Global Music Retail Market to See Steady Growth, with China Set to Become a Key Player
TapTechNews July 7th news, the market research institution Omdia pointed out in the latest forecast that the sales of the global music retail market will continue to grow, among which subscription services will drive most of the growth; the sales in the Chinese market is expected to double within five years and become the largest in Asia and the second largest in the world music market.
By the end of 2024, the global sales will reach 43.9 billion US dollars (TapTechNews note: currently about 319.675 billion yuan).
In 2027, it will exceed 50 billion US dollars (currently about 364.094 billion yuan).
In 2028, it will reach 53.4 billion US dollars (currently about 388.853 billion yuan).
Among them, subscription services (including platforms such as Spotify, AppleMusic and YouTubeMusic) will drive most of the growth, increasing from 24.3 billion US dollars (currently about 17.695 billion yuan) in 2023 to 26.8 billion US dollars (currently about 19.5155 billion yuan) this year, an increase of 10.4%.
By 2028, the subscription revenue is expected to exceed 34.4 billion US dollars (currently about 25.0497 billion yuan), and the compound annual growth rate is expected to be 7.2%.
The institution pointed out that in the next five years, the growth rate of advertising (compound annual growth rate 5.7%) will exceed that of physical sales (compound annual growth rate 2%), but physical sales will still be the second largest source of income.
Omdia expects that the Chinese market will exceed Germany in 2026, the UK in 2027, and Japan as early as 2029, becoming the largest in Asia and the second largest in the world music market.
In 2023: 1.97 billion US dollars (currently about 14.345 billion yuan).
In 2024: It is expected to reach 2.4 billion US dollars (currently about 17.477 billion yuan), an increase of 22.1%.
In 2026: It is expected to reach 3 billion US dollars (currently about 21.846 billion yuan).
In 2028: It is expected to reach 4 billion US dollars (currently about 29.128 billion yuan), doubling within five years.