(MENAFN- America News Hour) Research Nester has released a report titled “Middle East and Africa (MEA) Music Market – Regional Demand Analysis & Opportunity Outlook 2027” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter's five force model.
The GSM Association in one of its statistics stated that in Sub-Saharan Africa smartphone adoption is anticipated to reach 66% in the year 2025 from 36% in the year 2018. Additionally, in North Africa, it is anticipated to reach to 74% in the year 2025 from 52% in the year 2018.
The statistics portray the growing adoption of smartphones and tablets in the Middle East and Africa (MEA) region on the back of growing technological advancements and effort of the government to boost IT infrastructure. As such, several music streaming applications have also been developed over the time that provide users the access to streaming music from all around the world, which is resulting in the growing number of users who are accessing music streaming services. Moreover, the government of the nations in the region are increasingly supporting to promote music and art by facilitating numerous music festivals and concerts and hosting several music concerns of the western artists for popular events. Such factors are anticipated to drive the growth of the Middle East and Africa (MEA) music market .
The Middle East and Africa (MEA) music market is anticipated to grow at a CAGR of 16.5% during the forecast period, i.e. 2020-2027. The market is thriving on the back of 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. The market was valued at USD 171.30 million in the year 2018 and is anticipated to reach USD 670.03 million in the year 2027.
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The market is segmented by revenue sources into performance rights. add supported streams, physical media, downloads from digital platforms, subscription audio streams and others. Among these segments, subscription audio streams segment is anticipated to hold the largest market share of 38.19% in the year 2027 from 36.63% in the year 2018 and attain a CAGR of 17.2% over the forecast period and an absolute $ opportunity of USD 188.92 million between the years 2018 and 2027.
However, concerns for piracy of music and the concerns regarding digital privacy for the streaming of music are some of the factors estimated to act as a barrier to the growth of the Middle East and Africa (MEA) music market.
This report also studies existing competitive scenario of some of the key players of the Middle East and Africa (MEA) music market, which includes profiling of Spotify AB, Warner Music Inc., Universal Music MENA, 264 CRU and Sony Music Entertainment Middle East.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Middle East and Africa (MEA) Music Market – Regional Demand Analysis & Opportunity Outlook 2027” , analyses the overall Middle East and Africa (MEA) music industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the Middle East and Africa (MEA) music market in the near future.
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