Music Streaming - Senegal

  • Senegal
  • The Music Streaming market in Senegal is anticipated to experience substantial growth in the coming years.
  • It is projected that the revenue in this market will reach US$0.77m in 2024.
  • Furthermore, it is expected to exhibit an annual growth rate of 6.50% from 2024 to 2027, resulting in a projected market volume of US$0.93m by 2027.
  • In comparison to other countries around Worldwide, in the United States is forecasted to generate the highest revenue in the Music Streaming market, reaching US$12,110.00m in 2024.
  • As for the number of users, it is expected that the Music Streaming market in Senegal will have approximately 256.7k users users by 2027.
  • The user penetration rate, which represents the proportion of the population using music streaming services, is predicted to be 1.1% in 2024 and is projected to increase to 1.3% by 2027.
  • Senegal's music streaming market is experiencing a surge in popularity, driven by a growing interest in local Afrobeat and Mbalax genres.

Key regions: India, Asia, South Korea, France, Germany

 
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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.

Visión general

  • Revenue
  • Analyst Opinion
  • Users
  • Global Comparison
  • Key Players
  • Methodology
  • Key Market Indicators
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