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Music Events - Burkina Faso

Burkina Faso

Revenue in the Music Events market is projected to reach US$9.98m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 9.22%, resulting in a projected market volume of US$14.20m by 2028.
In the Music Events market, the number of users is expected to amount to 502.0k users by 2028.
User penetration will be 1.9% in 2024 and is expected to hit 2.1% by 2028.
The average revenue per user (ARPU) is expected to amount to US$23.35.
In global comparison, most revenue will be generated in the United States (US$16,980.00m in 2024).
With a projected rate of 25.8%, the user penetration in the Music Events market is highest in Denmark.

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

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Analyst Opinion

The Music Events market in Burkina Faso is experiencing significant growth and development in recent years.

Customer preferences: Burkina Faso has a rich cultural heritage, with music playing a central role in the lives of its people. Music events are highly popular among the local population, and there is a strong demand for live performances and concerts. The Burkinabe audience is known for their enthusiasm and passion for music, and they often attend events in large numbers.

Trends in the market: One of the key trends in the Music Events market in Burkina Faso is the increasing number of international artists and bands performing in the country. This trend is driven by the growing recognition of Burkina Faso as a vibrant music scene and the desire of international artists to tap into this emerging market. As a result, music events featuring renowned artists from around the world are becoming more common in Burkina Faso. Another trend in the market is the rise of local music festivals. Burkina Faso has a thriving local music industry, and there is a growing number of festivals dedicated to showcasing local talent. These festivals provide a platform for local artists to gain exposure and connect with a wider audience. They also contribute to the overall growth and development of the music industry in Burkina Faso.

Local special circumstances: Burkina Faso has a unique cultural landscape that influences the Music Events market. The country is home to a diverse range of ethnic groups, each with its own musical traditions and styles. This diversity is reflected in the music events held in Burkina Faso, which feature a wide variety of genres and performances. The local special circumstances contribute to the vibrant and dynamic nature of the music scene in Burkina Faso.

Underlying macroeconomic factors: The growth of the Music Events market in Burkina Faso is also influenced by certain macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income among the population. This, in turn, has contributed to higher spending on entertainment and leisure activities, including music events. Additionally, the government of Burkina Faso has recognized the potential of the music industry as a driver of economic growth and has implemented policies to support its development. These factors have created a favorable environment for the growth of the Music Events market in Burkina Faso.

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.