Digital Music - Chile

  • Chile
  • Revenue in the Digital Music market is projected to reach €74.79m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.07%, resulting in a projected market volume of €100.40m by 2029.
  • The largest market is Music Streaming with a market volume of €58.16m in 2024.
  • In global comparison, most revenue will be generated in the United States (€17,440.00m in 2024).
  • In the Digital Music market, the number of users is expected to amount to 11.1m users by 2029.
  • User penetration will be 48.3% in 2024 and is expected to hit 55.9% by 2029.
  • The usage share of Spotify amounts to an estimated 29% of the Digital Music segment and the selected region in 2020.
  • In the year 0 a share of 0.0% of users is in the high income group.

Key regions: Germany, China, India, United States, Europe

 
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Analyst Opinion

The Digital Music market in Chile has been experiencing steady growth in recent years, driven by changing customer preferences and the increasing availability of online music streaming platforms. Customer preferences in the Digital Music market have shifted significantly in Chile, with a growing preference for streaming services over traditional methods of music consumption.

This can be attributed to the convenience and accessibility offered by streaming platforms, which allow users to access a vast library of music on-demand. Additionally, the rise of smartphones and affordable mobile data plans has made it easier for consumers to stream music on the go. One of the key trends in the Digital Music market in Chile is the increasing adoption of paid subscription services.

As consumers become more willing to pay for premium features such as ad-free listening and offline downloads, streaming platforms have been able to generate significant revenue. This trend is expected to continue as more users recognize the value and convenience of paid subscriptions. Another trend in the market is the growing popularity of local and regional music.

Streaming platforms have made it easier for Chilean artists to reach a wider audience, both domestically and internationally. This has led to an increase in the production and consumption of local music, as well as the emergence of new genres and styles. Streaming platforms have also played a role in promoting Chilean artists and helping them gain recognition on a global scale.

In addition to customer preferences, there are several local special circumstances that have contributed to the development of the Digital Music market in Chile. One such circumstance is the high level of internet penetration in the country. Chile has one of the highest internet penetration rates in Latin America, which has facilitated the growth of online music streaming platforms.

Furthermore, the government has implemented policies to promote digital innovation and entrepreneurship, which has created a favorable environment for the development of the Digital Music market. Underlying macroeconomic factors have also played a role in the growth of the Digital Music market in Chile. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending.

This has allowed more consumers to afford paid subscription services and contribute to the revenue of streaming platforms. Additionally, the increasing popularity of smartphones and the availability of affordable mobile data plans have made it easier for consumers to access and stream music online. Overall, the Digital Music market in Chile is developing in response to changing customer preferences, local special circumstances, and underlying macroeconomic factors.

The increasing adoption of streaming services, the popularity of paid subscriptions, and the promotion of local music are all contributing to the growth of the market. With the continued expansion of internet access and the government's support for digital innovation, the Digital Music market in Chile is expected to continue its upward trajectory in the coming years.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the Music, Radio & Podcasts market, which comprises all revenues generated by traditional and digital radio advertising, consumer purchases of live music event tickets, all sales of tangible audio recording formats, paid digital downloads of professionally produced single tracks / compilations, ad-supported services, and 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., Consumer Insights), 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). Consumer Insights data is reweighted for representativeness.

Visión general

  • Revenue
  • Analyst Opinion
  • Market Shares
  • Users
  • Demographics
  • Media Usage
  • Global Comparison
  • Key Players
  • Methodology
  • Key Market Indicators
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