Digital Music - Worldwide

Worldwide

The Digital Music market worldwide is expected to see a significant rise in revenue, reaching a projected amount of €37.56bn in 2024.
Among the various segments within this market, Music Streaming is set to dominate with a projected market volume of €27.06bn in the same year.
When comparing the revenue generated in different countries, it is evident that in the United States will lead the way, with an estimated revenue of €16,450.00m in 2024.
This showcases the strong position of the US market in the global Digital Music market industry.
Worldwide, streaming platforms like Spotify and Apple Music continue to dominate the digital music market, offering users a vast library of songs from around the globe.

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

Mercado

Región

Comparación de regiones

Moneda

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.