Music Events - Cameroon

Cameroon

Highlights

Revenue in the Music Events market is projected to reach US$11.83m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 7.23%, resulting in a projected market volume of US$15.64m by 2028.
In the Music Events market, the number of users is expected to amount to 573.3k users by 2028.
User penetration will be 1.8% in 2024 and is expected to hit 1.9% by 2028.
The average revenue per user (ARPU) is expected to amount to US$23.48.
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 Cameroon is experiencing significant growth and development in recent years.

Customer preferences: Cameroonians have always had a strong affinity for music, and this is reflected in their preferences for music events. They enjoy a wide range of genres, including traditional African music, Afrobeat, hip-hop, reggae, and gospel. Live performances are highly valued, as they allow fans to experience the energy and emotion of their favorite artists in person. Additionally, Cameroonians appreciate cultural diversity and are open to attending music events that showcase different styles and traditions from around the world.

Trends in the market: One of the key trends in the Music Events market in Cameroon is the increasing number of international artists performing in the country. This trend can be attributed to the growing recognition of Cameroon as a vibrant music hub in Africa. International artists are eager to tap into the country's enthusiastic fan base and expand their reach in the African market. As a result, more and more international artists are including Cameroon in their tour schedules, leading to a wider variety of music events for local audiences to choose from. Another trend in the market is the rise of music festivals in Cameroon. Music festivals provide a unique experience for music lovers, offering multiple performances by different artists over the course of a few days. These festivals attract a large number of attendees, both from within Cameroon and from neighboring countries. They not only showcase local talent but also bring in international acts, creating a diverse and exciting lineup. Music festivals have become a popular way for fans to discover new artists and immerse themselves in the music scene.

Local special circumstances: Cameroon is a culturally diverse country, with over 250 ethnic groups, each with its own unique musical traditions. This diversity contributes to the richness of the Music Events market in Cameroon, as it allows for a wide range of musical styles and performances. Local artists draw inspiration from their cultural heritage and incorporate traditional elements into their music, creating a distinct Cameroonian sound. This blend of traditional and modern influences is highly appreciated by local audiences and contributes to the popularity of music events in the country.

Underlying macroeconomic factors: The development of the Music Events market in Cameroon can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, which has increased disposable income and consumer spending. This means that more people have the financial means to attend music events and are willing to invest in experiences that bring them joy and entertainment. Additionally, the government has recognized the potential of the music industry as a driver of economic growth and has implemented policies to support its development. This includes initiatives to promote local talent, improve infrastructure for music events, and attract international artists to perform in Cameroon. In conclusion, the Music Events market in Cameroon is thriving due to customer preferences for live performances, the increasing number of international artists performing in the country, the rise of music festivals, the cultural diversity of the country, and favorable macroeconomic factors. These factors have created a vibrant and dynamic music scene in Cameroon, attracting both local and international audiences and contributing to the growth and development of the market.

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.