Music - G7
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 10.82% (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$42.18m 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 690.20m 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 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
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).
