Music Events - India

India

Highlights

Revenue in the Music Events market is projected to reach US$222.80m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.43%, resulting in a projected market volume of US$245.20m by 2028.
In the Music Events market, the number of users is expected to amount to 21.9m users by 2028.
User penetration will be 1.5% in 2024 and is expected to hit 1.5% by 2028.
The average revenue per user (ARPU) is expected to amount to US$10.25.
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 India is experiencing significant growth and development in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trajectory. Customer preferences in India are shifting towards live music events as a form of entertainment. With a population of over 1. 3 billion people, there is a large and diverse audience for music events in the country. Indians have a deep appreciation for music and enjoy experiencing it in a live setting. Attending music events allows them to connect with their favorite artists, immerse themselves in the music, and create memorable experiences. As a result, there is a growing demand for music events across various genres, including Bollywood, classical, rock, and electronic music. Trends in the market further support the growth of the Music Events industry in India. One notable trend is the increasing number of international artists and bands touring the country. India has become an attractive destination for global music acts, with artists recognizing the large fan base and potential for successful concerts. This trend has led to a greater variety of music events, catering to different tastes and preferences. Additionally, the rise of social media and online streaming platforms has made it easier for music lovers to discover new artists and stay updated on upcoming events, further fueling the demand for music events. Local special circumstances also play a role in the development of the Music Events market in India. The country has a rich musical heritage, with diverse regional music traditions and a thriving film industry known as Bollywood. This cultural backdrop creates a fertile ground for music events, as people are deeply connected to music and eager to experience it in various forms. Furthermore, India's growing middle class and increasing disposable income have made music events more affordable and accessible to a larger audience. Underlying macroeconomic factors contribute to the growth of the Music Events market in India. The country's economy has been steadily expanding, leading to higher consumer spending power. With more disposable income, people are willing to allocate a portion of their budget towards entertainment, including music events. Furthermore, the government's focus on promoting tourism and cultural exchange has led to investments in infrastructure and venues suitable for hosting music events. This has created a favorable environment for both local and international artists to perform in India. In conclusion, the Music Events market in India is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for live music events, the rise of international artists touring the country, India's rich musical heritage, and the country's growing economy all contribute to the positive trajectory of this market. As the market continues to evolve, it is expected to offer even more diverse and exciting music events for the Indian audience to enjoy.

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.