Market Insights Digital Digital Media Digital Music

Music Streaming - Southern Africa

Southern Africa

The Music Streaming market in Southern Africa is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$79.30m by 2024.
Furthermore, it is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 4.28% between 2024 and 2027, resulting in a projected market volume of US$89.92m by 2027.
When compared globally, United States is expected to generate the highest revenue in the Music Streaming market, reaching a staggering US$12,110.00m in 2024.
This indicates the dominance of the US market in terms of revenue generation.
In terms of user base, the number of Music Streaming market users in Southern Africa is projected to reach 7.2m users by 2027.
This showcases the increasing popularity and adoption of Music Streaming market services in the region.
The user penetration rate, which is the percentage of the population using Music Streaming market services, is expected to grow from 8.9% in 2024 to 9.8% by 2027.
These figures highlight the immense potential and growth opportunities in the Music Streaming market in Southern Africa, as well as the global market dominance of the United States.
In Southern Africa, music streaming platforms are increasingly popular as they provide access to a diverse range of local and international music from various genres.

Key regions: South Korea, China, United Kingdom, France, Asia

Market

Region

Region comparison

Currency

Analyst Opinion

When comparing the music consumption patterns of nowadays and those of only one decade ago, it is astonishing how deeply technological progress has influenced the (digital) music market. The disruptive impact of Music Streaming services like Spotify or Apple Music not only won the battle against illegal distribution, but also broke down all frontiers and made access to all kinds of music as easy as ever. However, in order to stand out, many services are now starting to reverse this trend by investing in exclusivity – like pre-releasing new music or offering unique content such as concerts or podcasts.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the Digital Music market. Digital music is defined as audio content distributed to the end-user over the internet. This includes paid digital downloads of professionally produced single tracks or albums/compilations as well as subscription-based on-demand streaming services. All monetary figures refer to consumer spending on digital goods or subscriptions in the respective market. This spending factors in discounts, margins, and taxes.

Modeling approach / market size:

The market size is determined through a bottom-up approach. We use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Global Consumer Survey), as well as performance factors (e.g., user penetration, price per product, usage) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as various macroeconomic indicators, historical developments, current trends, and reported performance indicators of key market players. In particular, we consider average prices and annual purchase frequencies.

Forecasts:

We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, 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 per capita, consumer spending per capita, and 4G coverage.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. 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 some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). GCS data is reweighted for representativeness.