Home Audio and Cinema in Colombia - New Study Released

From: Fast Market Research, Inc.
Published: Sun Dec 27 2015

Home audio and cinema is a distinctive category strongly influenced by consumer culture and external factors such as piracy that prevent old technologies such as CDs from completely disappearing. According to trade sources, the way people listen to music and how the manufacturers respond to that are what influences the category. First, Colombians like parties. This does not mean that they do not listen to music by themselves, but parties are influencing the most recent and appealing developments in hi-fi systems. Manufacturers respond to this trend through design as consumers want to show their audio systems to friends and family as they become a symbol of social status. Brands such as Sony and LG are including semiprofessional DJ functions, karaoke and party lights to respond to this need. High power is also a must in this trend and connectivity (eg NFC, Bluetooth) with systems reaching 4,400 watts. Connectivity and music sources are very important as consumers are embracing streaming and mobile phones as music devices, but pirate CDs and MP3s included in flash drives also allow older technologies to resist over time.

Full Report Details at
- http://www.fastmr.com/prod/1097559_home_audio_cinema_colombia.aspx?afid=302

Competitive Landscape

LG Electronics Ltda is the leading company in home audio and cinema in Colombia with 25% volume share expected in 2015. LG has a wide offer of products in this category in different sizes and with different power levels such as micro to mini hi-fi systems as well as home cinema and speaker systems. The fact that LG is the leading brand in televisions also contributes to the company gaining an important position in home cinema and speaker systems. LG is launching its smart music flow systems to provide a customisable and central music control experience for the home with the option to listen to different music in each room of the household. In terms of share changes, Sony Interamerican Sucursal Colombia SA is the company that is seeing the biggest increase in volume share due to its regaining consumers’ attention in hi-fi systems.

Industry Prospects

Home audio and cinema sales will continue being driven by the culture of local consumers. Although smartphones and portable players have given consumers a private and individual space to listen to music or watch videos, Colombians like to party or just watch football games with family and friends. That is where hi-fi systems and home cinema and speakers systems to a lesser extent will continue to be a priority. Once having the latest television, consumers will turn to improving the audio experience. Power, design and interconnectivity will continue to be crucial in the category and consumers, as is now happening, will be increasingly willing to purchase higher-end products and brands in order to display higher social status and audio quality, as is already happening with brands such as Bose, JBL and Harman Kardon which will continue to see dynamic growth over the forecast period

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Company: Fast Market Research, Inc.
Contact Name: Bill Thompson
Contact Email: press@fastmr.com
Contact Phone: 1-413-485-7001

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