Digital Music - Serbia

Serbia

Highlights

Revenue in the Digital Music market market in Serbia is projected to reach US$16.91m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.27%, resulting in a projected market volume of US$17.14m by 2029.
The largest market in Serbia is Music Streaming, with a market volume of US$14.44m in 2024.
In a global context, the majority of revenue will be generated the United States, with figures reaching US$19.08bn in 2024.
Within the Digital Music market market in Serbia, the number of users is expected to amount to 2.5m users by 2029.
User penetration will be 29.4% in 2024 and is expected to increase to 36.4% by 2029.
The usage share of Spotify in Serbia amounts to an estimated 65% of the Digital Music market market in 2023.
In the year 2023, a share of 36.7% of users falls into the 36.7% group.
In Serbia, the digital music market is experiencing a surge in local artist collaborations, enhancing cultural identity and engagement among younger audiences.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Digital Music market in Serbia is experiencing significant growth and development, driven by changing customer preferences and the increasing availability of digital music platforms. Customer preferences in Serbia have shifted towards digital music consumption, with a growing number of consumers opting for streaming services and online platforms to access their favorite songs and albums. This shift can be attributed to the convenience and accessibility offered by digital music platforms, allowing users to listen to music anytime and anywhere, without the need for physical copies or traditional music players. Additionally, the wide range of music genres and artists available on these platforms caters to diverse consumer tastes and preferences. Trends in the market indicate a strong growth trajectory for digital music in Serbia. Streaming services have gained popularity among consumers, with platforms such as Spotify and Apple Music experiencing a surge in subscriptions. This trend is expected to continue as internet penetration and smartphone usage increase, providing more opportunities for consumers to access digital music on-the-go. Furthermore, the rise of social media platforms has facilitated music discovery and sharing, enabling artists to reach a wider audience and gain recognition. Local special circumstances in Serbia contribute to the development of the Digital Music market. The country has a vibrant music scene, with a rich cultural heritage and a diverse range of music genres. This provides a fertile ground for local artists to showcase their talent and gain a following, both domestically and internationally. Additionally, the growing number of music festivals and live events in Serbia further promote the consumption of digital music, as attendees often discover new artists and songs during these events and seek to listen to them on digital platforms afterwards. Underlying macroeconomic factors also play a role in the growth of the Digital Music market in Serbia. The country's improving economic conditions and rising disposable incomes have led to an increase in consumer spending on entertainment and leisure activities, including digital music. Additionally, the widespread adoption of internet and mobile technologies has created a favorable environment for the digital music industry to thrive. As more people gain access to high-speed internet and smartphones, the demand for digital music is expected to continue growing. In conclusion, the Digital Music market in Serbia is experiencing significant growth and development, driven by changing customer preferences, the increasing availability of digital music platforms, and favorable macroeconomic factors. The shift towards digital music consumption, the popularity of streaming services, and the vibrant local music scene contribute to the market's expansion. With the continued growth of internet penetration and smartphone usage, the Digital Music market in Serbia is expected to further flourish in the coming years.

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.