Key Market Indicators
Latvia's music revenue is projected to decline to approximately €2.7 million by 2028, down from around €2.8 million in 2023. This represents an average year-on-year decrease of 0.7%. The downturn marks a continuing trend, as the Latvian music market has contracted by 5.4% annually since 2013. In contrast, music expenditure in Latvia is expected to experience significant growth. By 2028, expenditure is forecasted to reach roughly €2.17 billion, up from €1.88 billion in 2023. This indicates an average annual growth rate of 2.3%. Since 2000, Latvian music demand has consistently risen, averaging a 2.1% increase each year. In the context of global rankings for music expenditure in 2023, Latvia was positioned at 27th place. Slovenia surpassed Latvia, also reporting an expenditure of €1.88 billion. Leading the rankings were Germany, France, and Italy, occupying the second, third, and fourth spots, respectively.