In a recent published report, Kenneth Research has updated the market report for Middle East and Africa Music Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Middle East and Africa Music Market products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Middle East and Africa (MEA) Music Market Analysis – 2018-2027
Music is defined as sounds originated through voice or instruments (or both) in a soothing or enjoyable form with varied genres. Middle East and Africa music market includes the various sources from which the music industry players earn revenue. The Middle East and Africa music market is anticipated to record a CAGR of 16.5% over the forecast period, i.e. 2020-2027.
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Factors such as growing popularity of smart devices, expansion of services to different markets by key players along with factors such as shift towards the online music platforms, demand for audio mix series, trends for advanced music streaming service and availability of premium music service packs are anticipated to promote the growth of the Middle East and Africa (MEA) music market in the upcoming years. Further, the Middle East and Africa (MEA) music market is anticipated to attain an absolute $ opportunity of USD 498.73 million between the years 2018 and 2027 and register an incremental $ opportunity of USD 100.72 million in the year 2027 as compared to the previous year.
The Middle East and Africa music market consists of various segments that are segmented by revenue sources and by country. The revenue sources segment is further sub-divided into performance rights. add supported streams, physical media, downloads from digital platforms, subscription audio streams and others. Out of these add supported streams segment, which had a market value of USD 9.03 million in the year 2018 is anticipated to grow with the highest CAGR of 20.1% over the forecast period. Additionally, the performance rights segment is anticipated to grow with a modest CAGR of 17.7% during the forecast period.
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Some of the key industry leaders in the Middle East and Africa music market are Spotify AB, Warner Music Inc., Universal Music MENA, 264 CRU and Sony Music Entertainment Middle East.
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