Aug 30, 2017

Music streaming revenue projected to grow six-fold by 2030

Erica Pandey, author of @Work

Screen grab from Taylor Swift's "Look What You Made Me Do" music video. Swift allowed her music to be streamed on Spotify this summer after a 3-year hiatus.

Close to 850 million people worldwide will pay to subscribe to a music streaming service by 2030, according to a Goldman Sachs projection reported by Music Business Worldwide. That translates to $28 billion global yearly revenue from services such as Spotify and Apple Music, which is more than 6 times the $4.56 billion revenue they brought in for 2016.

Why it matters: Music streaming services having been gaining popularity quickly, and their subscriber numbers passed Netflix at the beginning of 2017. The growth of these services will change the shape of the music industry as platforms like Netflix have done for television.

What's next: Spotify will likely do a direct listing IPO this fall.

Go deeper

Why the coronavirus pandemic is hitting minorities harder

Illustration: Aïda Amer/Axios. Photo: Mark Makela/Getty Images

The coronavirus’ disproportionate impact on black and Latino communities has become a defining part of the pandemic.

The big picture: That's a result of myriad longstanding inequities within the health care system and the American economy.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 6,804,044 — Total deaths: 362,678 — Total recoveries — 2,788,806Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 1,909,077 — Total deaths: 109,497 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: Some people are drinking and inhaling cleaning products in attempt to fight coronavirus, CDC says Fauci: "Very concerned" about spread of virus amid George Floyd protests — Cities offer free testing for protesters.
  4. Tech: The pandemic is accelerating next-generation disease diagnostics — Robotics looks to copy software-as-a-service model as use of robots accelerates.
  5. Business: Sports, film production in California to resume June 12 after 3-month hiatus.
  6. Education: Students and teachers flunked remote learning.

In photos: George Floyd's North Carolina memorial service

The remains of George Floyd are brought into Cape Fear Conference B Church. Photo: Ed Clemente/POOL/AFP via Getty Images

Hundreds gathered in Raeford, North Carolina to honor George Floyd, whose death in Minneapolis nearly two weeks ago has sparked nationwide protests against police brutality.

The state of play: This is the second memorial for Floyd. A number of his family members remain in Raeford, including his sister. He was born in Fayetteville, North Carolina, The News and Observer reports.