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 the Middle East and North Africa (MENA) region is experiencing significant growth and development. Customer preferences in the MENA region are shifting towards digital music platforms due to several factors. Firstly, the increasing availability of high-speed internet and smartphone penetration has made it easier for consumers to access and stream music online. This has led to a rise in the popularity of streaming services, as they offer a convenient and affordable way for consumers to listen to their favorite songs on-demand. Additionally, the younger population in the region, who are more tech-savvy and open to new digital experiences, are driving the demand for digital music platforms. Trends in the market show that local music is gaining popularity in the MENA region. Streaming platforms are now offering a wide range of Arabic music, catering to the preferences of the local population. This trend can be attributed to the increasing number of local artists and the growing recognition of their talent on a global scale. As a result, there is a growing demand for digital music platforms that provide a diverse selection of Arabic music. Furthermore, the MENA region has a strong culture of music and entertainment, which has contributed to the growth of the digital music market. Music plays a significant role in social gatherings and celebrations, and the availability of digital music platforms has made it easier for people to access and share music for these occasions. This has led to an increase in the consumption of music in the region. Local special circumstances in the MENA region also contribute to the development of the digital music market. In some countries, there are restrictions on the distribution and sale of physical music, making digital platforms the primary source of music for consumers. Additionally, the MENA region has a large expatriate population, who often use digital music platforms to stay connected to their home countries and cultures. Underlying macroeconomic factors, such as economic growth and increasing disposable income, also play a role in the development of the digital music market in the MENA region. As the economies in the region continue to grow, more people have the means to access and pay for digital music services. This has created a favorable environment for digital music platforms to thrive and expand their user base. In conclusion, the Digital Music market in the MENA region is witnessing significant growth and development due to changing customer preferences, the popularity of local music, local special circumstances, and underlying macroeconomic factors. As the region continues to embrace digital technology and experience economic growth, the digital music market is expected to further expand and evolve in the coming years.
Most recent update: Nov 2024
Source: Statista Market 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