Music Events - Iraq

Iraq

Highlights

Revenue in the Music Events market is projected to reach US$12.46m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 8.02%, resulting in a projected market volume of US$16.96m by 2028.
In the Music Events market, the number of users is expected to amount to 1.1m users by 2028.
User penetration will be 2.4% in 2024 and is expected to hit 2.5% by 2028.
The average revenue per user (ARPU) is expected to amount to US$12.71.
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 Iraq has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: In Iraq, there is a growing demand for live music events, with a particular interest in international artists and diverse genres. Music enthusiasts in Iraq are increasingly seeking opportunities to experience live performances and connect with their favorite artists. This trend is fueled by the desire for cultural exchange and the chance to witness world-class performances in their own country.

Trends in the market: One of the key trends in the Music Events market in Iraq is the increasing number of international artists and bands performing in the country. This trend is driven by the improving security situation and the growing recognition of Iraq as a potential market for music events. International artists are attracted by the opportunity to tap into a new and enthusiastic audience, as well as the chance to explore the rich cultural heritage of Iraq. Another trend is the diversification of music genres in the market. While traditional Iraqi music still holds a special place in the hearts of the local population, there is a growing interest in Western and other international music genres. This trend is a reflection of the changing tastes and preferences of the younger generation, who are more exposed to global music through the internet and social media.

Local special circumstances: Iraq has a vibrant and diverse cultural scene, with a long history of music and artistic expression. Despite the challenges posed by the political and security situation in the past, Iraqis have always found ways to celebrate their cultural heritage through music. This resilience and passion for music have contributed to the growth of the Music Events market in Iraq.

Underlying macroeconomic factors: The improving security situation in Iraq has played a crucial role in the development of the Music Events market. As the country becomes more stable, both local and international artists are more willing to perform in Iraq. This has led to an increase in the number of music events and a wider variety of genres being offered to the audience. Furthermore, the growing economy of Iraq has also contributed to the growth of the Music Events market. As disposable incomes rise and consumer spending power increases, more people are willing to spend money on entertainment and cultural experiences, including music events. This has created a favorable environment for the development of the market. In conclusion, the Music Events market in Iraq is experiencing significant growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The demand for live music events, the increasing number of international artists, the diversification of music genres, and the improving security situation are all contributing to the development of the market. With the continued growth of the economy and the increasing interest in cultural exchange, the Music Events market in Iraq is expected to continue its upward trajectory 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.