Key Market Indicators
**Cypriot Music Expenditure to Hit €1.37 Billion by 2028** Cypriot music expenditure is projected to rise to €1.37 billion by 2028, up from €1.25 billion in 2023, marking a compound annual growth rate (CAGR) of 1.5%. Since the turn of the millennium, Cypriot demand for music has surged by 4% annually. In 2023, Cyprus was ranked 32nd globally, with Luxembourg narrowly ahead at €1.25 billion. Germany, France, and Italy held the second, third, and fourth spots, respectively. **Cypriot Music Revenue Declines Sharply** Conversely, Cypriot music revenue is expected to plummet to €0 by 2028, down from €0.1 million in 2023. The market has been on a downward trajectory since 2013, declining by 24.2% each year. In 2023, Cyprus was ranked 33rd, trailing Bosnia and Herzegovina, which reported revenues of €0.1 million. The United Kingdom, France, and Sweden occupied the second, third, and fourth positions in this category.
