Market Insights Digital Digital Media Digital Music

Music Streaming - Southern Asia

Southern Asia

The Music Streaming market in Southern Asia is expected to witness significant growth in the coming years.
By 2024, the projected revenue is estimated to reach US$0.62bn.
This growth is anticipated to continue with an annual growth rate (CAGR 2024-2027) of 7.95%, resulting in a projected market volume of US$0.78bn by 2027.
In comparison to other countries, United States is expected to generate the highest revenue in the Music Streaming market, reaching US$12,110.00m in 2024.
This highlights the dominance of the US market in the global music streaming industry.
Furthermore, the number of users in the Music Streaming market is predicted to increase steadily.
By 2027, the estimated number of users is projected to reach 126.2m users.
This indicates a growing user base in Southern Asia, demonstrating the popularity and widespread adoption of music streaming services in the region.
Moreover, user penetration, which refers to the percentage of the population using music streaming services, is expected to increase from 5.7% in 2024 to 6.5% by 2027.
This signifies the continuous expansion of the market and the increasing acceptance of music streaming platforms among the population.
The music streaming market in Southern Asia is booming, with a rapid increase in paid subscriptions and a growing demand for local and regional music content.

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.