Traditional Music - EU-27 | Statista Market Forecast

In the EU-28.2%, revenue in the Traditional Music market market is projected to reach US$8.84bn in 2024.
Revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 4.26%, leading to a projected market volume of US$10.89bn by 2029.
By 2029, the number of listeners in the Traditional Music market market within the EU-28.2% is expected to amount to 119.8m users.
User penetration will be 28.2% in 2024 and is predicted to decrease to 27.0% by 2029.
In the EU-28.2%'s Traditional Music market market, the highest user penetration rate is recorded Luxembourg at 48.4%.
The average revenue per user (ARPU) in this market is expected to amount to US$70.03.
In a global context, most revenue will be generated the United States, with an estimated US$15.80bn in 2024.
The EU-27 is increasingly embracing traditional music in the media as a vital cultural asset, fostering national identity and community engagement across member states.

Definition:

The Traditional Music market refers to the industry involved in creating, distributing, and experiencing music through conventional means, such as physical formats like CDs and vinyl records, as well as live music events. This market caters to a wide range of musical tastes and preferences, spanning genres like classical, jazz, folk, and popular music, and plays a vital role in preserving cultural heritage while also fostering artistic expression and entertainment.

Structure:

The Traditional Music market comprises the sale of physical recorded music, such as CDs, vinyl records, and cassette tapes, along with revenue generated from live music ticket sales.

Additional Information:

The market comprises revenues, users, average revenue per user, and penetration rates. Revenues are generated through purchases. Key players in the market are companies, such as Universal Music Group, Sony Music Entertainment, and Warner Music Group.

Ticket sales of live music events such as concerts, and festivals
Tangible recording formats such as CDs, and Vinyls

Internet-based services for music streaming services, music downloads, Radio, and Podcasts such as Spotify
Audio advertising such as Ads that appear in music and podcast streaming services

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.

This report presents a comprehensive analysis and additional information on the Advertising & Media market, in a PDF format.