Music Events - Latvia

Latvia

Highlights

Revenue in the Music Events market is projected to reach US$13.81m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.13%, resulting in a projected market volume of US$15.03m by 2028.
In the Music Events market, the number of users is expected to amount to 171.1k users by 2028.
User penetration will be 9.4% in 2024 and is expected to hit 9.8% by 2028.
The average revenue per user (ARPU) is expected to amount to US$81.01.
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 Latvia 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 Latvia have shifted towards live performances and immersive experiences. Consumers are increasingly seeking out unique and memorable experiences, and music events provide an opportunity to connect with their favorite artists and bands in a live setting. This preference for live performances has led to an increase in the number and variety of music events in Latvia, catering to different genres and tastes. Trends in the market include the rise of music festivals and the integration of technology. Music festivals have gained popularity in Latvia, attracting both local and international attendees. These festivals offer a multi-day experience with a lineup of diverse artists, creating a sense of community and excitement. Additionally, technology has played a significant role in the development of the Music Events market in Latvia. From ticketing platforms to virtual reality experiences, technology has enhanced the overall music event experience, making it more accessible and immersive for attendees. Local special circumstances, such as the growing tourism industry and government support, have also contributed to the growth of the Music Events market in Latvia. The country has seen an increase in tourism in recent years, with visitors seeking cultural experiences and entertainment. Music events have become a key attraction for tourists, contributing to the overall growth of the market. Furthermore, the Latvian government has recognized the economic potential of the Music Events market and has actively supported its development through funding and infrastructure improvements. Underlying macroeconomic factors, such as economic stability and disposable income, have also played a role in the growth of the Music Events market in Latvia. As the economy has improved and disposable income has increased, consumers have had more resources to spend on leisure activities, including music events. This has created a favorable environment for the market to thrive and expand. In conclusion, the Music Events market in Latvia has experienced significant growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards live performances, the rise of music festivals, the integration of technology, the growing tourism industry, government support, and economic stability have all contributed to the development and expansion 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.