Music Events - Guatemala

Guatemala

Highlights

Revenue in the Music Events market is projected to reach US$6.80m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 3.59%, resulting in a projected market volume of US$7.83m by 2028.
In the Music Events market, the number of users is expected to amount to 459.4k users by 2028.
User penetration will be 2.3% in 2024 and is expected to hit 2.4% by 2028.
The average revenue per user (ARPU) is expected to amount to US$16.41.
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 Guatemala has been experiencing significant growth in recent years, driven by a combination of customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Guatemalan consumers have shown a growing interest in attending music events, with a particular focus on international artists and diverse music genres. This preference for international acts can be attributed to the desire for a unique and memorable experience, as well as the influence of global music trends. Additionally, the younger population in Guatemala has shown a strong affinity for music festivals, which offer a multi-day immersive experience with a variety of artists and activities.

Trends in the market: One of the key trends in the Music Events market in Guatemala is the increasing number of music festivals being organized across the country. These festivals attract both local and international attendees, offering a platform for emerging and established artists to showcase their talent. The popularity of music festivals can be attributed to the desire for a communal experience, where attendees can connect with like-minded individuals and enjoy a diverse range of music genres. Furthermore, the rise of social media has played a significant role in promoting and generating buzz around music events, leading to increased ticket sales and attendance.

Local special circumstances: Guatemala's rich cultural heritage and vibrant music scene contribute to the growth of the Music Events market. The country has a diverse range of traditional and contemporary music styles, including marimba, salsa, reggaeton, and rock. This cultural diversity provides a unique selling point for music events in Guatemala, attracting both local and international artists. Additionally, the country's favorable climate and scenic landscapes make it an attractive destination for outdoor music festivals, further boosting the market.

Underlying macroeconomic factors: The Music Events market in Guatemala is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, resulting in an increase in disposable income and consumer spending. This has allowed more individuals to afford tickets to music events and participate in the overall experience. Additionally, the growth of the tourism industry in Guatemala has contributed to the market's expansion, as international visitors often seek out cultural and entertainment experiences during their stay. In conclusion, the Music Events market in Guatemala is thriving due to customer preferences for international acts and music festivals, as well as the country's rich cultural heritage, favorable climate, and growing economy. These factors, combined with the influence of global music trends and the rise of social media, have created a conducive environment for the market's development. As the market continues to evolve, it is expected to attract more artists and attendees, further solidifying Guatemala's position as a vibrant destination for music events.

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.