Music Events - Chile

Chile

Highlights

Revenue in the Music Events market is projected to reach US$74.00m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.69%, resulting in a projected market volume of US$82.29m by 2028.
In the Music Events market, the number of users is expected to amount to 1.3m users by 2028.
User penetration will be 6.9% in 2024 and is expected to hit 7.0% by 2028.
The average revenue per user (ARPU) is expected to amount to US$55.84.
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 Chile has been experiencing significant growth in recent years, driven by changing customer preferences and the local special circumstances in the country.

Customer preferences: Chilean consumers have shown a growing interest in attending music events, with a particular emphasis on live performances by both local and international artists. This trend can be attributed to the increasing popularity of music festivals, which offer a diverse range of genres and attract a large number of attendees. Additionally, consumers are seeking unique and memorable experiences, and music events provide an opportunity for socializing and connecting with like-minded individuals.

Trends in the market: One of the key trends in the Music Events market in Chile is the rise of music festivals. These events have gained popularity due to their ability to bring together multiple artists and genres in a single venue, providing attendees with a diverse and immersive experience. Music festivals also offer an opportunity for artists to showcase their talent to a larger audience, leading to increased exposure and potential career growth. Moreover, the growing trend of music festivals has contributed to the development of a supportive ecosystem, including event organizers, sponsors, and vendors, all of whom play a crucial role in the success of these events.

Local special circumstances: Chile's geographic location and cultural diversity have played a significant role in the development of the Music Events market. The country's long coastline and diverse landscapes provide a picturesque backdrop for outdoor music events, attracting both local and international attendees. Additionally, Chile's rich musical heritage, influenced by indigenous cultures and European traditions, has contributed to the vibrant music scene in the country. This cultural diversity has fostered a sense of pride and appreciation for music among Chileans, further fueling the demand for music events.

Underlying macroeconomic factors: The growth of the Music Events market in Chile can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, resulting in an increase in disposable income and consumer spending. This has allowed individuals to allocate a portion of their budget towards entertainment activities, including music events. Additionally, the government's efforts to promote tourism and cultural activities have further boosted the Music Events market by attracting both domestic and international tourists. In conclusion, the Music Events market in Chile is experiencing significant growth due to changing customer preferences, the rise of music festivals, local special circumstances, and favorable macroeconomic factors. As the demand for unique and immersive experiences continues to grow, the Music Events market in Chile is expected to flourish in the coming years.

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.