Music Events - Malawi

Malawi

Highlights

Revenue in the Music Events market is projected to reach US$6.01m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 5.91%, resulting in a projected market volume of US$7.57m by 2028.
In the Music Events market, the number of users is expected to amount to 424.7k users by 2028.
User penetration will be 1.8% in 2024 and is expected to hit 1.9% by 2028.
The average revenue per user (ARPU) is expected to amount to US$16.84.
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 Malawi is experiencing significant growth and development in recent years.

Customer preferences: Customers in Malawi have shown a strong preference for live music events, with a growing demand for both local and international artists. Music festivals and concerts are becoming increasingly popular among the younger generation, who are seeking unique and memorable experiences. Additionally, there is a growing interest in diverse genres of music, including traditional Malawian music, Afrobeat, reggae, hip-hop, and pop.

Trends in the market: One of the key trends in the Music Events market in Malawi is the rise of music festivals. These festivals attract a large number of attendees from both within the country and abroad. They provide a platform for local artists to showcase their talent and gain exposure, while also bringing in international artists to cater to the diverse tastes of the audience. The festivals also contribute to the growth of the tourism industry in Malawi, as visitors from other countries travel to attend these events. Another trend in the market is the increasing use of technology in music events. Event organizers are leveraging social media platforms and online ticketing systems to promote and sell tickets for music events. This has made it easier for customers to access information about upcoming events and purchase tickets, resulting in increased ticket sales and attendance. Additionally, technology has enabled artists to reach a wider audience through live streaming of their performances, further enhancing the popularity of music events in Malawi.

Local special circumstances: Malawi has a rich musical heritage, with a diverse range of traditional music styles and instruments. This cultural uniqueness has contributed to the growth of the Music Events market, as there is a strong interest in preserving and celebrating the country's musical traditions. Local artists are often given prominence in music events, providing them with opportunities to showcase their talent and gain recognition both locally and internationally.

Underlying macroeconomic factors: The growing Music Events market in Malawi can be attributed to several underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income among the population. This has resulted in a higher spending capacity, with individuals willing to allocate a portion of their income towards entertainment and leisure activities such as music events. Furthermore, the government of Malawi has recognized the potential of the music industry as a driver of economic growth and development. Efforts have been made to create a conducive environment for the industry to thrive, including the establishment of music academies and the implementation of policies to protect intellectual property rights. These initiatives have contributed to the growth of the Music Events market in Malawi by nurturing local talent and attracting international artists and investors. In conclusion, the Music Events market in Malawi is experiencing significant growth and development, driven by customer preferences for live music events, the rise of music festivals, the increasing use of technology, the country's rich musical heritage, and underlying macroeconomic factors such as economic growth and government support. The market is expected to continue to expand in the coming years, providing opportunities for both local and international artists and contributing to the overall cultural and economic development of Malawi.

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.