Key Market Indicators
Iceland's music revenue is projected to climb to €63 million by 2028, up from €43 million in 2023. This growth represents an average annual increase of 6.1%. Since 2019, the Icelandic music market has expanded by an average of 7.3% per year. In 2023, Iceland ranked 20th globally, with Romania surpassing it at €43 million. The United Kingdom, France, and Sweden occupied the second, third, and fourth positions in the ranking, respectively. Meanwhile, Icelandic music expenditure is anticipated to reach €1.75 billion by 2028, rising from €1.62 billion in 2023. This indicates an average annual growth rate of 1.2%. Since 2000, the country's music demand has increased by an average of 3.4% annually. In 2023, Iceland was ranked 29th, with Estonia overtaking it at €1.62 billion. Germany, France, and Italy were the second, third, and fourth highest spenders in the ranking, respectively.
