Argentina, a country known for its rich culture and vibrant music scene, is experiencing significant growth in the digital music market. With the rise of streaming platforms and increasing internet penetration, more and more Argentinian consumers are turning to digital music for their listening needs.
Customer preferences: In Argentina, customer preferences are shifting towards digital music consumption. Streaming platforms like Spotify, Apple Music, and YouTube Music have gained popularity among music lovers. This shift can be attributed to the convenience and accessibility offered by these platforms. Users can access a vast library of songs and create personalized playlists, catering to their specific tastes and moods. Additionally, the ability to stream music on multiple devices and download songs for offline listening has further enhanced the appeal of digital music.
Trends in the market: One of the key trends in the digital music market in Argentina is the growth of local music streaming platforms. These platforms focus on promoting local artists and showcasing the diverse music culture of the country. By offering a curated selection of Argentine music, these platforms cater to the preferences of the local audience and provide a platform for emerging artists to gain exposure. Another trend is the increasing adoption of paid subscription models. While ad-supported free streaming services are still popular, more consumers are willing to pay for premium features such as ad-free listening, higher audio quality, and exclusive content. This shift towards paid subscriptions is driven by the desire for a more seamless and uninterrupted music listening experience.
Local special circumstances: Argentina has a strong music culture, with a wide range of genres and artists. The popularity of tango, folk, and rock music has contributed to the growth of the digital music market. Local artists have also embraced digital platforms as a means of reaching a wider audience and gaining recognition beyond the borders of Argentina. Additionally, the high smartphone penetration rate in Argentina has played a significant role in the growth of the digital music market. With smartphones becoming increasingly affordable and accessible, more consumers have the means to access digital music platforms on-the-go.
Underlying macroeconomic factors: The growth of the digital music market in Argentina is also influenced by macroeconomic factors. The country has experienced periods of economic instability, which have led to fluctuations in consumer spending. During times of economic downturn, consumers may prioritize free or low-cost streaming options over paid subscriptions. Conversely, during periods of economic growth, consumers may be more willing to invest in premium music streaming services. Furthermore, the increasing internet penetration rate in Argentina has provided a solid foundation for the growth of the digital music market. As more consumers gain access to reliable internet connections, they are able to stream music seamlessly and explore a vast library of songs. In conclusion, the digital music market in Argentina is experiencing significant growth due to shifting customer preferences, the rise of local music streaming platforms, and the increasing adoption of paid subscription models. The country's rich music culture, high smartphone penetration rate, and underlying macroeconomic factors all contribute to the development of the digital music market in Argentina.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the Music, Radio & Podcasts market, which comprises all revenues generated by traditional and digital radio advertising, consumer purchases of live music event tickets, all sales of tangible audio recording formats, paid digital downloads of professionally produced single tracks / compilations, ad-supported services, and subscription-based, on-demand streaming services. All monetary figures refer to consumer spending on digital goods or subscriptions in the respective market. This spending factors in discounts, margins, and taxes.Modeling approach / market size:
The market size is determined through a bottom-up approach. We use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Consumer Insights), as well as performance factors (e.g., user penetration, price per product, usage) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as various macroeconomic indicators, historical developments, current trends, and reported performance indicators of key market players. In particular, we consider average prices and annual purchase frequencies.Forecasts:
We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, and 4G coverage.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Consumer Insights data is reweighted for representativeness.
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