Event Tickets - Iceland

Iceland

Highlights

Revenue in the Event Tickets market is projected to reach US$10.07m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.97%, resulting in a projected market volume of US$11.32m by 2028.
The Music Events market has a projected market volume of US$5.52m in 2024.
In global comparison, most revenue will be generated United States (US$36.26bn in 2024).
The average revenue per user (ARPU) in the Event Tickets market is projected to amount to US$107.80 in 2024.
In the Event Tickets market, the number of users is expected to amount to 100.0k users by 2028.
User penetration in the Event Tickets market will be at 26.7% in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Event Tickets market in Iceland has been experiencing significant growth in recent years. Customer preferences have shifted towards attending live events, leading to increased demand for event tickets. Additionally, several trends in the market have contributed to its development. Local special circumstances and underlying macroeconomic factors have also played a role in shaping the Event Tickets market in Iceland.

Customer preferences: Icelandic customers have shown a growing preference for attending live events, such as concerts, sports matches, and theater performances. This shift in preference can be attributed to a desire for unique and memorable experiences. Attending live events allows customers to immerse themselves in the atmosphere and connect with their favorite artists or sports teams on a more personal level. As a result, the demand for event tickets has been steadily increasing.

Trends in the market: One of the key trends in the Event Tickets market in Iceland is the rise of online ticket sales. Customers now have the convenience of purchasing tickets from the comfort of their own homes, eliminating the need to visit physical ticket outlets. This trend has been facilitated by the widespread availability of internet access and the proliferation of online ticketing platforms. Online ticket sales have not only made it easier for customers to purchase tickets but have also allowed event organizers to reach a wider audience. Another trend in the market is the growing popularity of international events. Iceland has become a sought-after destination for international artists, musicians, and performers. This has led to an increase in the number of international events being held in the country, attracting both local and international attendees. The influx of international events has further fueled the demand for event tickets in Iceland.

Local special circumstances: Iceland's unique geographical location and natural wonders have contributed to the development of the Event Tickets market. The country's stunning landscapes and geothermal attractions have made it an attractive destination for music festivals and outdoor concerts. Events such as the Secret Solstice Festival and the Reykjavik Culture Night have gained popularity both locally and internationally, drawing in large crowds and boosting ticket sales.

Underlying macroeconomic factors: Iceland's strong economy and high disposable income levels have played a significant role in the growth of the Event Tickets market. The country has experienced steady economic growth in recent years, leading to an increase in consumer spending. With more disposable income, customers are willing to invest in experiences such as attending live events, driving the demand for event tickets. In conclusion, the Event Tickets market in Iceland has experienced significant growth due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards attending live events, the rise of online ticket sales, the popularity of international events, Iceland's unique attractions, and the country's strong economy have all contributed to the development of the market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.