Digital Music - Montenegro

Montenegro

Highlights

In Montenegro, revenue in the Digital Music market market is projected to reach US$688.70k in 2024.
Revenue in this market is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 7.41%, leading to a projected market volume of US$984.60k by 2029.
The predominant market within this sector in Montenegro is Music Streaming, with a market volume of US$523.70k in 2024.
When comparing globally, the highest revenue will be generated the United States, which is forecasted to reach US$19.08bn in 2024.
Within the Digital Music market market in Montenegro, the number of users is anticipated to amount to 91.2k users by 2029.
User penetration in Montenegro will be 13.8% in 2024 and is expected to increase to 14.6% by 2029.
In Montenegro, the digital music market is experiencing a surge in local artists gaining international recognition through innovative online platforms and streaming services.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Digital Music market in Montenegro has been experiencing significant growth in recent years, driven by changing customer preferences, global market trends, and local special circumstances.

Customer preferences: Customers in Montenegro have shown a strong preference for digital music over physical formats. This can be attributed to the convenience and accessibility offered by digital platforms, allowing users to stream or download music anytime and anywhere. Additionally, the increasing popularity of smartphones and high-speed internet has made it easier for people to consume digital music on the go.

Trends in the market: One of the key trends in the digital music market in Montenegro is the shift from ownership to access. Streaming services have gained immense popularity, offering users a vast library of music to choose from without the need to purchase individual songs or albums. This trend is in line with global market trends, as streaming services have become the dominant mode of music consumption worldwide. Another trend in the market is the rise of local and regional music. Montenegro has a rich cultural heritage and a vibrant music scene, and digital platforms have provided a platform for local artists to reach a wider audience. This has led to a growing demand for Montenegrin music, both within the country and among the diaspora.

Local special circumstances: Montenegro is a small country with a relatively small population, which presents both opportunities and challenges for the digital music market. On one hand, the small market size allows for more targeted marketing efforts and personalized recommendations, which can enhance the user experience. On the other hand, the limited market size may pose challenges in terms of scale and profitability for digital music platforms. Furthermore, Montenegro has a strong tourism industry, attracting visitors from all over the world. This presents an opportunity for digital music platforms to cater to the diverse musical preferences of tourists, offering them a taste of local music alongside international hits.

Underlying macroeconomic factors: The growth of the digital music market in Montenegro is also influenced by underlying macroeconomic factors. The country has been experiencing steady economic growth in recent years, leading to an increase in disposable income and consumer spending. This has contributed to the willingness of consumers to pay for digital music subscriptions and services. Additionally, the government has been investing in improving digital infrastructure, such as expanding broadband coverage and increasing internet speeds, which has further facilitated the growth of the digital music market. In conclusion, the Digital Music market in Montenegro is experiencing growth due to changing customer preferences, global market trends, and local special circumstances. Customers in Montenegro are increasingly opting for digital music over physical formats, driven by the convenience and accessibility offered by digital platforms. The shift from ownership to access, the rise of local and regional music, and the country's strong tourism industry are key trends in the market. Furthermore, underlying macroeconomic factors, such as economic growth and improvements in digital infrastructure, are contributing to the expansion of the digital music market in Montenegro.

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.