Music - Peru

Peru

The Music market in Peru is expected to experience significant growth in the coming years.
According to projections, the total revenue in this market is set to reach US$6.63m in 2022.
This is a remarkable figure that showcases the potential of the industry within the country.
Furthermore, the Music market is anticipated to exhibit an annual growth rate of 11.77% between 2022 and 2027.
This steady growth is expected to result in a market volume of US$11.45m by 2027.
These numbers indicate a promising future for the Music market in Peru.
When examining specific revenue streams within the Music market, it is projected that in-app purchases (IAP) will contribute significantly.
In 2022, IAP revenue is expected to reach US$2.67m.
This demonstrates the increasing popularity of in-app purchases among consumers in Peru.
Paid app revenue is also projected to play a role in the Music market's growth, with an estimated value of US$0.65m in 2022.
This revenue stream highlights the willingness of consumers to invest in paid applications related to music.
Additionally, advertising revenue is expected to make a substantial contribution to the overall revenue in the Music market.
Projections indicate that advertising revenue will reach US$3.31m in 2022, further emphasizing the market's potential for growth.
In terms of user engagement, the number of downloads in the Music market is projected to reach 33.10m downloads in 2022.
This high number of downloads indicates a strong demand for music-related content among consumers in Peru.
When considering the average revenue per download, it is currently expected to amount to US$0.20.
This figure outlines the average income generated from each download, providing insights into the profitability of the Music market in Peru.
In a global comparison, it is worth noting that in the United States generates the highest revenue in the Music market.
In 2022, in the United States is projected to generate a staggering US$4,481.00m in revenue.
This comparison highlights the potential for growth in the Peruvian market, as it continues to develop and expand its music industry.

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.