The crossover between music and health/wellbeing has been of growing interest to the music industry – particularly its biggest major label. So the non-profit Global Wellness Institute’s latest ‘Economy Monitor’ report may generate a few free downloads from our sector.
The report claims that the ‘global wellness economy’ was worth $6.8tn [trillion] in 2024, and predicts that this will grow to $9.8tn by 2029. How does music fit into that? The most relevant sector tracked by the report is ’Mental Wellness’, which the report estimates was worth $268.3bn in 2024.
That includes a $7.1bn meditation and mindfulness economy, but also $107bn of revenues for ‘senses, spaces and sleep’. $73bn of *that* is sleep and relaxation products and gadgets – a number of which include music in some way.
Separately, the report estimates that ‘fitness technology’ was an $85.9bn market in 2024, which includes music-driven fitness services from the likes of Peloton and Apple.
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