Digital Music - Peru

Peru

The Digital Music market in Peru is expected to see a significant increase in revenue, with projections indicating it will reach US$68.81m in 2024.
Among the various segments within the market, Music Streaming is anticipated to be the largest, with a projected market volume of US$56.27m in 2024.
When compared globally, it is notable that United States is expected to generate the highest revenue, reaching US$17,990.00m in 2024.
Peru's digital music market is experiencing a surge in local artists' popularity, driving increased streaming and downloads.

Key regions: China, Germany, India, Asia, Europe

Market

Region

Region comparison

Currency

Analyst Opinion

The Digital Music market is a forerunner of change that many digital markets are still going through. Yet the Music Downloads market is the only market in the Digital Media market which is expected to decrease over the next years. Music Streaming services have successfully convinced consumers of the benefits of streaming audio content. Albeit we do not expect Music Downloads to disappear completely, it is obvious that the shift to Music Streaming will devour sales coming from Music Downloads almost completely.

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.