Music Events - Africa

Africa

Highlights

Revenue in the Music Events market is projected to reach US$360.80m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 3.64%, resulting in a projected market volume of US$416.20m by 2028.
In the Music Events market, the number of users is expected to amount to 22.6m users by 2028.
User penetration will be 1.6% in 2024 and is expected to hit 1.6% by 2028.
The average revenue per user (ARPU) is expected to amount to US$17.76.
In global comparison, most revenue will be generated United States (US$16.98bn in 2024).
With a projected rate of 25.8%, the user penetration in the Music Events market is highest Denmark.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Music Events market in Africa is experiencing significant growth and development in recent years.

Customer preferences: African consumers have shown a strong preference for live music events, with a growing demand for both local and international artists. Music festivals and concerts have become increasingly popular, attracting large crowds of music enthusiasts. The diversity of music genres in Africa, ranging from traditional African music to contemporary genres like Afrobeat and hip-hop, has contributed to the appeal of music events in the region.

Trends in the market: One of the key trends in the African Music Events market is the emergence of homegrown music festivals. African countries are hosting their own music festivals, showcasing local talent and attracting both domestic and international attendees. These festivals not only provide a platform for African artists to showcase their skills but also promote tourism and boost the local economy. Additionally, there has been a rise in collaborations between African and international artists, leading to joint concerts and music events that cater to a diverse audience.

Local special circumstances: The vibrant and diverse music culture in Africa has played a significant role in the growth of the Music Events market. African countries have a rich musical heritage, with traditional music deeply rooted in their cultures. This cultural diversity has led to the development of unique music events that celebrate the rich musical traditions of each country. Furthermore, the increasing availability of affordable and accessible technology has allowed local artists to create and distribute their music, leading to a thriving music scene and a greater demand for music events.

Underlying macroeconomic factors: The growing middle class in Africa has contributed to the rise in demand for music events. As disposable incomes increase, more people are willing to spend on entertainment and cultural experiences, including attending music festivals and concerts. Additionally, the rapid urbanization in many African countries has created a larger pool of potential attendees for music events, with cities becoming hubs for cultural activities. Furthermore, the rise of digital streaming platforms and social media has made it easier for music lovers to discover and follow their favorite artists, creating a buzz around music events and increasing their popularity. In conclusion, the Music Events market in Africa is experiencing significant growth and development due to customer preferences for live music, the emergence of homegrown festivals, the vibrant music culture, and the underlying macroeconomic factors such as the growing middle class and urbanization. This presents opportunities for both local and international artists to showcase their talent and for the region to establish itself as a vibrant and thriving music destination.

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.