Music Events - Asia

Asia

Highlights

Revenue in the Music Events market is projected to reach US$4.20bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.30%, resulting in a projected market volume of US$4.60bn by 2028.
In the Music Events market, the number of users is expected to amount to 105.5m users by 2028.
User penetration will be 2.3% in 2024 and is expected to hit 2.3% by 2028.
The average revenue per user (ARPU) is expected to amount to US$40.86.
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 Asia has been experiencing significant growth in recent years, driven by customer preferences for live performances, increasing disposable incomes, and a growing interest in international music acts.

Customer preferences: Asian consumers have shown a strong preference for live music events, with a desire to experience the energy and excitement of a live performance. This preference is fueled by the increasing popularity of music streaming platforms, which allow consumers to discover new artists and songs. Attending live music events has become a way for consumers to connect with their favorite artists and be part of a shared cultural experience.

Trends in the market: One of the key trends in the Music Events market in Asia is the rise of music festivals. These multi-day events attract a large number of attendees and feature a diverse lineup of local and international artists. Music festivals provide a platform for emerging artists to showcase their talent and gain exposure to a wider audience. Additionally, the festival experience, with its combination of music, food, and art, appeals to a younger demographic who are seeking unique and immersive experiences. Another trend in the market is the increasing number of international music acts touring in Asia. Major artists from the Western music industry are recognizing the potential of the Asian market and are including Asian cities in their global tours. This trend is driven by the growing middle class in Asia, which has resulted in higher disposable incomes and increased spending on entertainment. Furthermore, the rise of social media platforms has made it easier for artists to connect with their fans and promote their tours, leading to increased demand for live performances.

Local special circumstances: Asia is a diverse region with unique cultural and regulatory circumstances that impact the Music Events market. For example, in some countries, there are restrictions on the type of music that can be performed or the attire of the artists. These regulations can impact the choice of artists and the overall atmosphere of the events. Additionally, cultural traditions and holidays may influence the timing and themes of music events in certain countries.

Underlying macroeconomic factors: The growth of the Music Events market in Asia is supported by favorable macroeconomic factors. Economic growth in the region has led to an expansion of the middle class, resulting in increased disposable incomes and higher spending on entertainment. Additionally, the rise of digital platforms and social media has made it easier for consumers to discover and access music, creating a larger audience base for music events. The increasing connectivity and accessibility of the region have also made it more feasible for international artists to tour in Asia, further driving the growth of the market. In conclusion, the Music Events market in Asia is experiencing significant growth due to customer preferences for live performances, the rise of music festivals, the increasing number of international music acts touring in the region, unique local circumstances, and favorable macroeconomic factors. This trend is expected to continue as the demand for live music experiences and cultural events in Asia continues to grow.

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.