Digital music revenue in Israel will reach $40m in 2020, according to Statista, which also predicts an annual growth rate of 6.6% from 2020 to 2024, with streaming revenue to expand by 15.6% in 2020 to $36m. This result would put Israel – the subject of our latest country profile – roughly on a par with the Czech Republic in the world rankings. And yet the country also offers rather unique opportunities for the global music industry, according to Liat Sade-Sternberg, CEO of Fuse.it, thanks to the strengths of its tech sector.
“Speaking about innovation and music, this is where I see the major and leading startups and opportunities coming out of Israel,” said Sade-Sternberg. “It’s not about more of Spotify solution or more streaming solutions, it is more about how music is going to evolve and expand into wellness and augmented reality and new vectors.” This will be of particular interest to Universal Music, which announced earlier this month that it was to open a new office in Israel. Read the full Israel country profile here.