In Statista’s Digital Music Worldwide study, global revenue in the digital music segment is projected to be $14.3-billion in 2020, rising to nearly $17-billion in 2024.
In this study, “digital music” is defined as must which is heard or acquired from the internet, and includes streaming plus music downloading.
As with every other collection of metrics in this space, digital music downloads are skidding downward as streaming grows. In the rate-of-growth department, 2020 appears as the peak of year-over-year growth for streaming, with a projected 8% from 2019, and that growth rate slowing in the next few years. Downloaded music shows reduction line instead of a growth line, and that declining metric will peak next year at -11.2%, Statista projects. That number is -10.3% for 2020.
Combining the two, Statista says the overal digital music growth for 2020 will be 5.3%.