Market Insights Digital eServices Event Tickets

Music Events - ASEAN

ASEAN

Revenue in the Music Events market is projected to reach US$494.40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.94%, resulting in a projected market volume of US$555.20m by 2028.
In the Music Events market, the number of users is expected to amount to 20.4m users by 2028.
User penetration will be 0.00 in 2024 and is expected to hit 0.00 by 2028.
The average revenue per user (ARPU) is expected to amount to US$24.80.
In global comparison, most revenue will be generated in the United States (US$16,980.00m in 2024).
With a projected rate of 0, the user penetration in the Music Events market is highest 0.

Key regions: India, Japan, Europe, China, Asia

Market

Region

Region comparison

Currency

Analyst Opinion

The Music Events market in ASEAN has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances.

Customer preferences: Customers in ASEAN countries have shown a growing interest in attending music events, with a particular focus on live performances by both local and international artists. This preference for live music experiences can be attributed to the desire for unique and immersive entertainment, as well as the opportunity to connect with like-minded individuals in a shared cultural experience. Additionally, the rise of social media platforms has contributed to the popularity of music events, as attendees seek to capture and share their experiences with a wider audience.

Trends in the market: One notable trend in the Music Events market in ASEAN is the increasing popularity of music festivals. These multi-day events feature a diverse lineup of artists and offer a range of activities and amenities, creating a festival atmosphere that appeals to a wide audience. Music festivals provide an opportunity for attendees to discover new artists and genres, while also enjoying a variety of food, art, and other cultural offerings. The success of music festivals in ASEAN can be attributed to their ability to cater to the evolving preferences of music enthusiasts and provide a unique and memorable experience.

Local special circumstances: The Music Events market in ASEAN is also influenced by local special circumstances. Each country in the region has its own unique music scene and cultural traditions, which contribute to the diversity of music events. For example, in Indonesia, traditional music forms such as gamelan and dangdut are often incorporated into contemporary music events, creating a fusion of old and new sounds. In Thailand, the popularity of electronic dance music has led to the emergence of music events and festivals that cater specifically to this genre. These local special circumstances contribute to the vibrancy and variety of the Music Events market in ASEAN.

Underlying macroeconomic factors: Underlying macroeconomic factors have also played a role in the development of the Music Events market in ASEAN. Economic growth in the region has led to an increase in disposable income, allowing more people to afford tickets to music events. Additionally, advancements in technology and infrastructure have made it easier for event organizers to plan and execute large-scale music events. The growing middle class in ASEAN countries has also contributed to the demand for music events, as individuals seek to engage in leisure activities and entertainment experiences. In conclusion, the Music Events market in ASEAN is experiencing growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. As the region continues to develop and evolve, the Music Events market is likely to expand further, offering a wide range of opportunities for both artists and music enthusiasts.

Methodology

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.