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The Digital Music market in Southern Africa is experiencing significant growth and development.
Customer preferences: Customers in Southern Africa have shown a strong preference for digital music platforms and streaming services. This can be attributed to the convenience and accessibility offered by these platforms, allowing users to listen to their favorite music anytime and anywhere. Additionally, the affordability of digital music compared to physical formats has also contributed to its popularity in the region.
Trends in the market: One of the key trends in the Digital Music market in Southern Africa is the increasing adoption of mobile devices for music streaming. With the widespread availability of smartphones and affordable data plans, more and more people are using their mobile devices to access digital music platforms. This trend is expected to continue as mobile penetration and internet connectivity improve in the region. Another trend in the market is the rise of local and regional music streaming platforms. Southern Africa has a rich and diverse music culture, and there is a growing demand for platforms that cater specifically to local tastes and preferences. These platforms not only provide a wide range of local music but also support local artists and promote their work.
Local special circumstances: One of the unique aspects of the Digital Music market in Southern Africa is the influence of traditional music genres. Traditional African music has a strong presence in the region, and many digital music platforms have recognized the demand for this genre. As a result, there has been an increase in the availability of traditional African music on these platforms, catering to the preferences of the local population.
Underlying macroeconomic factors: The growth of the Digital Music market in Southern Africa can be attributed to several macroeconomic factors. Firstly, the increasing internet penetration and smartphone adoption in the region have created a favorable environment for the development of digital music platforms. As more people gain access to the internet and mobile devices, the potential customer base for digital music services expands. Secondly, the rise of the middle class in Southern Africa has contributed to the growth of the Digital Music market. With rising disposable incomes, more people are able to afford digital music subscriptions and streaming services. This has led to an increase in demand for these services and has fueled the growth of the market. In conclusion, the Digital Music market in Southern Africa is experiencing significant growth and development due to customer preferences for convenience and accessibility, the increasing adoption of mobile devices for music streaming, the rise of local and regional music streaming platforms, the influence of traditional music genres, and underlying macroeconomic factors such as internet penetration and rising disposable incomes.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)