Music Events - Eastern Asia

Eastern Asia

Highlights

Revenue in the Music Events market is projected to reach US$2.92bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.13%, resulting in a projected market volume of US$3.18bn by 2028.
In the Music Events market, the number of users is expected to amount to 48.1m users by 2028.
User penetration will be 2.8% in 2024 and is expected to hit 2.9% by 2028.
The average revenue per user (ARPU) is expected to amount to US$62.48.
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 Eastern Asia has experienced significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Music Events market have shifted towards unique and immersive experiences. Customers are increasingly seeking out events that offer more than just live music performances, but also incorporate elements such as visual effects, interactive technology, and themed environments. This trend is driven by a desire for a more memorable and engaging experience, as well as the influence of social media and the need to share unique experiences with others. In addition, there has been a growing demand for music events that feature a diverse range of genres and artists. Customers in Eastern Asia are increasingly open to exploring different types of music and are seeking out events that offer a variety of musical styles. This trend is fueled by the globalization of music and the increasing availability of music streaming platforms, which have exposed customers to a wider range of music from around the world. One of the key trends in the Music Events market in Eastern Asia is the rise of music festivals. Music festivals have become increasingly popular in countries such as China, Japan, and South Korea, attracting both domestic and international attendees. These festivals offer a multi-day experience, featuring multiple stages, a diverse lineup of artists, and a range of activities beyond just music, such as art installations and food vendors. The growth of music festivals can be attributed to the desire for a more immersive and communal experience, as well as the increasing popularity of music genres such as electronic dance music (EDM) and hip hop. Local special circumstances also play a role in the development of the Music Events market in Eastern Asia. For example, in countries like China and South Korea, there is a strong emphasis on youth culture and entertainment. This has led to the emergence of a vibrant music scene, with a large number of local artists and bands, as well as a growing number of music venues and clubs. The popularity of K-pop in South Korea and C-pop in China has also contributed to the growth of the Music Events market, with fans eager to attend concerts and events featuring their favorite artists. Underlying macroeconomic factors have also contributed to the growth of the Music Events market in Eastern Asia. Economic growth in the region has led to an increase in disposable income, allowing more people to attend music events and festivals. In addition, the rise of social media and digital platforms has made it easier for event organizers to promote and sell tickets to music events, reaching a larger audience and driving ticket sales. Overall, the Music Events market in Eastern Asia is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The market is expected to continue to expand as customers seek out unique and immersive experiences, demand a diverse range of music genres, and embrace the festival culture.

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.