Music Streaming - South Korea

  • South Korea
  • The Music Streaming market in South Korea is projected to reach a revenue of US$0.65bn in 2024.
  • It is expected to show an annual growth rate (CAGR 2024-2027) of 6.27%, resulting in a projected market volume of US$0.78bn by 2027.
  • In comparison to other countries, in the United States is expected to generate the highest revenue in the Music Streaming market, with an estimated revenue of US$12,110.00m in 2024.
  • By 2027, the number of users in the South Korean Music Streaming market is expected to reach 17.2m users.
  • The user penetration rate is projected to increase from 30.5% in 2024 to 33.6% by 2027.
  • South Korea's music streaming market is dominated by local platforms like Melon and Genie, catering to the country's strong preference for K-pop and supporting the growth of homegrown talent.

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

 
Market
 
Region
 
Region comparison
 
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.

Overview

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