Market Insights Digital Digital Media Digital Music

Music Streaming - Bahrain

Bahrain

The Music Streaming market in Bahrain is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is set to reach US$6.47m in 2024.
Furthermore, it is anticipated that the market will experience an annual growth rate of 3.68% (CAGR 2024-2027), resulting in a projected market volume of US$7.21m by 2027.
When compared globally, in the United States is expected to generate the highest revenue, with an estimated amount of US$12,110.00m in 2024.
This highlights the dominance of the US market in the Music Streaming market.
In terms of user base, the number of Music Streaming market users in Bahrain is projected to reach 382.3k users by 2027.
User penetration, which is the percentage of the population using Music Streaming market services, is expected to increase from 18.1% in 2024 to 19.9% by 2027.
These figures indicate the immense potential and growth opportunities that the Music Streaming market holds in Bahrain.
With increasing revenue and a growing user base, the country is poised to become a significant player in the global Music Streaming market industry.
The popularity of music streaming platforms in Bahrain has surged, with a significant increase in local artists gaining recognition and exposure through these platforms.

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

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Currency

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.