Music - India

India

The Music market in India is expected to experience substantial growth in the coming years.
According to projections, the total revenue in this market is set to reach US$96.23m by 2022.
This figure represents the overall income generated from various sources within the Music market industry.
Looking ahead, the Music market is anticipated to exhibit an annual growth rate of 14.42% from 2022 to 2027.
This compound annual growth rate (CAGR) is a key indicator of the market's potential for expansion.
By 2027, the market volume is estimated to reach US$207.90m.
In terms of revenue breakdown, in-app purchases (IAP) are projected to contribute US$14.81m to the Music market in 2022.
This revenue stream is generated through purchases made within music-related applications.
Additionally, paid app revenue is expected to reach US$1.06m in 2022.
This revenue is derived from the sale of paid music applications.
Furthermore, advertising revenue is projected to reach US$80.36m in 2022.
This revenue is generated through advertisements displayed within music-related platforms.
In terms of user engagement, the number of downloads in the Music market is expected to reach 1.06bn downloads in 2022.
This figure represents the total count of music-related applications downloaded by users.
Currently, the average revenue per download stands at US$0.09.
This metric provides insights into the average income generated per individual download.
When comparing the Music market internationally, it is worth noting that in the United States leads in terms of revenue generation.
In 2022, in the United States is projected to generate US$4,481.00m in revenue within the Music market.
These figures demonstrate the significant potential and growth opportunities present in the Music market in India.
With a strong projected revenue and a promising annual growth rate, this market segment is poised for success in the coming years.

Key regions: Asia, Europe, United States, India, South Korea

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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.