like Spotify and YouTube Music are increasingly integrating ticketing, virtual meet-and-greets, and behind-the-scenes content, blurring the lines between live and digital engagement. While helpful, these trends haven’t yet closed the revenue gap between recorded and live experiences.
Goldman Sachs emphasizes that live music’s resurgence is not a short-term rebound from pandemic disruption but a long-term structural trend. With more artists relying on tours as their primary source of income, especially in the streaming era, the report concludes that “touring will continue to be the dominant revenue engine of the music industry for the next decade and beyond.”
Adding to the momentum are the rise of “superfan” cultures—devoted audience segments willing to spend significantly on exclusive merchandise, VIP experiences, and repeat concert attendance. This behavior, according to the report, is fueling more sophisticated segmentation in pricing and concert planning.
Industry analysts say that the sustainability of this boom will depend on several factors, including artist health, global logistics infrastructure, and evolving regulatory landscapes surrounding ticketing transparency and resale markets.
Nonetheless, Goldman Sachs’ bullish stance is clear: with the live music industry surpassing pre-pandemic benchmarks and entering a period of accelerated growth, the concert economy is set to define the music industry’s financial trajectory for years to come.