The Digital Music market in Armenia has experienced significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Armenia have shifted towards digital music consumption due to its convenience and accessibility.
With the widespread adoption of smartphones and high-speed internet connectivity, consumers are increasingly opting for digital music streaming services and online platforms to access their favorite songs and albums. This shift in customer preferences has led to a decline in physical music sales, such as CDs and DVDs, as consumers prefer the convenience of digital music downloads and streaming. Trends in the market indicate a growing popularity of subscription-based streaming services in Armenia.
Platforms like Spotify, Apple Music, and Deezer have gained traction among Armenian consumers, offering a vast library of music and personalized recommendations. The rise of these streaming services has also led to an increase in revenue generated from digital music sales, as consumers are willing to pay for premium subscriptions to access exclusive content and features. Local special circumstances have contributed to the development of the Digital Music market in Armenia.
The country's small size and relatively low population have created a niche market for local artists and musicians. Digital platforms have provided these artists with a means to reach a wider audience and gain recognition beyond Armenia's borders. Additionally, the Armenian diaspora, scattered across the world, has shown a strong interest in Armenian music, leading to increased demand for digital music from this global audience.
Underlying macroeconomic factors have also played a role in the growth of the Digital Music market in Armenia. The country has experienced steady economic growth in recent years, leading to an increase in disposable income among consumers. This has allowed more individuals to afford digital music subscriptions and purchases, contributing to the overall growth of the market.
Furthermore, the government's efforts to improve internet infrastructure and promote digital innovation have created a favorable environment for the development of the Digital Music market. In conclusion, the Digital Music market in Armenia has seen significant growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards digital music consumption, the popularity of subscription-based streaming services, the niche market for local artists, and the country's economic growth have all contributed to the development of the market in Armenia.
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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