The theme "Live And Merch Revenue Outpacing Recorded Music" describes a significant shift in the music industry where income generated from live performances and merchandise sales is increasingly surpassing that from recorded music. This trend highlights the growing importance of direct fan engagement and experiences, with the live industry's profit pool remaining robust and even outpacing recorded music in total dollars¹. The global merchandise market is also projected to grow significantly, reaching an estimated $16.3 billion by 2030². While global recorded music revenues continue to grow, reaching US$29.6 billion in 2024³, the relative growth and scale of live and merchandise revenue streams are becoming more prominent.