We are in a transformative era of music technology. The music industry will continue to experience growth throughout the decade, with total music revenue reaching approximately $131 billion by 2030, according to Goldman Sachs. This lucrative business is built on streaming but also witnessing an unprecedented surge in innovation and entrepreneurship in artificial intelligence.
With over 300,000 tech and media professionals laid off since the beginning of 2023, according to TechCrunch , a new wave of talent has been funneled into music tech startups. This influx, coupled with the dramatic decrease in cloud storage costs and the global rise of developer talent, has catalyzed the emergence of many startups (over 400 that we have tracked) dedicated to redefining the music business through AI. These music tech startups are not just changing the way music is made and released; they are reshaping the very fabric of the industry.
They’re well-funded, too. After raising over $4.8 billion in 2022, music tech startups and companies raised almost $10 billion in funding in 2023, according to Digital Music News , indicating that venture capitalists and investors are highly optimistic about the future growth of music technology.
As Matt Cartmell , CEO of Music Technology UK, said, “Our members want us to present the music tech sector as a highly investible proposition, educating investors about the opportunities that lie within. Music tech firms are also looking for innovative models of .