Traditional Music - GCC | Statista Market Forecast

Revenue in the Traditional Music market market in the GCC is projected to reach US$492.50m in 2024.
Revenue is expected to exhibit an annual growth rate (CAGR 2024-2029) of 3.57%, leading to a projected market volume of US$587.00m by 2029.
In the Traditional Music market market within the GCC, the number of listeners is anticipated to reach 13.2m users by 2029.
User penetration in the GCC will be 25.3% in 2024 and is predicted to decline to 20.7% by 2029.
The user penetration rate in the Traditional Music market market is notably highest Luxembourg, at 48.4%.
The average revenue per user (ARPU) in the GCC is expected to amount to US$32.23.
In a global context, the highest revenue will be generated the United States, with US$15.80bn in 2024.
In the GCC, traditional music is increasingly being integrated into contemporary media, reflecting a resurgence of cultural identity and heritage among younger audiences.

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.