Music - Southern Africa

Southern Africa

The Music market in Southern Africa is poised for significant growth, with total projected revenue expected to reach US$16.48m in 2022.
This indicates a promising future for the industry in the region.
Furthermore, the market is anticipated to exhibit a steady annual growth rate of 10.68% (CAGR 2022-2027), resulting in a projected market volume of US$27.28m by 2027.
When examining the specific revenue streams within the Music market, it is projected that in-app purchases (IAP) will contribute significantly, with a projected revenue of US$5.09m in 2022.
Additionally, paid app revenue is expected to reach US$1.00m in the same year.
Furthermore, advertising revenue is projected to make a substantial contribution, with an estimated value of US$10.38m in 2022.
In terms of user engagement, the number of downloads within the Music market is expected to reach 45.02m downloads in 2022.
This highlights the popularity of music apps and platforms in Southern AfriMoreover, the current average revenue per download is expected to amount to US$0.37, indicating a favorable monetization potential within the market.
In a global context, it is noteworthy that in the United States generates the highest revenue in the Music market, with a projected value of US$4,481.00m in 2022.
This further emphasizes the dominance of the United States in the global music industry.
Overall, the Music market in Southern Africa displays promising revenue projections, driven by various revenue streams and a growing user base.
With the market's continued expansion, it is expected to contribute significantly to the region's economic growth and cultural development.

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.