From Music Business Worldwide · · 1m 10s
Goldman Sachs urges music industry to prioritize fan sales
Goldman Sachs says direct-to-consumer music sales could grow to hundreds of millions by 2036.
In brief
Goldman Sachs says direct-to-consumer music sales could grow to hundreds of millions by 2036. Goldman Sachs' Music in the Air report shows direct-to-consumer music sales could reach hundreds of millions by 2036, with artists gaining pricing power and fan relationships. Originally reported by Music Business Worldwide.
Goldman Sachs report
Goldman Sachs published Music in the Air report on October 15, 2026.
Direct-to-consumer growth
Goldman Sachs estimates digital D2C revenue at tens of millions today, potentially reaching hundreds of millions by 2036.
D2C doesn't cannibalize streaming
Artists running direct-to-fan windows ahead of DSP releases grow total music revenue without reducing streaming activity.
Superfans pay more
Nearly half of fans voluntarily pay above the artist-set minimum for superfan tiers.
D2C builds fan relationships
D2C creates direct relationships with fans through chart eligibility, data access and catalog monetization.
J. Cole's campaign
J. Cole's The Fall-Off campaign signed up 600,000 fans ahead of a tour presale that sold over 800,000 tickets.
Goldman revises assumptions
Goldman Sachs is revising superfan spending assumptions upward and expects digital D2C to grow as the market matures.
What to remember
Goldman Sachs' Music in the Air report shows direct-to-consumer music sales could reach hundreds of millions by 2036, with artists gaining pricing power and fan relationships.
