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Digital Music - Vietnam

Vietnam
  • In Vietnam, revenue in the Digital Music market market is projected to reach US$48.71m in 2024.
  • Revenue is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 4.81%, leading to a projected market volume of US$61.61m by 2029.
  • The largest market within this market is Music Streaming, anticipated to have a market volume of US$25.92m in 2024.
  • In a global context, the United States will generate the most revenue, amounting to US$19.08bn in 2024.
  • Within the Digital Music market market in Vietnam, the number of users is projected to reach 13.1m users by 2029.
  • User penetration is expected to be 12.4% in 2024 and is projected to increase to 12.8% by 2029.
  • The usage share of Zing MP3 is estimated to represent 46.0% of the Digital Music market market in Vietnam and the selected region in 2023.
  • In the year 2023, a share of 37.1% of users falls within the 37.1% group.
  • Vietnam's digital music market is experiencing a surge in popularity, driven by an increase in mobile streaming and local content creation.

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.

In-Scope

  • Digital audio content that is distributed to the end user over the internet
  • Paid digital downloads of single tracks, albums, and/or album compilations
  • Subscription-based streaming services (free, ad-supported, and paid)
  • Digital Advertising from ad-supported free versions of premium subscription services plus services funded by advertising

Out-Of-Scope

  • Video streams
  • Downloads of audio books
Music, Radio & Podcasts: market data & analysis - Cover

Market Insights report

Music, Radio & Podcasts: market data & analysis

Study Details

    Revenue

    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

    Analyst Opinion

    The Digital Music market in Vietnam has been experiencing significant growth in recent years, driven by changing customer preferences and the availability of local music streaming platforms. Customer preferences in Vietnam have shifted towards digital music consumption, with an increasing number of people opting for streaming services over traditional methods of music consumption. This can be attributed to the convenience and accessibility offered by digital platforms, allowing users to access a wide range of music anytime and anywhere. Furthermore, the younger generation in Vietnam, who are more tech-savvy and connected, are more inclined towards digital music streaming services. Trends in the market indicate a growing demand for local music streaming platforms in Vietnam. While global streaming giants like Spotify and Apple Music are popular worldwide, local platforms such as Zing MP3 and NhacCuaTui have gained significant traction in the Vietnamese market. These platforms offer a vast collection of Vietnamese music, catering to the preferences of local music enthusiasts. Additionally, these platforms often provide a more localized user experience, including curated playlists and recommendations tailored to Vietnamese listeners. Local special circumstances have also played a role in the development of the Digital Music market in Vietnam. The Vietnamese government has implemented policies to support the growth of the digital economy, including the promotion of digital music platforms. This has created a favorable environment for the development of local music streaming platforms and has encouraged investment in the sector. Additionally, the popularity of Vietnamese music, both within the country and among the Vietnamese diaspora, has contributed to the growth of the local digital music market. Underlying macroeconomic factors have also contributed to the growth of the Digital Music market in Vietnam. The country's strong economic growth and rising disposable incomes have increased the affordability and accessibility of digital music services. Furthermore, the increasing penetration of smartphones and internet connectivity has facilitated the adoption of digital music streaming platforms. As more people gain access to mobile devices and internet services, the potential customer base for digital music platforms continues to expand. In conclusion, the Digital Music market in Vietnam is experiencing significant growth due to changing customer preferences, the availability of local music streaming platforms, local special circumstances, and underlying macroeconomic factors. As digital music consumption continues to rise and local platforms gain traction, the market is expected to further expand in the coming years.

    Users

    Most recent update: Nov 2024

    Source: Statista Market Insights

    Demographics

    Most recent update: Mar 2024

    Sources: Statista Market Insights, Statista Consumer Insights Global

    Media Usage

    Most recent update: Mar 2024

    Source: Statista Consumer Insights Global

    Key Players

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Most recent update: Mar 2024

    Source: Statista Company Insights

    Global Comparison

    Most recent update: Nov 2024

    Source: Statista Market Insights

    Methodology

    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.

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    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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