Music Events - Kuwait

Kuwait

Highlights

Revenue in the Music Events market is projected to reach US$56.11m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 4.18%, resulting in a projected market volume of US$66.10m by 2028.
In the Music Events market, the number of users is expected to amount to 731.4k users by 2028.
User penetration will be 16.6% in 2024 and is expected to hit 16.7% by 2028.
The average revenue per user (ARPU) is expected to amount to US$80.50.
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 Kuwait has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in the Music Events market in Kuwait have shifted towards more diverse and international acts. Kuwaiti consumers are increasingly interested in experiencing music events featuring popular international artists from various genres. This preference for international acts can be attributed to the growing exposure to global music through digital platforms and the desire for unique and memorable experiences. Additionally, there is a demand for music events that cater to different age groups and musical tastes, leading to a wider range of events being organized in Kuwait. Trends in the market include the rise of music festivals and the integration of technology in music events. Music festivals have gained popularity in Kuwait, offering a multi-day experience with a lineup of local and international artists. These festivals attract a large number of attendees and contribute to the growth of the Music Events market. Furthermore, technology has played a significant role in enhancing the overall music event experience. From advanced sound systems to immersive visual effects, technology has transformed music events into immersive and memorable experiences for attendees. Local special circumstances in Kuwait, such as a strong economy and a young population, contribute to the development of the Music Events market. The strong economy provides the financial means for consumers to attend music events and spend on tickets, merchandise, and food and beverages. The young population, with a high disposable income and a desire for entertainment, drives the demand for music events in Kuwait. Additionally, the government's support for cultural events and the development of infrastructure for hosting music events have also contributed to the growth of the market. Underlying macroeconomic factors, such as the stability of the Kuwaiti economy and the growth of the entertainment industry, have also played a role in the development of the Music Events market. The stable economy provides a favorable environment for businesses to invest in the music events sector and attract international artists to perform in Kuwait. The growth of the entertainment industry, coupled with increasing disposable incomes, has created a demand for live music experiences, leading to the expansion of the Music Events market. In conclusion, the Music Events market in Kuwait is developing due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for diverse and international acts, the rise of music festivals, the integration of technology, a strong economy, a young population, government support, and the growth of the entertainment industry are all contributing to the growth of the market.

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.