A new report says faster-growing markets are threatening to eventually usurp Europe's status as the second-largest recorded music market after the U.S. and Canada.
The $5 billion in gains, up 16% in constant currency, were equally split between recorded music and publishing, according to the annual report from Will Page.
The closely watched Goldman Sachs "Music in the Air" report lowered previous forecasts for recorded music and streaming revenue.
Thanks to a higher streaming growth rate and hits from artists like Taylor Swift and Morgan Wallen, consumption was up 13.8% in the first 20 weeks of the year.
