Music Events - Ethiopia

Ethiopia

Highlights

Revenue in the Music Events market is projected to reach US$413.90k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of -1.28%, resulting in a projected market volume of US$393.20k by 2028.
In the Music Events market, the number of users is expected to amount to 227.5k users by 2028.
User penetration will be 0.2% in 2024 and is expected to hit 0.2% by 2028.
The average revenue per user (ARPU) is expected to amount to US$2.06.
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 Ethiopia is experiencing significant growth and development in recent years.

Customer preferences: Ethiopian consumers have shown a growing interest in attending music events, with a particular focus on local and traditional music. There is a strong sense of pride and appreciation for Ethiopian culture, and this is reflected in the preference for music events that showcase traditional Ethiopian music styles and instruments. Additionally, there is a growing demand for international music events, especially those featuring popular African and Western artists.

Trends in the market: One of the key trends in the Ethiopian Music Events market is the increasing number of festivals and concerts being organized across the country. These events provide a platform for both local and international artists to showcase their talent and attract a diverse audience. The popularity of these events has been fueled by the rise of social media and digital platforms, which have made it easier for event organizers to promote and sell tickets. Furthermore, the government has been actively supporting the development of the music industry, providing funding and resources to encourage the organization of music events.

Local special circumstances: Ethiopia has a rich musical heritage, with diverse traditional music styles and instruments. This cultural richness has contributed to the popularity of music events that celebrate and showcase Ethiopian music. Additionally, Ethiopia is known for its vibrant and energetic music scene, with a strong tradition of live performances. This has created a favorable environment for the growth of the Music Events market, as consumers are eager to experience the excitement and energy of live music.

Underlying macroeconomic factors: The growth of the Music Events market in Ethiopia can be attributed to several underlying macroeconomic factors. Firstly, the country has been experiencing steady economic growth in recent years, leading to an increase in disposable income and consumer spending. This has allowed more people to afford tickets to music events and participate in the vibrant music scene. Secondly, the government has been actively promoting tourism and cultural activities as part of its development strategy. This has attracted more tourists to Ethiopia, who are eager to experience the country's unique music and culture. Lastly, the availability of digital platforms and social media has made it easier for event organizers to reach a wider audience and promote their events, contributing to the growth of the Music Events 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.