Definition:
Digital music refers to music that is stored, transmitted, and accessed in a digital format, typically through electronic devices such as computers, smartphones, tablets, and digital audio players. Digital music can be created, distributed, and consumed entirely in digital form, without the need for physical media such as CDs, vinyl records, or cassette tapes. Digital music can be in various file formats, such as MP3, AAC, FLAC, or WAV, and can be downloaded, streamed, or purchased online from digital music platforms, online stores, or streaming services. Digital music has revolutionized the way music is produced, distributed, and consumed, providing greater accessibility, convenience, and flexibility for music lovers around the world.Structure:
The market consists out of music streaming, which is the streaming of music through apps on a subscription basis, music downloads, which is the download of music on a device, music streaming advertising and podcast advertising, which are the advertising spendings in each of the markets.Additional Information:
The market comprises revenues, users, average revenue per user, and penetration rates. Revenues are generated through purchases and subscriptions. Market numbers for digital music can also be found in the digital media topic. Key players in the market are companies, such as Spotify, Apple or Amazon.Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Nov 2024
Source: Statista Market Insights
Most recent update: Nov 2024
Source: Statista Market Insights
The Digital Music market in Indonesia has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.
Customer preferences: In Indonesia, there has been a shift in customer preferences towards digital music consumption. With the rise of smartphones and affordable internet access, more and more Indonesians are turning to streaming platforms and digital downloads for their music needs. This shift is driven by the convenience and accessibility offered by digital music platforms, allowing users to access a wide variety of music anytime, anywhere. Additionally, the younger generation in Indonesia is more tech-savvy and digitally connected, further fueling the demand for digital music.
Trends in the market: One of the key trends in the Indonesian digital music market is the growing popularity of local music. Indonesian music, including traditional and contemporary genres, has gained significant traction both domestically and internationally. This has led to an increase in demand for digital platforms that offer a wide selection of local music. As a result, local artists and musicians are able to reach a larger audience and monetize their music through digital platforms. Another trend in the market is the rise of music streaming services. Streaming platforms such as Spotify, Joox, and Apple Music have gained popularity in Indonesia, offering users access to a vast library of music. These platforms provide a personalized music experience, allowing users to discover new music based on their preferences and listening habits. The convenience and affordability of streaming services have made them a preferred choice among Indonesian music enthusiasts.
Local special circumstances: Indonesia is a diverse country with a rich musical heritage. The country is home to various traditional music genres, such as gamelan and dangdut, which have a strong cultural significance. The popularity of these genres has contributed to the growth of the digital music market in Indonesia. Additionally, the rise of local music festivals and events has created a platform for local artists to showcase their talent and gain recognition.
Underlying macroeconomic factors: The growth of the digital music market in Indonesia is also influenced by macroeconomic factors. The country has experienced steady economic growth in recent years, resulting in an increase in disposable income and purchasing power. This has allowed more Indonesians to afford smartphones and internet access, driving the demand for digital music. Furthermore, the government has taken initiatives to improve internet infrastructure and promote digital technology, creating an enabling environment for the digital music market to thrive. In conclusion, the Digital Music market in Indonesia is experiencing significant growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The shift towards digital music consumption, the rise of local music, the popularity of streaming services, and the country's diverse musical heritage have all contributed to the growth of the digital music market in Indonesia. With the continued development of technology and infrastructure, the digital music market is expected to further expand in the coming years.
Most recent update: Nov 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Sources: Statista Market Insights, Statista Consumer Insights Global
Most recent update: Mar 2024
Source: Statista Consumer Insights Global
Most recent update: Jul 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Company Insights
Most recent update: Nov 2024
Source: Statista Market Insights
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights