Event Tickets - Latvia

Latvia

Highlights

Revenue in the Event Tickets market is projected to reach US$30.11m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.12%, resulting in a projected market volume of US$32.74m by 2028.
The Music Events market has a projected market volume of US$13.81m 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$107.00 in 2024.
In the Event Tickets market, the number of users is expected to amount to 284.1k users by 2028.
User penetration in the Event Tickets market will be at 15.5% in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Event Tickets market in Latvia is experiencing significant growth and development, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Latvia, there is a growing demand for event tickets, particularly for cultural and entertainment events. Customers are increasingly seeking unique experiences and are willing to spend on tickets for concerts, festivals, theater performances, and sporting events. This trend is driven by the desire for entertainment and the opportunity to socialize with friends and family. Additionally, there is a shift towards online ticket purchases, as customers find it more convenient and time-saving.

Trends in the market: One of the key trends in the Event Tickets market in Latvia is the increasing popularity of music festivals. Latvia has become a popular destination for music festivals, attracting both local and international artists. The demand for festival tickets has been on the rise, driven by the desire to experience live music in a unique and vibrant atmosphere. Furthermore, the emergence of niche festivals focusing on specific music genres or cultural themes has also contributed to the growth of the market. Another trend in the market is the integration of technology in ticketing systems. Online ticket platforms and mobile applications have made it easier for customers to purchase and access event tickets. This has not only improved the overall customer experience but also provided event organizers with valuable data and insights to better understand their target audience and tailor their marketing strategies.

Local special circumstances: Latvia has a rich cultural heritage and a vibrant arts scene, which contributes to the demand for event tickets. The country hosts a wide range of cultural events throughout the year, including art exhibitions, ballet performances, and opera shows. The local population has a strong appreciation for the arts, and this drives the demand for tickets to such events. Additionally, Latvia's tourism industry has been growing steadily, attracting a significant number of international visitors. These tourists often seek out unique cultural experiences, including attending local events and festivals. This influx of tourists further contributes to the demand for event tickets in the country.

Underlying macroeconomic factors: The growing Event Tickets market in Latvia can also be attributed to the country's improving economic conditions. As the economy continues to grow, disposable income levels are increasing, enabling individuals to allocate a portion of their budget towards entertainment and leisure activities. This has created a favorable environment for the development of the event ticket industry. Furthermore, the government's focus on promoting tourism and cultural development has also played a role in the growth of the market. Investments in infrastructure, marketing campaigns, and the organization of international events have helped to attract both local and international visitors, driving the demand for event tickets. In conclusion, the Event Tickets market in Latvia is experiencing significant growth and development due to customer preferences for unique experiences, trends such as music festivals and technology integration, local special circumstances including a vibrant arts scene and a growing tourism industry, and underlying macroeconomic factors such as improving economic conditions and government initiatives. This combination of factors has created a thriving market for event tickets in Latvia.

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.