Music - Canada

Canada

The Music market in Canada is expected to witness significant growth in the coming years.
According to projections, the total revenue in this market is estimated to reach €217.10m by 2022.
This indicates a positive trend in the industry.
Furthermore, it is anticipated that the Music market will experience an annual growth rate of 9.46% from 2022 to 2027, resulting in a projected market volume of €355.80m by the end of the forecast period.
This growth is driven by various factors such as technological advancements and changing consumer preferences.
Breaking down the revenue streams, in-app purchase (IAP) revenue in the Music market is projected to reach €37.25m in 2022.
This highlights the increasing popularity of in-app purchases among music enthusiasts.
Paid app revenue in the Music market is also expected to rise, reaching €2.29m in 2022.
This indicates a willingness among consumers to invest in music-related applications.
Additionally, advertising revenue in the Music market is projected to reach €177.60m in 2022.
This suggests that advertisers recognize the potential of reaching music consumers through various advertising channels.
Moreover, the number of downloads in the Music market is forecasted to reach 28.79m downloads in 2022.
This demonstrates the high demand for music-related content and applications.
Currently, the average revenue per download is expected to amount to €7.54.
This metric provides insights into the profitability of each download in the Music market.
On a global scale, it is worth noting that in the United States generates the highest revenue in the Music market, with a projected revenue of €4,252.00m in 2022.
This showcases the dominance of the US market in the music industry.
In summary, the Music market in Canada is poised for growth, with various revenue streams contributing to its overall success.
The projected figures highlight the positive trajectory of the industry, driven by factors such as technological advancements and changing consumer preferences.

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

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Analyst Opinion

Since the start of Apple, Inc.'s App Store in 2008 with around 500 apps, mobile apps have come to dominate the digital economy and have quickly outpaced the demand for desktop applications. As of 2021, the Apple App Store and Google Play Store had more than 5 million apps combined. Because many apps from the West are not available in China, many new app stores have emerged there. Digital lifestyles around the world now depend on adopting mobile apps, especially when it comes to social networking. The games industry has also been thoroughly transformed by the app revolution and is demonstrated by the fact that the games category is the largest and highest-grossing app category.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenue from in-app purchases, revenue from the purchase of apps, and revenue from advertising, as well as the number of downloads for each app category.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use market data from independent databases and third-party sources, current trends, and reported performance indicators of top market players. In addition, we use relevant key market indicators and data from country-specific associations, such as smartphone users and mobile broadband connections. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, 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/capita, level of digitization, and consumer attitudes toward apps.

Additional notes:

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 case market dynamics change.