Music Events - Georgia

Georgia

Highlights

Revenue in the Music Events market is projected to reach US$815.60k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of -0.38%, resulting in a projected market volume of US$803.30k by 2028.
In the Music Events market, the number of users is expected to amount to 90.7k users by 2028.
User penetration will be 2.5% in 2024 and is expected to hit 2.5% by 2028.
The average revenue per user (ARPU) is expected to amount to US$8.99.
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 Georgia is experiencing significant growth and development in recent years.

Customer preferences: Customers in Georgia have shown a strong preference for live music events, with a growing demand for both local and international artists. Concerts, music festivals, and other music events have become increasingly popular among the younger population in particular. This trend can be attributed to the desire for unique experiences and the opportunity to connect with their favorite artists in a live setting. Additionally, the rise of social media and digital platforms has made it easier for music lovers to discover and follow their favorite artists, further driving the demand for music events.

Trends in the market: One of the key trends in the Music Events market in Georgia is the increasing number of music festivals. These festivals attract a large number of attendees from both within the country and abroad, contributing to the overall growth of the market. The popularity of music festivals can be attributed to the diverse lineup of artists, the festive atmosphere, and the opportunity to discover new music. In addition to music festivals, there has been a rise in the number of concerts and performances by international artists in Georgia. This trend indicates the country's growing reputation as a destination for music events, attracting both local and international audiences.

Local special circumstances: Georgia's unique cultural heritage and rich musical traditions play a significant role in the development of the Music Events market. The country has a long history of folk music and dance, which has influenced its contemporary music scene. This cultural heritage has contributed to the popularity of traditional music events and festivals, showcasing the country's unique musical identity. Furthermore, Georgia's strategic location between Europe and Asia makes it an attractive destination for artists and music enthusiasts from both regions, further boosting the Music Events market.

Underlying macroeconomic factors: The growing Music Events market in Georgia can also be attributed to the country's improving economy and increasing disposable income. As the economy continues to grow, more people have the means to spend on entertainment and leisure activities, including music events. Additionally, the government's efforts to promote tourism and attract foreign investment have also had a positive impact on the Music Events market. The influx of tourists and international visitors has created a larger audience base for music events and festivals, contributing to their growth and success. In conclusion, the Music Events market in Georgia is experiencing significant growth and development, driven by customer preferences for live music events, the increasing number of music festivals, the country's unique cultural heritage, and the improving macroeconomic factors. These factors have created a vibrant music scene in Georgia, attracting both local and international artists, and making it an exciting destination for music enthusiasts.

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.