As streaming becomes more widely available with more services coming into the scene, I believe streaming will continue to grow as the world’s top used service for music. Additionally, with the resurgence in popularity of vinyl records (thanks to social media), I believe physical media for music will stick around for a while longer than previously predicted. As the IFPI report states, physical media revenue has gone up for the third year in a row, after a steady decline starting in the early 2000s when downloads and streaming were first becoming relevant.
I also believe international (non-USA) musical artists will be growing exponentially in popularity thanks to anime, video games, and other media exports of Asia. With games like Honkai: Star Rail and Love Live, and shows like Mashle (and other anime) and Spy Family, these are just some of the few media exports of Asia that have pushed international music into the western market, in part due to social media and thus the rise in popularity of these media forms. This is all without even touching the massive boom in popularity from K-Pop artists in the western world, with bands like BTS and Stray Kids being some of the most popular in the world.
Based on the global music industry revenue chart from the IFPI report, I do also believe that the dip we saw in the early 2010’s could very much happen again with a fluctuation in trends. As I stated before, I believe that physical media is making a comeback primarily because of social media trends. Once that trend dies out, interest in physical media may slow down again and begin to fall. However, with streaming continuously going up in popularity, the overall revenue of the music industry may stay level, so long as more music is being produced and there are people to enjoy that music.