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Riches in Niches: As the Music Business Nears Peak Streaming, Where Will Growth Come From Next?

Music streaming growth has slowed. Can new markets help? With business in North America and Europe down, the industry will have to look elsewhere.

In the developing world, where the music business is much smaller, the figures tell a very different story: Asia was up 14.9%, with much of that growth coming from China, which was up 25.9%; Latin America grew for the 14th consecutive year, by 19.4%; and revenue from sub-Saharan Africa rose 24.7%. Other opportunities are emerging, and growth could be fueled by licensing music for AI training, as well as for social media, video games, and the next iteration of the technology formerly known as the Metaverse. Such dedication explains the fantastic growth in the vinyl market, which rose from $243.8 million in 2014 to $1.4 billion last year — almost a sixth the size of the music business of a decade ago in 2023 dollars.

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