For years, the music industry has treated streaming like its golden goose — endlessly scalable, data-driven, and seemingly unstoppable. But as it turns out, even golden geese eventually slow down. New insights from MIDiA Research suggest that the next phase of growth will not come from squeezing more plays out of listeners, but from something far more human: fandom. According to Tatiana Cirisano, “expanded rights” — particularly merchandise and live experiences — are emerging as the industry’s fastest-growing segment, with growth surpassing 20% in 2025 and outpacing traditional revenue streams.
From Consumption to Connection
What we are witnessing is not just a shift in revenue streams, but a shift in mindset. The industry is moving away from a model centered on passive consumption and toward one built on active fan engagement. In other words, it is no longer just about listening to music — it is about belonging to it. This transition reflects a deeper realization: streams may generate scale, but fandom generates value.
Gen Z Is Rewriting the Rulebook
If anyone is driving this change, it is younger audiences — particularly those aged 16 to 24. While classic merchandise like t-shirts still has its place, it is no longer enough to meet expectations. Today’s fans are looking for variety, creativity, and products that fit seamlessly into their personal identity — from hoodies and accessories to more niche and unconventional items. Raised in highly personalized digital ecosystems, this generation expects the same level of customization in the physical world.
Less Branding, More Belonging
Another striking trend is the move away from loud, logo-heavy merchandise. Instead, fans are increasingly drawn to subtle, insider-oriented designs — products that signal affiliation without broadcasting it. It is a shift from “look at me” to “you’ll get it if you know.” This evolution suggests that merch is no longer just promotional material. It is becoming a cultural language — one that communicates identity, taste, and community.
Live Experiences Are Levelling Up
The transformation does not stop at merchandise. Live music is undergoing its own upgrade. Fans are no longer satisfied with standard concerts; they are looking for experiences that feel unique, immersive, and emotionally meaningful. The bar is rising, and simply showing up on stage is no longer enough. For artists and the wider industry, this means rethinking what a “live event” can and should be.
Conclusion: The Real Business Is the Fan
If streaming was about access, the next era is about connection. As highlighted by Tatiana Cirisano, growth will increasingly depend on how well the industry understands and serves its audience — not just as listeners, but as participants. And while the industry may still be busy optimizing algorithms and chasing the next billion streams, the real opportunity might be much simpler: give fans something they actually care about. Because in the end, you cannot build a lasting business on background listening — but you can build one on people who genuinely give a damn.
Rudy (32) currently based in Bergamo, here since 2019.
https://www.linkedin.com/in/rudy-cassago-522452179/