Music Events - Ghana

Ghana

Highlights

Revenue in the Music Events market is projected to reach US$3.53m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of -0.52%, resulting in a projected market volume of US$3.46m by 2028.
In the Music Events market, the number of users is expected to amount to 443.5k users by 2028.
User penetration will be 1.3% in 2024 and is expected to hit 1.3% by 2028.
The average revenue per user (ARPU) is expected to amount to US$8.69.
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 Ghana has been experiencing significant growth in recent years. Customer preferences have shifted towards live music events, leading to an increase in the number of concerts and festivals across the country. This trend is driven by several factors, including the growing popularity of Ghanaian music both domestically and internationally, as well as the increasing disposable income of the population.

Customer preferences: Ghanaians have a strong affinity for music and live performances. Music is deeply ingrained in the culture, and people often seek out opportunities to enjoy live music events. In recent years, there has been a surge in the popularity of Ghanaian music, particularly Afrobeats and Highlife music genres, both within the country and globally. This has led to an increased demand for live performances by local artists.

Trends in the market: One of the key trends in the Music Events market in Ghana is the rise of music festivals. These events attract both local and international artists, providing a platform for them to showcase their talent and connect with fans. The annual Afrochella festival, for example, has gained international recognition and draws thousands of attendees from around the world. This trend is indicative of the growing interest in Ghanaian music and the desire for unique live music experiences. Another trend in the market is the emergence of smaller, intimate concerts. These events cater to a niche audience and offer a more personal and immersive experience. Artists are increasingly opting for smaller venues to connect with their fans on a deeper level. This trend reflects the changing preferences of consumers who are seeking more intimate and exclusive experiences.

Local special circumstances: Ghana has a vibrant music industry with a rich cultural heritage. The country is known for its diverse music styles, including Highlife, Hiplife, and Gospel music. This cultural richness provides a unique selling point for the Music Events market in Ghana, attracting both local and international audiences. Additionally, the government has recognized the potential of the music industry and has implemented initiatives to support its growth. This includes the establishment of music festivals and the promotion of local talent.

Underlying macroeconomic factors: The growth of the Music Events market in Ghana is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, resulting in an increase in disposable income. This has allowed more people to afford tickets to music events and has contributed to the overall growth of the market. Furthermore, the rise of social media and digital platforms has made it easier for artists to promote their music and events, reaching a larger audience and driving ticket sales. In conclusion, the Music Events market in Ghana is experiencing significant growth due to customer preferences for live music events, the rise of music festivals, and the emergence of smaller, intimate concerts. The country's vibrant music industry, government support, and underlying macroeconomic factors have all contributed to the development of this market. As Ghanaian music continues to gain popularity both domestically and internationally, the Music Events market is expected to further expand 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.