Music Events - Colombia

Colombia

Highlights

Revenue in the Music Events market is projected to reach US$83.96m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.78%, resulting in a projected market volume of US$93.69m by 2028.
In the Music Events market, the number of users is expected to amount to 2.1m users by 2028.
User penetration will be 3.9% in 2024 and is expected to hit 3.9% by 2028.
The average revenue per user (ARPU) is expected to amount to US$41.42.
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 Colombia is experiencing significant growth and development in recent years. Customer preferences for live music events, along with several trends in the market, have contributed to this positive trend. Additionally, local special circumstances and underlying macroeconomic factors have also played a role in shaping the market. Customer preferences in Colombia have shifted towards live music events as people seek unique and immersive experiences. Attending music concerts and festivals has become increasingly popular among the younger population, who are willing to spend their disposable income on these events. The desire for social interaction and the opportunity to connect with like-minded individuals also drives the demand for music events. One of the key trends in the Music Events market in Colombia is the diversification of genres and artists. While traditional Colombian music such as salsa and cumbia remains popular, there is a growing interest in international genres like pop, rock, and EDM. This trend is fueled by the globalization of music and the increasing availability of international artists to perform in Colombia. As a result, music events now cater to a wider range of musical tastes, attracting a larger audience. Another trend in the market is the rise of music festivals. Colombia has seen a surge in the number of music festivals in recent years, offering multiple days of music, art, and cultural experiences. These festivals not only showcase local talent but also attract renowned international artists. The combination of diverse music genres, immersive experiences, and the opportunity to discover new artists has made music festivals highly appealing to the Colombian audience. Local special circumstances have also contributed to the growth of the Music Events market in Colombia. The country's rich musical heritage and vibrant cultural scene provide a fertile ground for the development of music events. Colombian artists, both established and emerging, have gained international recognition, attracting attention and interest from music enthusiasts around the world. This has further elevated the status of the Colombian music scene and increased the demand for music events. Furthermore, the improving security situation in Colombia has also played a crucial role in the growth of the Music Events market. As the country has made significant progress in reducing crime rates and improving safety, people feel more comfortable attending large-scale events. This has led to an increase in the number of music events and larger audience turnouts. Underlying macroeconomic factors, such as a growing middle class and increasing disposable income, have also contributed to the development of the Music Events market in Colombia. As the economy continues to grow, more people have the financial means to attend music events and are willing to spend on entertainment experiences. This has created a favorable market environment for the growth of the Music Events industry. In conclusion, the Music Events market in Colombia is experiencing significant growth and development due to shifting customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for live music events, the diversification of genres and artists, the rise of music festivals, and the country's rich musical heritage have all contributed to the positive trajectory of the market. With favorable market conditions and a growing audience, the Music Events industry in Colombia is poised for continued growth 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.