Digital Music - Ireland

Ireland

Highlights

In Ireland, revenue in the Digital Music market market is projected to reach US$132.60m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.55%, resulting in a projected market volume of US$157.90m by 2029.
The largest market in Ireland is Music Streaming, which will have a market volume of US$117.80m in 2024.
In global comparison, the most revenue will be generated the United States, which is estimated at US$19.08bn in 2024.
In the Digital Music market market in Ireland, the number of users is expected to amount to 3.0m users by 2029.
User penetration in Ireland will be 52.8% in 2024 and is expected to hit 56.5% by 2029.
The usage share of Spotify in Ireland amounts to an estimated 46.0% of the Digital Music market market and the selected region in 2023.
In the year 2023, a share of 34.3% of users in Ireland is categorized in the 34.3% group.
In Ireland, the digital music market is experiencing a surge in streaming popularity, reflecting the nation's growing appetite for diverse musical genres and platforms.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Digital Music market in Ireland has been experiencing significant growth in recent years, driven by changing customer preferences and the availability of streaming services.

Customer preferences: Irish consumers have shown a strong preference for digital music over physical formats such as CDs or vinyl records. This shift in preference can be attributed to several factors. Firstly, the convenience of digital music allows users to access their favorite songs anytime, anywhere, through their smartphones or other devices. Additionally, the ability to create personalized playlists and discover new music through streaming platforms has resonated with Irish music enthusiasts.

Trends in the market: One of the key trends in the Irish Digital Music market is the rise of streaming services. Platforms such as Spotify, Apple Music, and Deezer have gained significant popularity among Irish consumers, offering a vast library of songs and personalized recommendations. This trend is driven by the increasing availability of high-speed internet connections and the widespread adoption of smartphones. As a result, the demand for physical music media has declined, leading to the closure of many traditional music stores. Another trend in the market is the growing popularity of local Irish artists. Streaming platforms have provided a platform for independent musicians to showcase their talent and reach a wider audience. This has led to the emergence of vibrant music scenes in cities like Dublin, Galway, and Cork, contributing to the overall growth of the Irish music industry.

Local special circumstances: Ireland has a rich musical heritage, with traditional Irish music being deeply ingrained in the culture. This has created a strong sense of national pride and support for local artists. Irish consumers often prioritize supporting local musicians and bands, which has contributed to the growth of the digital music market in the country. Additionally, the popularity of music festivals and live performances has further fueled the demand for digital music, as fans seek to discover and listen to the music of their favorite artists.

Underlying macroeconomic factors: The strong economic growth in Ireland has also played a role in the development of the Digital Music market. As disposable incomes have increased, consumers have been more willing to spend on entertainment, including digital music subscriptions. Additionally, the high levels of smartphone penetration and internet connectivity in Ireland have created a favorable environment for the growth of the digital music industry. In conclusion, the Digital Music market in Ireland has experienced significant growth due to changing customer preferences, the rise of streaming services, and the support for local artists. These trends, combined with favorable macroeconomic factors, have contributed to the overall development of the market in Ireland.

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.