Digital Music - Greece

Greece

Highlights

In Greece, revenue in the Digital Music market market is projected to reach US$114.00m in 2024.
Revenue is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 4.05%, leading to a projected market volume of US$139.00m by 2029.
The largest market within this market in Greece is Music Streaming, which will have a market volume of US$92.20m in 2024.
Compared to global figures, the majority of revenue will be generated the United States, which is projected to reach US$19.08bn in 2024.
In the Digital Music market market in Greece, the number of users is anticipated to amount to 5.0m users by 2029.
User penetration will be 43.8% in 2024 and is expected to increase to 49.9% by 2029.
The usage share of Spotify is estimated to be 65.0% of the Digital Music market market in Greece in 2023.
In the year 2023, a share of 37.2% of users is recorded in the 37.2% group.
In Greece, the digital music market is experiencing a resurgence, driven by increased streaming adoption and a growing appreciation for local artists and genres.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Digital Music market in Greece is experiencing significant growth and development, driven by changing customer preferences and local special circumstances.

Customer preferences: Greek consumers have shown a strong preference for digital music over physical formats such as CDs or vinyl records. This shift in consumer behavior can be attributed to several factors. Firstly, the convenience and accessibility of digital music platforms have made it easier for consumers to discover and listen to a wide range of music. With just a few clicks, consumers can access millions of songs from various genres and artists. Additionally, the ability to create personalized playlists and share music with friends and family has also contributed to the popularity of digital music.

Trends in the market: One major trend in the Greek Digital Music market is the rise of streaming services. Streaming platforms such as Spotify, Apple Music, and Deezer have gained significant traction in recent years. These platforms offer a vast library of songs that can be streamed on-demand, providing consumers with unlimited access to music for a monthly subscription fee. The convenience and affordability of streaming services have attracted a large number of Greek consumers, leading to a decline in physical music sales. Another trend in the market is the increasing popularity of local Greek music. Greek artists and musicians have gained significant recognition both domestically and internationally, leading to a surge in demand for Greek music. Streaming platforms have played a crucial role in promoting and distributing Greek music, allowing artists to reach a wider audience and gain international exposure. This trend has not only contributed to the growth of the Greek Digital Music market but has also helped in preserving and promoting Greek cultural heritage.

Local special circumstances: Greece has a vibrant music scene with a rich cultural heritage. The country is known for its traditional music genres such as rebetiko and laiko, which have a dedicated fan base. The popularity of these genres has translated into a strong demand for digital music platforms that offer a wide selection of Greek music. Streaming services have played a crucial role in meeting this demand by providing a platform for Greek artists to showcase their music and connect with their fans.

Underlying macroeconomic factors: The growth of the Digital Music market in Greece can also be attributed to favorable macroeconomic factors. The country has witnessed an increase in smartphone penetration and internet connectivity, which has facilitated the adoption of digital music platforms. Additionally, the availability of affordable data plans and the expansion of high-speed internet infrastructure have made it easier for consumers to stream music on their mobile devices. These factors have contributed to the overall growth of the Digital Music market in Greece. In conclusion, the Digital Music market in Greece is experiencing significant growth and development due to changing customer preferences, the rise of streaming services, the increasing popularity of local Greek music, and favorable macroeconomic factors. As the market continues to evolve, it is expected that digital music will continue to dominate the Greek music industry, providing consumers with a convenient and accessible way to enjoy their favorite songs.

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.