Music Events - Argentina

Argentina

Highlights

Revenue in the Music Events market is projected to reach US$31.75m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.09%, resulting in a projected market volume of US$34.49m by 2028.
In the Music Events market, the number of users is expected to amount to 869.4k users by 2028.
User penetration will be 1.9% in 2024 and is expected to hit 1.8% by 2028.
The average revenue per user (ARPU) is expected to amount to US$36.64.
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 Argentina is experiencing significant growth and development in recent years.

Customer preferences: Argentinian consumers have shown a strong interest in attending music events, with a growing demand for live performances across various genres. Music festivals have become particularly popular, attracting a large number of attendees from different age groups and backgrounds. This trend can be attributed to the unique experience that music festivals offer, combining live music performances with a vibrant atmosphere and a sense of community. Additionally, there is a growing preference for international artists and bands, as Argentinian music enthusiasts seek to experience the energy and talent of renowned musicians from around the world.

Trends in the market: One of the key trends in the Music Events market in Argentina is the increasing number of music festivals taking place throughout the country. These festivals cater to a wide range of musical tastes, from rock and pop to electronic and folk music. They provide a platform for both established and emerging artists to showcase their talent, attracting a diverse audience. The popularity of these festivals has led to the emergence of specialized event organizers and promoters who curate unique experiences for attendees. Furthermore, there has been a rise in the use of technology and social media platforms to promote and market music events, allowing organizers to reach a larger audience and create a buzz around upcoming shows.

Local special circumstances: Argentina has a rich musical heritage and a vibrant local music scene, which contributes to the thriving Music Events market. The country is known for its tango music and dance, which has gained international recognition and attracts tourists from around the world. Tango festivals and events are held regularly, showcasing the passion and talent of local musicians and dancers. Additionally, Argentina has a strong tradition of live performances in various genres, with many renowned artists and bands originating from the country. This cultural background and appreciation for music have created a favorable environment for the growth of the Music Events market.

Underlying macroeconomic factors: The development of the Music Events market in Argentina is also influenced by underlying macroeconomic factors. The country has experienced periods of economic instability in the past, which have affected consumer spending and discretionary income. However, the recent stabilization of the economy and the growth of the middle class have contributed to an increase in consumer confidence and willingness to spend on leisure activities such as music events. Additionally, the government has implemented policies to promote tourism and cultural activities, which has further boosted the Music Events 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.