Music Events - Brunei Darussalam

Brunei Darussalam

Highlights

Revenue in the Music Events market is projected to reach US$406.00k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.00%, resulting in a projected market volume of US$422.50k by 2028.
In the Music Events market, the number of users is expected to amount to 14.8k users by 2028.
User penetration will be 3.4% in 2024 and is expected to hit 3.4% by 2028.
The average revenue per user (ARPU) is expected to amount to US$28.34.
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 Brunei Darussalam is experiencing steady growth and development in recent years.

Customer preferences: Bruneians have shown a growing interest in attending music events, with a particular preference for international artists and genres such as pop, rock, and hip-hop. They enjoy the excitement and energy of live performances, and are willing to spend on tickets to experience their favorite artists in person. Additionally, Bruneians value high-quality sound systems and production value at music events, as it enhances their overall experience.

Trends in the market: One of the key trends in the Music Events market in Brunei Darussalam is the increasing number of international artists and bands including the country in their concert tours. This trend is driven by the growing reputation of Brunei as a vibrant and attractive destination for music events, as well as the rising disposable income of Bruneians, which allows them to afford tickets to these concerts. As a result, music events featuring international artists are becoming more frequent and are drawing larger crowds. Another trend in the market is the emergence of local music festivals and events that showcase Bruneian talent. These events provide a platform for local musicians and bands to showcase their skills and gain exposure. They also cater to the preferences of Bruneians who appreciate and support local talent. The growth of these local music events highlights the increasing importance of the Bruneian music industry and its potential for further development.

Local special circumstances: Brunei Darussalam's small population and limited number of music venues present unique challenges and opportunities for the Music Events market. While the small population may limit the potential audience size for music events, it also creates a sense of exclusivity and intimacy at concerts. Bruneians value the opportunity to see their favorite artists up close and personal, and this can contribute to a more memorable and engaging experience. Furthermore, the conservative cultural and religious norms in Brunei may influence the types of music events that are organized. Event organizers need to be mindful of these sensitivities and ensure that the content and atmosphere of the events align with the local cultural context. This may lead to a focus on more mainstream and family-friendly music events, rather than events that cater to niche or alternative music genres.

Underlying macroeconomic factors: The steady growth of the Music Events market in Brunei Darussalam can be attributed to several underlying macroeconomic factors. The country's strong economic performance and high per capita income have contributed to the increasing disposable income of Bruneians, allowing them to allocate a portion of their budget towards entertainment and leisure activities such as music events. Additionally, the government's efforts to promote tourism and attract international events have also played a role in the development of the Music Events market, as it has encouraged more international artists to include Brunei in their concert tours.

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.