PRESS: Russia’s music streaming market may rise 15–20% in 2023

MOSCOW, Apr 6 (PRIME) -- The Russian market of music streaming may increase 15 to 20% in 2023 after a 2022 fall by 30 to 50%, and the growth is restrained by pirated applications and services dealing in subscriptions for Spotify and Apple Music, which left the country, business daily Kommersant reported on Thursday.

The market will advance 10 to 15% in money by the end of 2023, agency InterMedia General Director Yevgeny Safronov said. The agency estimated the 2022 market of music streaming at 5 to 7 billion rubles, down by 30 to 50% on the year.

Ecosystems turn into points of growth after the withdrawal of the foreign streaming services, Colisium International Music Forum producer Sergei Babich said. “At Colisium, we estimate prospects of growth at 20 to 25%,” he added.

MTS Music head Maxim Petrovsky expects the market to grow 20% in 2023. “However Russian users are getting used to paying for subscriptions and pay content. If we have a look at the ratio of the people with subscription for music streaming in the U.S. and the Russian Federation, the numbers cannot be compared yet,” he said.

(79.4961 rubles – U.S. $1)

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