Digital Music - Worldwide

  • Worldwide
  • The projected revenue in the Digital Audio market for Worldwide is expected to reach US$36.31bn in 2023.
  • It is also anticipated to show an annual growth rate (CAGR 2023-2028) of 6.00%, resulting in a projected market volume of US$48.60bn by 2028.
  • Among the various market segments, Music Streaming holds the largest market share with a volume of US$25.84bn in 2023.
  • In comparison to other countries, in the United States is projected to generate the highest revenue, amounting to US$15,690.00m in 2023.
  • Furthermore, in the Digital Audio market, the number of users is expected to reach US$15,690.00m by 2028.
  • The user penetration rate is predicted to be 17.4% in 2023 and is expected to increase to 19.4% by 2028.
  • Despite the global popularity of digital music, the widespread internet access in countries such as the United States has fueled a surge in streaming services and a decline in physical music sales.

Key regions: Germany, Asia, South Korea, United States, India

Region comparison

Analyst Opinion

The Digital Music market is a forerunner of change that many digital markets have yet to experience in full. Nonetheless, the Music Downloads market is the only one in the Digital Media market that is expected to diminish over the next few years. Music streaming services have successfully convinced consumers of the benefits of streaming audio content. Although we do not expect music downloads to disappear completely, it is clear that sales from this market will be absorbed more or less completely by the shift to music streaming.


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.


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.


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