Digital Music - Bahrain

Bahrain

Highlights

In Bahrain, revenue in the Digital Music market market is projected to reach US$5.55m in 2024.
This revenue is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 5.70%, leading to a projected market volume of US$7.33m by 2029.
The predominant market within this market in Bahrain is Music Streaming, which is anticipated to have a market volume of US$4.14m in 2024.
In a global context, the majority of revenue will be generated the United States, with figures reaching US$19.08bn in 2024.
In Bahrain's Digital Music market market, the number of users is expected to reach 799.3k users by 2029.
User penetration in Bahrain will be at 47.1% in 2024 and is projected to increase to 51.2% by 2029.
Bahrain's digital music market is experiencing a surge in demand as local artists increasingly leverage streaming platforms to reach global audiences.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Digital Music market in Bahrain has been experiencing significant growth in recent years, driven by changing customer preferences and the increasing availability of digital music platforms. Customer preferences in Bahrain have shifted towards digital music consumption, with a growing number of people opting for streaming services and online music downloads. This can be attributed to the convenience and accessibility of digital music platforms, which allow users to access a wide range of music anytime and anywhere. Additionally, the rise of smartphones and high-speed internet connectivity has made it easier for consumers to stream music on the go. In terms of trends, there has been a surge in the popularity of local and regional music in Bahrain. Digital music platforms have provided a platform for Bahraini artists to showcase their talent and reach a wider audience. This has led to the emergence of a vibrant music scene in the country, with an increasing number of local artists gaining recognition both domestically and internationally. Another trend in the market is the growing demand for personalized music recommendations and curated playlists. Streaming services are leveraging artificial intelligence and machine learning algorithms to analyze user preferences and create customized playlists based on individual tastes. This personalized approach to music discovery has resonated with consumers in Bahrain, who are seeking tailored music experiences. Local special circumstances in Bahrain have also contributed to the development of the Digital Music market. The country has a young and tech-savvy population, with a high smartphone penetration rate. This has created a favorable environment for the adoption of digital music platforms, as consumers are more inclined to embrace new technologies and digital services. Additionally, Bahrain has a thriving entertainment industry, with numerous music festivals and events taking place throughout the year. This has further fueled the demand for digital music, as consumers look for ways to discover and stay updated with the latest music trends. Underlying macroeconomic factors, such as the growth of the digital economy and increasing disposable income, have also played a role in the development of the Digital Music market in Bahrain. The country has been actively promoting digital transformation and innovation, which has created an enabling environment for digital music platforms to thrive. Additionally, the rising disposable income levels in Bahrain have allowed consumers to allocate a larger share of their budget towards entertainment and leisure activities, including digital music consumption. Overall, the Digital Music market in Bahrain is poised for further growth, driven by changing customer preferences, local special circumstances, and underlying macroeconomic factors. As digital music platforms continue to innovate and cater to the evolving needs of consumers, the market is expected to expand and diversify in the coming years.

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.