The optimistic visions of a post-pandemic music industry were bolstered this week by some impressive earnings results from some of the industry's bellwethers.
Spotify Stock's Rally: Too Far Too Fast? (Variety)
So far in 2020, Spotify stock is up nearly 70% and more than 100% since the March lows. Meanwhile, the S&P 500 gained 4% this year and more than 50% from the market bottom.
The global industry has lost around 75% of its value this year, but will recover to around 65% of its pre-Covid level in 2021. The recovery will likely be complete in 2022.
The company said that the growth of digital helped it to outpace the pandemic downturn, with digital now accounting for 59% of revenue, up from 56% in the first half of 2019.