Research Nester has released a report titled “Middle East And Africa (MEA) Music Market – Regional Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the Middle East and Africa (MEA) music market in terms of market segmentation by revenue sources and by country.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The Middle East and Africa (MEA) music market is segmented by revenue sources into performance rights. add supported streams, physical media, downloads from digital platforms, subscription audio streams and others, out of which, subscription audio streams segment is anticipated to hold the largest market share of 36.63% in the year 2018 and is anticipated to reach a market share of 38.19% in the year 2027 by expanding at a CAGR of 17.2% over the forecast period 2020-2027 and is estimated to achieve an absolute $ opportunity of USD 188.92 million between the years 2018 and 2027.
The Middle East and Africa (MEA) music market is anticipated to achieve a CAGR of 16.5% during the forecast period. 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 some of the factors anticipated to promote the growth of the Middle East and Africa (MEA) music market in the upcoming years. The market was valued at USD 171.30 million in the year 2018 and is anticipated to reach USD 670.03 million in 2027.
Growing Smartphone Adoption in the Region
In the statistics by the GSM Association, smartphone adoption in Sub-Saharan Africa is anticipated to increase from 36% in 2018 to 66% in 2025 and that in North Africa increased from 52% in 2018 to 74% in 2025.
Growing adoption of smartphones and tablets across Middle East and Africa (MEA), along with increasing efforts of the government to promote music and art by facilitating numerous music festivals and concerts in the region are some of the factors anticipated to drive the growth of the Middle East and Africa (MEA) music market. Additionally, with the advent in technology and development of smartphone applications, users can now easily access to stream music on their devices. Further, in nations such as Saudi Arabia, the government is helping in expanding public access to the services provided by music and entertainment industry which has also witnessed upsurge in the music concerts over the years and has helped in 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.
However, concerns regarding digital privacy for the streaming of music and piracy of music are some of the factors anticipated to limit the growth of the Middle East and Africa (MEA) music market.
This report also provides the existing competitive scenario of some of the key players of the Middle East and Africa (MEA) music market, which includes company 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 encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Middle East and Africa (MEA) music market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.