Music - ASEAN

ASEAN

The Music market in ASEAN is expected to experience significant growth in the coming years.
According to projections, the total revenue in this market is set to reach US$94.75m by 2022.
This represents a substantial increase in the market's size.
Furthermore, the Music market is estimated to exhibit an impressive annual growth rate (CAGR 2022-2027) of 11.43%.
This growth rate is expected to drive the market's volume to a projected US$167.40m by 2027.
These figures demonstrate the potential for substantial expansion within the Music market industry in ASEAN.
When examining specific revenue streams within the Music market, it is projected that in-app purchases (IAP) will contribute significantly.
In 2022, IAP revenue is expected to reach US$36.37m.
Additionally, paid app revenue is projected to reach US$2.14m, while advertising revenue is estimated to reach US$56.24m.
These revenue streams indicate the diverse ways in which the Music market generates income.
Moreover, the number of downloads in the Music market is anticipated to reach 0.52bn downloads in 2022.
This figure highlights the popularity and demand for music-related applications and platforms in ASEAN.
To provide a global perspective, it is worth noting that in the United States leads in terms of revenue generation within the Music market.
In 2022, in the United States is projected to generate a staggering US$4,481.00m.
This indicates the dominance of the US market in the music industry globally.
In conclusion, the Music market in ASEAN is poised for substantial growth, with projections indicating an increase in total revenue, market volume, and various revenue streams.
These figures demonstrate the promising potential of the Music market industry in ASEAN and its importance within the global market.

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

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.