The Music Events market in Bangladesh has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.
Customer preferences: Bangladesh has a young and vibrant population, with a growing interest in music events. The younger generation, in particular, is highly enthusiastic about attending live concerts and music festivals. They are drawn to the energy and excitement of these events, and view them as a form of entertainment and socializing. Furthermore, there is a strong demand for both local and international artists, with fans eagerly waiting for their favorite musicians to perform in the country.
Trends in the market: One of the key trends in the Music Events market in Bangladesh is the increasing number of music festivals. These festivals attract a large number of attendees and offer a diverse range of music genres, catering to different tastes and preferences. They provide a platform for local artists to showcase their talent and gain recognition, while also featuring renowned international artists. Music festivals have become a popular way for music lovers to experience multiple performances in one event, creating a unique and immersive experience. Another trend in the market is the rise of digital platforms for promoting and selling tickets to music events. With the increasing penetration of smartphones and internet access, consumers are increasingly using online platforms to discover upcoming events, purchase tickets, and share their experiences. This has made it easier for event organizers to reach a wider audience and sell tickets more efficiently.
Local special circumstances: Bangladesh has a rich cultural heritage, with music playing a significant role in the lives of its people. Traditional music forms, such as folk and classical, have a strong presence in the country. This cultural backdrop has contributed to the popularity of music events, as people have a deep appreciation for music and are eager to experience it live. Additionally, the government has been supportive of the arts and has taken initiatives to promote and organize music events, further boosting the market.
Underlying macroeconomic factors: The growing economy of Bangladesh has led to an increase in disposable income and spending power among its population. As a result, people are willing to allocate a portion of their income towards entertainment and leisure activities, including attending music events. This has created a favorable environment for the growth of the Music Events market in the country. Furthermore, the infrastructure for hosting music events has improved, with the construction of modern venues and the availability of sound and lighting equipment. These developments have made it easier for event organizers to plan and execute successful music events.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
