The Music Events market in GCC has been experiencing significant growth over the past few years. Customer preferences have shifted towards live music events, leading to an increase in the number of concerts and festivals in the region. This trend can be attributed to several factors, including the growing popularity of international artists, the rise of social media and digital platforms, and the increasing disposable income of consumers in the GCC countries.
Customer preferences: Customers in the GCC have shown a strong preference for live music events. They enjoy the immersive experience of attending concerts and festivals, where they can see their favorite artists perform live and connect with other music enthusiasts. The demand for live music events has been further fueled by the increasing availability of tickets through online platforms, making it easier for customers to purchase and attend these events.
Trends in the market: One of the key trends in the Music Events market in GCC is the growing popularity of international artists. Many renowned musicians and bands have started including the GCC countries in their world tours, attracting a large number of fans from across the region. This has led to an increase in the number of international concerts and festivals in the GCC, catering to the diverse musical tastes of the local population. Another trend in the market is the rise of social media and digital platforms. Artists and event organizers are leveraging these platforms to promote their concerts and engage with their fans. Social media platforms allow fans to stay updated with the latest news and announcements regarding upcoming music events, creating a sense of anticipation and excitement. Digital platforms also provide a convenient way for customers to purchase tickets and access exclusive content related to the events.
Local special circumstances: The Music Events market in GCC is influenced by the cultural diversity of the region. Each country in the GCC has its own unique music scene and local artists who enjoy a loyal fan base. This has led to the emergence of local music festivals and events that celebrate the rich musical heritage of the region. These events not only provide a platform for local artists to showcase their talent but also attract music enthusiasts who are interested in experiencing the authentic sounds of the GCC.
Underlying macroeconomic factors: The growth of the Music Events market in GCC can be attributed to the increasing disposable income of consumers in the region. As the GCC countries continue to diversify their economies and invest in sectors such as tourism and entertainment, consumers have more spending power to allocate towards leisure activities, including attending music events. The strong economic growth in the region has also attracted international artists and event organizers, who see the GCC as a lucrative market for their performances. In conclusion, the Music Events market in GCC is experiencing growth due to customer preferences for live music events, the popularity of international artists, the rise of social media and digital platforms, and the increasing disposable income of consumers in the region. The market is also influenced by local special circumstances, such as the cultural diversity of the GCC countries and the emergence of local music festivals. These trends are supported by underlying macroeconomic factors, including the strong economic growth in the region.
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.
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