Goldman Sachs Says Music Will Hit $198 Billion by 2035: What It Means for Indian Independent Artists

Wall Street has just made a very big bet on music. Goldman Sachs' tenth annual Music in the Air report, released this week, predicts the global music business will grow from $112.5 billion in 2025 to $198.1 billion by 2035. For the first time since 2022, the bank has raised its forecast for recorded music.

That is a headline for investors, but the details matter even more for independent artists. The report explains where the new money will come from: more paid subscribers, regular price rises, superfans, live shows and emerging markets like India. If you release music on your own, those are exactly the levers you can pull.

In this explainer, we break down what the Goldman Sachs Music in the Air 2026 report says, why it matters for Indian independent artists, and five practical moves to make now so you share in the growth instead of watching it from the side.

What the Goldman Sachs Music in the Air 2026 report says

The report was covered on 16 October 2026 by Digital Music News and Hypebot. The key numbers:

• Whole industry: $112.5 billion (2025) to $198.1 billion (2035), about 5.8% growth a year across recorded music, publishing and live.
• Recorded music: rightsholder revenue from $31.7 billion to $56.1 billion, a 5.9% yearly growth rate.
• Subscription streaming: the fastest-growing piece, from about $17 billion to $33 billion (7.1% a year).
• Paid subscribers: from roughly 837 million to about 1.5 billion worldwide.
• Publishing: around 4.8% growth a year.
• Live music: $37.4 billion in 2025, rising to more than $65 billion by 2035.

The four engines of growth

Goldman points to a few clear drivers. Streaming services are expected to keep raising prices every 12–24 months, after breaking the old $9.99 ceiling with little loss of subscribers. Developing markets are still being built out, which means millions of new paying listeners. Clampdowns on shared plans and new features such as high-fidelity audio and audiobooks add more. And ad-supported streaming, weak for years, could improve through "middle tiers" between free and premium.

Superfans and AI: the two big themes

Goldman now says its older assumption, that superfans spend about twice as much as average listeners, was too conservative. Hypebot also highlights that close to half of fans pay more than the minimum when artists let them choose their price.

On AI, the bank sees roughly a 10% upside to subscription streaming revenue by 2035 from licensed tools and new products. But it also warns that labels face a "structural risk" of losing market share as AI-generated tracks take a slice of the royalty pool.

Why this matters for Indian independent artists

India is one of the clearest examples of the "developing market" story Goldman describes. Music is everywhere, but paying for it is still new.

According to the EY–IMI report released in July 2026, India had about 14 million paid music subscriptions at the end of 2025, compared with more than 200 million video subscriptions. EY expects that to reach 28–30 million by 2028. The same survey found 96% of smartphone users listen to music, and 61% said they would pay if free options disappeared and pricing were reasonable.

Put the two reports together and the picture is simple: India's listener base is huge, and the share that pays is set to grow fast. Every new paying subscriber on Spotify, JioSaavn, Apple Music, Amazon Music or YouTube Music adds money to the royalty pool that your streams draw from.

The catch: more music competing for that money

Growth does not land evenly. Goldman's warning about AI-generated tracks diluting market share applies to independent artists too. When more tracks chase the same pool, the artists who win are the ones whose music is properly delivered, correctly tagged and actively promoted. Simply uploading and hoping is no longer enough.

Five moves to make now

The report reads like a to-do list for artists who want to be ready for 2030 and beyond.

1. Be on every store where paying listeners are

Subscription streaming is the fastest-growing slice of the industry. Make sure every release reaches Spotify, Apple Music, JioSaavn, Amazon Music, YouTube Music and Gaana, plus global stores, so you earn wherever new subscribers sign up. Learn the basics in our guide on what music distribution is.

2. Keep your rights and your metadata clean

As AI floods platforms, clean credits, ISRCs and correct songwriter details help your human-made work get identified and paid. Keep split sheets for every collaboration and register your compositions with IPRS.

3. Build superfans, not just streams

Goldman's superfan point is the most useful one for independents. A thousand listeners who buy merch, attend gigs and pre-save every release can be worth more than a viral moment. Collect emails or WhatsApp contacts, share behind-the-scenes content and give fans a reason to come back.

4. Plan for live income

Live music is forecast to pass $65 billion by 2035. Even small local shows, college fests and online gigs build the fan relationships that streaming alone cannot. Release your music before a show season so audiences can find you afterwards.

5. Promote every release properly

More music means more competition for playlists and attention. Plan each release at least 2–3 weeks ahead, pitch it to editors, and run focused campaigns. Our playlist pitching service and MV Marketing are built for exactly this.

Where the next decade's money will grow

Live music and subscription streaming are the two standout growth stories in the report. For an independent artist in India, that points to a balanced career: steady streaming income from a well-distributed catalogue, plus direct fan income from shows and merchandise. If you want to understand the Indian side of the subscription story in more detail, read our breakdown of India's paid music revolution.

How Maheshwari Visuals helps you ride the growth

MV Distribution sends your music to 100+ stores, including Spotify, Apple Music, JioSaavn, Amazon and YouTube Music, usually live within 24 hours. You keep 100% of your rights, and our human support team replies within 24 hours. More than 200K artists already trust us with their releases.

When you are ready to grow beyond distribution, MV Marketing helps with playlist pitching and release campaigns, so your music has a real chance to be heard in a crowded market.

Conclusion

The Goldman Sachs Music in the Air 2026 report says the music business is heading towards $198.1 billion by 2035, led by subscription streaming, live shows and fans who spend more than ever. India sits right in the middle of that story, with paid subscriptions expected to double in just a few years.

Three takeaways: be on every store where paying listeners are, protect your rights and metadata as AI music grows, and invest in superfans and live income alongside streams. The growth is real, and independent artists who prepare now can claim their share of it.

Ready to put your music where the growth is? Sign up for free music distribution with Maheshwari Visuals and release your next track to 100+ stores.

Frequently asked questions

What is the Goldman Sachs Music in the Air report?

It is an annual forecast of the global music industry by Goldman Sachs. The 2026 edition, its tenth, predicts total music revenue will grow from $112.5 billion in 2025 to $198.1 billion by 2035.

Will streaming royalties grow for independent artists in India?

The overall pool is expected to grow as more people pay for music and prices rise. EY–IMI expects India's paid music subscriptions to grow from about 14 million to 28–30 million by 2028. Your share still depends on your streams, distribution and promotion.

How does AI music affect independent artists' earnings?

Goldman warns AI-generated tracks could take a share of the royalty pool. Clean metadata, honest AI declarations and strong fan relationships help human artists stand out.

What should Indian artists focus on to grow their income?

Distribute widely, keep rights and metadata in order, build a loyal fan base, play live, and promote every release with a plan.

How fast can I get my music on Spotify and JioSaavn?

With Maheshwari Visuals, releases usually go live within 24 hours across 100+ stores, including Spotify, JioSaavn and Apple Music.

Source: Goldman Sachs Music in the Air 2026 report, as reported by Digital Music News (16 October 2026), Hypebot (16 October 2026) and InterSpace Music (16 October 2026); India data from the EY–IMI press release (24 July 2026).