COVID-19 induced restrictions ordered by governments around the world have been an exogenous shock to the music industry, which we divide into two affected groups: 1) live music events and 2) recorded music. While the impact on live music events is rather obvious, it is unclear how the current pandemic is affecting the recorded music market. Hence, we study consumers’ pre- and post-pandemic shifts in consumer spending (in euros) and music consumption (in hours) across live music events, as well as the digital and physical submarkets of recorded music, in the world’s fourth largest music market, Germany. Relying on an online bi-annual panel capturing five waves between winter 2018/19 and winter 2020/21, we find that the COVID-19 pandemic is accelerating the continuous trend towards digitalization of the music landscape with premium streaming being the biggest beneficiary. However, total monthly consumer spending on music decreased by more than 45% compared to pre-pandemic, with live music events and physical sales being the most severely affected. Surprisingly, music consumption in hours also decreased during the lockdown even though consumers spent more time at home.