Music - Europe

Europe

In 2022, the Music market in Europe is projected to generate a total revenue of US$1.58bn.
This figure signifies the expected financial performance of the industry within the region.
Furthermore, it is anticipated that the market will exhibit an annual growth rate of 11.36% from 2022 to 2027, resulting in a projected market volume of US$2.90bn by 2027.
These estimations highlight the potential growth and significance of the Music market withEurope.
Within the Music market, specific segments contribute to the overall revenue.
In-app purchase (IAP) revenue is predicted to reach US$397.40m in 2022, indicating the value generated through in-app purchases within the industry.
Similarly, paid app revenue is projected to reach US$21.30m in 2022, showcasing the financial contribution of paid applications.
Additionally, advertising revenue is expected to amount to US$1,165.00m in 2022, emphasizing the importance of advertising within the Music market.
The number of downloads within the Music market is also a significant metric to consider.
In 2022, it is estimated that there will be approximately 0.72bn downloads downloads.
This figure represents the volume of downloads within the industry.
Moreover, the average revenue per download is expected to be US$2.19, indicating the average financial return generated per download.
When considering a global perspective, it is evident that in the United States holds a dominant position within the Music market.
In 2022, in the United States is projected to generate US$4,481.00m in revenue.
This substantial figure demonstrates the significant financial contribution of the United States to the Music market industry on a global scale.
Overall, these projections and comparisons provide valuable insights into the current and potential future state of the Music market in Europe.

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.