Music - Norway

Norway

The Music market in Norway is expected to see significant growth in the coming years.
According to projections, the total revenue is forecasted to reach €30.48m Norwegian kroner in 2022.
Furthermore, it is anticipated that the market will experience a compound annual growth rate (CAGR) of 11.37% between 2022 and 2027, resulting in a projected market volume of €53.74m Norwegian kroner by 2027.
When looking at specific revenue streams within the Music market, in-app purchases (IAP) are expected to contribute significantly, with projected revenue reaching €14.11m Norwegian kroner in 2022.
Additionally, paid app revenue is estimated to reach €0.60m Norwegian kroner, while advertising revenue is anticipated to reach €15.77m Norwegian kroner in the same year.
The number of downloads within the Music market is also expected to increase, reaching 4.14m downloads in 2022.
Currently, the average revenue per download is projected to be €7.36 Norwegian kroner.
In a global context, it is worth noting that in the United States generates the highest revenue in the Music market, with projected earnings of €4,252.00m Norwegian kroner in 2022.
This comparison showcases the dominance of the US market in terms of revenue generation.

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

Mercado

Región

Comparación de regiones

Moneda

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.