Goldman Sachs has said record labels and music publishers are set for a strong rebound as younger audiences continue to flock to TikTok to watch short videos.

Songs feature heavily on TikTok, which saw downloads soar as the pandemic hit in early 2020. Newly-signed licensing deals with music publishers will provide a boost with scope for “significantly more upside” for the content owners, the bank’s analysts said.

They see music industry revenues rising by 21% this year as live performances resume after the pandemic. The streaming surge on Spotify and other music platforms is also set to continue, the analysts said in a research note published Monday.

Goldman picked two stocks in particular set to benefit from this rebound: