Music Events - Hong Kong

Hong Kong

Highlights

Revenue in the Music Events market is projected to reach US$121.70m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.38%, resulting in a projected market volume of US$133.80m by 2028.
In the Music Events market, the number of users is expected to amount to 1.0m users by 2028.
User penetration will be 13.4% in 2024 and is expected to hit 13.2% by 2028.
The average revenue per user (ARPU) is expected to amount to US$117.90.
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 Hong Kong has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to the development of this industry. Customer preferences in Hong Kong have shifted towards experiential entertainment, with an increasing demand for live music events. This can be attributed to the desire for unique and memorable experiences, as well as the growing popularity of social media platforms where individuals can share their experiences with others. In addition, the younger generation in Hong Kong has shown a strong interest in attending music events, which has further fueled the growth of the market. Trends in the market indicate that international music events are gaining popularity in Hong Kong. This can be attributed to the city's cosmopolitan nature and its position as a global financial hub. International artists and bands are increasingly including Hong Kong in their concert tours, attracting a diverse audience from both local and international communities. Furthermore, the rise of music festivals in Hong Kong has also contributed to the growth of the market, with events such as Clockenflap and Road to Ultra becoming highly anticipated annual attractions. Local special circumstances in Hong Kong have also played a role in the development of the Music Events market. The city's vibrant nightlife and entertainment scene, coupled with its well-developed infrastructure, make it an ideal destination for music events. Additionally, the government of Hong Kong has been supportive of the arts and culture sector, providing funding and resources to promote and develop the industry. This has created a favorable environment for music events to thrive. Underlying macroeconomic factors have also contributed to the growth of the Music Events market in Hong Kong. The city's strong economy and high disposable income levels have allowed individuals to spend more on entertainment and leisure activities. Additionally, the influx of tourists to Hong Kong has increased the demand for music events, as visitors seek out unique cultural experiences during their stay. The growth of the tourism industry in Hong Kong has further boosted the market, as music events have become a key attraction for both domestic and international tourists. In conclusion, the Music Events market in Hong Kong has experienced significant growth due to customer preferences for experiential entertainment, the popularity of international music events, local special circumstances such as a vibrant nightlife scene and government support, and underlying macroeconomic factors such as a strong economy and growing tourism industry. These factors have created a favorable environment for the development and expansion of the market, making Hong Kong a vibrant hub 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.