Key regions: Germany, China, India, United States, Europe
The Digital Music market in Benelux has been experiencing significant growth in recent years, driven by changing customer preferences and favorable market conditions. Customer preferences in the Digital Music market have shifted towards streaming services, as consumers increasingly value convenience and access to a wide range of music.
Streaming services offer users the ability to listen to music on-demand, create personalized playlists, and discover new artists and genres. This shift in preference has led to a decline in physical sales of music, such as CDs, as consumers opt for the convenience of digital platforms. Trends in the Digital Music market in Benelux include the rise of local and regional streaming platforms.
While global streaming services like Spotify and Apple Music dominate the market, there has been a growing demand for local and regional platforms that cater to specific cultural preferences. These platforms often offer curated playlists and content that resonate with local audiences, providing a unique user experience. Another trend in the Digital Music market is the increasing popularity of live streaming concerts and virtual events.
With the COVID-19 pandemic limiting live music performances, artists and music festivals have turned to digital platforms to reach their audience. Live streaming concerts allow fans to enjoy live music from the comfort of their homes, creating a new revenue stream for artists and promoters. Local special circumstances in the Digital Music market in Benelux include the linguistic diversity of the region.
With three official languages (Dutch, French, and German), there is a demand for music in different languages and genres. Local streaming platforms have capitalized on this diversity by offering a wide range of music in various languages, catering to the preferences of different language communities. Underlying macroeconomic factors that have contributed to the growth of the Digital Music market in Benelux include the increasing internet penetration and smartphone adoption in the region.
With more people having access to high-speed internet and mobile devices, the demand for digital music services has grown significantly. Additionally, the availability of affordable data plans has made it easier for consumers to stream music on-the-go. In conclusion, the Digital Music market in Benelux is experiencing growth due to changing customer preferences, the rise of streaming services, and favorable market conditions.
Local and regional streaming platforms, live streaming concerts, and the linguistic diversity of the region are driving trends in the market. The increasing internet penetration and smartphone adoption in Benelux are underlying macroeconomic factors that have contributed to the growth of the Digital Music market.
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.
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