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.