The music listening market in Russia may grow by 15-20% by the end of 2023. These release reports “Kommersant” with reference to experts and interviewed analysts.
It is noted that 15-20 percent growth will not compensate for the decline in 2022 by 30-50 percent. According to the source of the publication, pirated applications that allow listening to music that are not available on legal platforms and services where the user can purchase subscriptions to foreign streaming sites (Spotify and Apple) that have stopped working in Russia. Music has become a factor holding back great growth.
InterMedia agency estimates the volume of the Russian music streaming market to be 5-7 billion rubles in 2022. Sergey Babich, producer of the Colisium International Music Forum, noted that the market could grow by 20-25% in 2023 due to the separation of foreign platforms.
Maxim Petrovsky, head of MTS Music, stated that Russian users are “getting used to” paying for paid content, and therefore expects a 20% increase in revenue.
Nikolai Duksin, director of the music ecosystem and video content department at VK, said that despite the low growth, his team considers this a positive development in the music market.
“We view this trend positively and look forward to growth at the end of the year. But such explosive, multiple growth is likely not to be as it was a few years ago,” Duksin concluded.
Previously It is reported that the online cinema market in Russia could achieve a 20% revenue growth in 2023.