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 11.92% 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$703.10k, 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 United States leads the pack with a projected revenue of US$4.48bn 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
Definition:
The Music market contains apps that enable users to listen to a wide variety of music and audio files. The most popular apps are Spotify and Pandora, music streaming services whose advanced recommender systems help users to discover new artists based on their current tastes and create unique music playlists. Meanwhile, through cutting-edge technology, the Shazam app is able to identify any piece of music, even in noisy environments. Apps that support the composition, performance, and/or recording of music also fall into this category.Additional Information:
We consider three different sources of revenue:- Revenue from in-app purchases (IAP) that comes from the purchase of features, upgrades, and subscriptions within an app
- Paid app revenue from the one-time purchase of an app
- Advertising revenue obtained from showing ads within an app
In-Scope
- Apps that can be downloaded from major app stores such as Apple, Inc.'s App Store and the Google Play store, or in the case of China, from stores such as Huawei AppGallery and Tencent Appstore.
- Apps that are run on iPhones and Android phones.
Out-Of-Scope
- Apps exclusively offered by Microsoft Store and Amazon Appstore for Android.
- Custom-made apps not available from any official app store.
- B2B/C2C app sales of any kind.
- Subscription revenues outside of in-app purchases (for example, Netflix and Spotify use their own payment systems outside of their apps).
