Digital Music - Taiwan

Taiwan

Highlights

In Taiwan, revenue in the Digital Music market market is projected to reach US$295.40m in 2024.
Revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 8.21%, leading to a projected market volume of US$438.20m by 2029.
The largest market within this market is Music Streaming, which is expected to have a market volume of US$262.40m in 2024.
In a global context, the majority of revenue will be generated the United States, with a figure of US$19.08bn in 2024.
Within the Digital Music market market in Taiwan, the number of users is expected to reach 12.6m users by 2029.
User penetration is projected to be 47.8% in 2024 and is forecasted to rise to 52.5% by 2029.
As of the year 2023, a share of 36.4% of users belongs to the 36.4% group.
Taiwan's digital music market is increasingly embracing streaming platforms, reflecting a shift in consumer preferences towards on-demand access and personalized listening experiences.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Digital Music market in Taiwan has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Taiwan have shifted towards digital music consumption, with an increasing number of consumers opting for online streaming and downloading services over traditional physical formats such as CDs. This shift can be attributed to several factors, including the convenience and accessibility of digital music platforms, the wide variety of music available online, and the ability to listen to music on multiple devices. Furthermore, the younger generation in Taiwan, who are more tech-savvy and accustomed to digital platforms, have been driving the demand for digital music. One of the key trends in the digital music market in Taiwan is the rise of local music streaming platforms. These platforms cater specifically to Taiwanese consumers, offering a wide range of local music content, including popular Mandarin pop songs and Taiwanese indie music. This trend is driven by the strong sense of cultural identity and pride among Taiwanese consumers, who prefer to support local artists and listen to music that reflects their own culture and experiences. Another trend in the market is the increasing popularity of music streaming subscriptions. Many Taiwanese consumers are willing to pay a monthly fee for unlimited access to a vast library of music, as it provides them with a cost-effective and convenient way to discover and enjoy new music. This trend is in line with the global shift towards subscription-based models in the music industry, as consumers increasingly value access over ownership. In addition to customer preferences and emerging trends, there are also local special circumstances that have contributed to the development of the digital music market in Taiwan. One such circumstance is the strong presence of local music labels and artists, who have embraced digital platforms as a means of reaching a wider audience and generating revenue. This has led to an increase in the availability of local music on digital platforms, further driving the demand for digital music in Taiwan. Underlying macroeconomic factors have also played a role in the growth of the digital music market in Taiwan. The country has a high level of internet penetration and smartphone adoption, providing a solid foundation for the digital music industry to thrive. Additionally, the government has implemented policies and initiatives to support the development of the digital economy, including the promotion of digital content and the enhancement of digital infrastructure. These factors have created a favorable environment for the digital music market to flourish. In conclusion, the Digital Music market in Taiwan is experiencing growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards digital music consumption, the rise of local music streaming platforms, the popularity of music streaming subscriptions, the presence of local music labels and artists, and the supportive macroeconomic environment have all contributed to the development of the digital music market in Taiwan.

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.