Music - Colombia

Colombia

In 2022, the Music market in Colombia is projected to generate a total revenue of US$15.85m.
This represents a significant growth opportunity for the country's music industry.
Looking ahead, the market is expected to continue its upward trajectory with an annual growth rate of 11.93% from 2022 to 2027.
By the end of this period, the projected market volume is estimated to be US$29.08m.
Breaking down the revenue streams, in-app purchases (IAP) are expected to contribute US$4.38m to the Music market in 2022.
Additionally, paid app revenue is projected to reach US$0.70m, while advertising revenue is estimated to be US$10.77m in the same year.
The number of downloads in the Music market is also anticipated to see an impressive increase, reaching 75.60m downloads in 2022.
Currently, the average revenue per download stands at US$0.21.
When comparing the global music market, it's worth noting that in the United States leads the pack with a projected revenue of US$4,481.00m in 2022.
This highlights the dominance of the US market in the music industry.
Overall, these projections suggest a promising future for the Music market in Colombia, with significant revenue growth and a growing number of downloads.

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.