Market Insights Digital Digital Media Digital Music

Music Downloads - Singapore

Singapore

The Music Downloads market in Singapore is expected to witness substantial growth in the coming years.
According to projections, the revenue in this market is estimated to reach €1.59m in Singapore dollars by 2024.
Furthermore, it is anticipated to exhibit an annual growth rate of -5.08% between 2024 and 2027, resulting in a projected market volume of €1.36m in Singapore dollars by 2027.
When compared globally, United States is expected to generate the highest revenue in the Music Downloads market, with an estimated revenue of €331.10m in Singapore dollars in 2024.
In terms of user base, the number of users in the Music Downloads market in Singapore is projected to increase to 0.8m users by 2027.
Additionally, the user penetration rate, which measures the proportion of the population using music downloads, is expected to be 13.0% in 2024 and is predicted to decrease slightly to 12.9% by 2027.
"Singaporeans are increasingly embracing digital music downloads as a convenient way to access their favorite songs on the go."

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

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

With music streaming services like Spotify and Apple Music in their heyday, downloading music looks like a relic of the past. Although this perception is very true for developed countries, it is not necessarily the case in emerging or developing countries. Music Streaming relies heavily on a stable and fast mobile internet connection – a technical requirement that still many countries in the world are lacking. Downloading single music files instead can even be accomplished with low speed internet connection. Thus, under these circumstances, downloading single files turns out to still be the most convenient way of consuming Digital Music.

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.