Music Games - Worldwide

Worldwide

The Music Games market worldwide is expected to generate a total revenue of US$2.81bn in 2022.
This projection indicates a steady growth rate, with an annual CAGR of 7.23% from 2022 to 2027.
By 2027, the market volume is estimated to reach US$4.18bn.
Within the Music Games market, in-app purchases (IAP) are projected to contribute significantly to the revenue, with an expected amount of US$1,137.00m in 2022.
Additionally, paid app revenue is anticipated to reach US$17.45m in the same year.
Furthermore, advertising revenue in the Music Games market is projected to amount to US$1,657.00m in 2022.
The number of downloads in the Music Games market is expected to reach a substantial figure of 2.28bn downloads in 2022.
This high number of downloads contributes to the market's revenue, with the average revenue per download currently estimated at US$1.24.
When comparing global revenue within the Music Games market, in China stands out as the leading contributor, generating US$1,358.00m in 2022.

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

Market

Region

Region comparison

Currency

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.