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It has been predicted that in a bear market, global music industry revenue growth for 2020 could be down by ** percent from 2019 as a result of the coronavirus pandemic. Whilst the source noted that the mid case estimate is the most likely, the worst case scenario remains possible due to the impact of lockdowns on physical music sales and live events (which also negatively impacted merch sales and ad spend). In addition to this, with many consumers feeling uncertain at best or finding themselves unemployed at worst, spending on subscriptions will also be lower than usual. The best case scenario, or bull case, would see revenue growth change by just ** percent, but in every case it is clear that the music industry will struggle as a result of the pandemic and will take time to recover.