Music Games - Portugal

Portugal

The Music Games market in Portugal is expected to witness significant growth in the coming years.
According to projections, the total revenue in this market is estimated to reach US$0.79m by 2022.
This indicates a promising future for the industry.
Furthermore, the Music Games market is anticipated to demonstrate an annual growth rate of 9.79% between 2022 and 2027, resulting in a projected market volume of US$1.35m by 2027.
Such growth prospects highlight the increasing popularity and demand for music games among consumers.
In terms of revenue sources within the Music Games market, in-app purchases (IAP) are projected to contribute significantly.
It is estimated that IAP revenue will reach US$245.10k in 2022, indicating the willingness of consumers to make in-app purchases to enhance their gaming experience.
Additionally, paid app revenue in the Music Games market is projected to reach US$40.59k in 2022.
This suggests that consumers are willing to invest in paid applications to access premium features and content.
Moreover, advertising revenue within the Music Games market is expected to reach US$504.20k in 2022.
This demonstrates the potential for advertisers to target a large and engaged user base within the music gaming industry.
The number of downloads in the Music Games market is projected to reach 4.67m downloads in 2022, indicating a substantial user base.
This large download volume further highlights the popularity of music games among consumers in Portugal.
Currently, the average revenue per download in the Music Games market is expected to amount to US$0.17.
This metric provides insights into the revenue generated per individual download, showcasing the potential profitability of the market.
In a global comparison, it is worth noting that in China generates the highest revenue in the Music Games market, projected to reach US$1,358.00m in 2022.
This showcases the dominance of the Chinese market and the immense revenue potential within the country.
Overall, the Music Games market in Portugal is poised for growth, with various revenue streams and a large user base contributing to its success.

Key regions: South Korea, United States, Europe, India, China

Market

Region

Region comparison

Currency

Analyst Opinion

Since the start of Apple, Inc.'s App Store in 2008 with around 500 apps, mobile apps have come to dominate the digital economy and have quickly outpaced the demand for desktop applications. As of 2021, the Apple App Store and Google Play Store had more than 5 million apps combined. Because many apps from the West are not available in China, many new app stores have emerged there. Digital lifestyles around the world now depend on adopting mobile apps, especially when it comes to social networking. The games industry has also been thoroughly transformed by the app revolution and is demonstrated by the fact that the games category is the largest and highest-grossing app category.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenue from in-app purchases, revenue from the purchase of apps, and revenue from advertising, as well as the number of downloads for each app category.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use market data from independent databases and third-party sources, current trends, and reported performance indicators of top market players. In addition, we use relevant key market indicators and data from country-specific associations, such as smartphone users and mobile broadband connections. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, 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/capita, level of digitization, and consumer attitudes toward apps.

Additional notes:

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 case market dynamics change.