The World Economic Forum has released research on long term effects of coronavirus on the music industry, with a particular focus on sales and streaming, advertising, distribution and fan engagement.

A six-month shutdown is estimated to cost the industry more than £10bn in sponsorships, with longer delays being even more devastating.

However, the research has found that the industry is fighting back with new ways to monetise music consumption and innovative models.

The crisis is likely to accelerate underlying trends in the music industry, based on the importance of streaming, which has grown from 9% to 47% of total industry revenues in just six years.

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