Digital Music - Cambodia

Cambodia

Highlights

In Cambodia, revenue in the Digital Music market market is projected to reach US$2.66m in 2024.
Revenue is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 9.19%, leading to a projected market volume of US$4.13m by 2029.
The largest market within this market in Cambodia is Music Streaming, with a market volume of US$1.81m in 2024.
In a global context, the highest revenue will be generated the United States, with US$19.08bn in 2024.
In the Digital Music market market specific to in Cambodia, the number of users is expected to reach 5.3m users by 2029.
User penetration in Cambodia will be at 26.5% in 2024 and is anticipated to increase to 29.7% by 2029.
In Cambodia, the digital music market is experiencing a surge in local artist collaborations, reflecting a growing appetite for culturally resonant content among younger audiences.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Cambodia, a country known for its rich cultural heritage and historical landmarks, is also experiencing a significant development in its Digital Music market. With the increasing popularity of smartphones and internet access, Cambodian consumers are embracing the convenience and accessibility of digital music platforms.

Customer preferences: Cambodian consumers are increasingly turning to digital music platforms for their entertainment needs. The convenience of streaming services allows users to access a vast library of music anytime and anywhere. This shift in consumer behavior is driven by the desire for on-demand access to a wide range of music genres and artists.

Trends in the market: One of the key trends in the Cambodian Digital Music market is the rise of local music streaming platforms. These platforms cater to the preferences of Cambodian consumers by offering a wide selection of local music, including traditional Cambodian songs and contemporary Khmer pop. This trend reflects the cultural pride and appreciation for local music among Cambodian consumers. Another trend in the market is the increasing popularity of curated playlists. Digital music platforms are leveraging algorithms and user data to create personalized playlists that cater to individual preferences. This trend is driven by the desire for customized music experiences and the convenience of discovering new songs and artists.

Local special circumstances: Cambodia's Digital Music market is also influenced by local special circumstances. One such circumstance is the dominance of mobile devices as the primary means of accessing digital music. With a high smartphone penetration rate, Cambodian consumers are more likely to stream music on their mobile devices rather than on desktop computers. This preference for mobile streaming has led to the development of mobile-friendly music platforms and apps. Furthermore, the relatively low cost of internet data in Cambodia has contributed to the growth of the Digital Music market. Affordable data plans make it more accessible for consumers to stream music without incurring high data charges. This affordability factor has played a significant role in driving the adoption of digital music platforms among Cambodian consumers.

Underlying macroeconomic factors: The development of Cambodia's Digital Music market is also influenced by underlying macroeconomic factors. The country's growing economy and increasing disposable incomes have led to higher consumer spending on entertainment and leisure activities. As a result, Cambodian consumers are more willing to invest in digital music subscriptions and services. Additionally, the rapid expansion of internet infrastructure in Cambodia has facilitated the growth of the Digital Music market. Improved internet connectivity and coverage have made it easier for consumers to access and stream music seamlessly. This infrastructure development has created a conducive environment for the digital music industry to thrive. In conclusion, the Digital Music market in Cambodia is experiencing significant growth due to customer preferences for on-demand access to a wide range of music, the rise of local music streaming platforms, the popularity of curated playlists, and the dominance of mobile devices. Local special circumstances, such as the preference for mobile streaming and affordable data plans, further contribute to the market's development. Underlying macroeconomic factors, including the country's growing economy and improved internet infrastructure, also play a crucial role in driving the growth of the Digital Music market in Cambodia.

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.