Market Insights Advertising & Media Media Music, Radio & Podcasts

Traditional Music - South Korea

South Korea

In South Korea, revenue in the Traditional Music market market is projected to reach US$679.10m in 2024.
Revenue is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 1.34%, leading to a projected market volume of US$725.90m by 2029.
In this market, the number of listeners in South Korea is anticipated to amount to 13.6m users by 2029.
User penetration is expected to be 25.4% in 2024 and is projected to increase to 26.4% by 2029.
While South Korea's user penetration will grow, it is noteworthy that the highest user penetration in the Traditional Music market market is found Luxembourg, with a rate of 48.4%.
The average revenue per user (ARPU) in South Korea is expected to amount to US$51.72.
In a global context, the majority of revenue will be generated the United States, which is projected to reach US$15,800.00m in 2024.
In South Korea, the resurgence of traditional music in media is fostering a renewed cultural identity, captivating younger audiences through innovative digital platforms.

Key regions: China, Japan, Asia, United Kingdom, India

Market

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Currency

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.