Music - G7

In 2022, the Music market is expected to generate a total revenue of US$6.51bn.
Looking ahead, this market is projected to experience an annual growth rate of 10.83% (CAGR 2022-2027), resulting in a projected market volume of US$11.38bn by 2027.
Specifically, in the Music market, revenue from in-app purchases (IAP) is projected to reach US$2.31bn in 2022.
Additionally, revenue from paid app downloads is projected to reach US$0.04bn in the same year.
Furthermore, advertising revenue in the Music market is expected to reach US$4.16bn in 2022.
This indicates the significant role that advertisements play in generating revenue within this market segment.
Moving on to the number of downloads, it is projected that there will be approximately 0.69bn downloads downloads in the Music market in 2022.
Currently, the average revenue per download is expected to be US$9.43.
This metric provides insight into the value generated by each individual download within the Music market.
In terms of global comparisons, it is worth noting that in the United States leads in revenue generation, with an estimated revenue of US$4.16bn in 2022.
This highlights the significant contribution of the United States to the overall Music market, especially within the G7 country group.

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.