Music Tectonics From Vinyl Revivals to Glocalization: An Economic Perspective with Will Page
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Mar 12, 2025 Will Page, author of 'Pivot' and former chief economist at Spotify, digs into the booming global music market now worth $45.5 billion. He discusses the rise of music exports, especially from Mexico and Colombia, and the thrilling comeback of vinyl records. Page also highlights the shift to CRM systems for artists directly engaging with fans. Additionally, he explores how YouTube is winning in emerging markets through social integration, while cautioning that Trump’s tariffs could hit musical instrument manufacturers hard.
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Music Industry Surpasses Cinema
- The global music industry value has doubled in a decade to $45.5 billion, now surpassing cinema.
- This growth flips the narrative of music as a "sick man" of media to being a booming sector leading the pack.
Vinyl's Resurgence and Equality
- Vinyl sales in the U.S. alone hit $1 billion, showing remarkable growth despite being considered obsolete.
- Vinyl payments benefit all album tracks equally, supporting artists beyond hit singles.
Streaming Growth Is Uneven
- Streaming volume growth is driven mostly by poorer Southern markets, while revenue remains concentrated in richer Northern markets.
- This causes a lopsided streaming economy with slow revenue growth despite high streaming increases.
