The information on the total market size of Southeast Asia is not available, but could be generally understood from seeing the numbers of the top 5 largest music markets, namely: Indonesia, Thailand, Singapore, Philippines and Malaysia respectively.
1) Recorded Music Industry
The combined revenue of ASEAN’s top 5 recorded music markets is about US$ 143.47 million. Digital is the fastest growing segment at 18.1% per year CAGR between 2013-2017, while physical has shrunk the most at -34.4% per year CAGR between 2013-2017.
Music streaming looks promising in ASEAN with expected increases in both revenue and user penetration with Indonesia leading in revenue at US$ 108 million (2023) and Singapore in user penetration at 64.3% (2023)
Although information not currently available for all countries in ASEAN, the music streaming service providers with the most market share are JOOX and Spotify.
ASEAN’s music event industry size is about US$ 270 million, which is only 1.4% of the total global market (2019); however, it has much room to grow and is expected to grow at a rate higher than the global and Asian average, which is 13.7%, 9.8% and 9.6% respectively between 2019-2024 (calculations accounted for the COVID-19 pandemic already).
The COVID-19 pandemic has highly affected the music event industry world wide; however, it is expected to bounce back by 2021 and grow at a rate of 45.45% per year CAGR from 2020 till 2024.
The top 3 largest music event markets in ASEAN are Thailand, Singapore and Philippines with growth rates between 2019-2024 estimated at 13.6%, 11.5% and 16.7% respectively.
Thailand, Singapore and Philippines are also the countries with the highest expected average revenue per user (ARPU) or money spent on music events per person per year in 2024 at US$ 42.57, US$ 77.82 and US$ 28.58 respectively.
