Industry Health Check
Q3 earnings reports from this week reveal a music industry in full bloom. Live Nation reported
an eye-popping $3.8B in revenue and robust growth in concerts, sponsorships, and ticket sales, including an 8% growth increase in concert attendance. Apple reported
$10B in revenue from its services, which include Apple Music and iTunes. Spotify reported
87M paid subscribers, up 40% from a year ago, and 109M ad-supported subscribers. Spotify is so big in fact, that label execs are starting to fret
about the platform "doing a Netflix," and rendering labels unnecessary. Artists already find strong incentives
to list directly on the platform. Despite its size, Spotify isn't quite making a profit yet. That might be about to change.