Music - Northern Europe

Northern Europe

The Music market in Northern Europe is expected to experience significant growth in the coming years.
According to projections, the total revenue is expected to reach US$138.00m in 2022.
This represents a substantial increase in the market's financial performance.
Furthermore, the market is projected to continue growing with an annual growth rate of 10.70% from 2022 to 2027.
This growth rate is expected to lead to a market volume of US$237.80m by 2027.
Within the Music market, various revenue streams contribute to its overall performance.
In-app purchase (IAP) revenue is projected to reach US$41.42m in 2022, indicating the popularity of purchasing additional content within music apps.
Additionally, paid app revenue is expected to reach US$2.54m in 2022, reflecting the willingness of consumers to pay for premium music applications.
Advertising revenue within the Music market is also projected to reach US$94.08m in 2022, indicating the importance of advertising as a revenue source.
The number of downloads within the Music market is expected to reach 23.39m downloads in 2022, showcasing the high demand for music-related applications.
Currently, the average revenue per download is estimated to be US$5.90, highlighting the value each download contributes to the market's revenue.
Taking a global perspective, it is interesting to note that in the United States generates the most revenue within the Music market.
In 2022, it is projected to reach a substantial US$4,481.00m.
This emphasizes the economic significance of the Music market in the United States.
Overall, the Music market in Northern Europe is poised for growth, driven by various revenue streams such as in-app purchases, paid apps, and advertising.
With the increasing number of downloads and the average revenue per download, the market is expected to thrive in the coming years.
Additionally, the global comparison underscores in the United States' dominance in generating revenue within the Music market.

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.