Music Events - Mexico

Mexico

Highlights

Revenue in the Music Events market is projected to reach US$349.40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.35%, resulting in a projected market volume of US$383.50m by 2028.
In the Music Events market, the number of users is expected to amount to 8.4m users by 2028.
User penetration will be 6.2% in 2024 and is expected to hit 6.1% by 2028.
The average revenue per user (ARPU) is expected to amount to US$41.83.
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 Mexico has been experiencing significant growth in recent years, driven by a combination of customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Mexico have shifted towards live music experiences, with a growing demand for music events and concerts. Mexican consumers are increasingly seeking unique and immersive experiences, and music events provide an opportunity for people to connect with their favorite artists in a live setting. This preference for live music is also fueled by the desire for social interaction and the need for entertainment and escapism. Trends in the market have further contributed to the development of the Music Events market in Mexico. One notable trend is the rise of music festivals, which have gained popularity among both local and international audiences. These festivals offer a diverse lineup of artists and genres, attracting a wide range of music enthusiasts. The success of music festivals can be attributed to their ability to create a sense of community and provide a multi-day experience that goes beyond just the music performances. Another trend in the Music Events market in Mexico is the increasing use of technology in event production and promotion. Event organizers are leveraging social media platforms and online ticketing services to reach a broader audience and enhance the overall event experience. This digital transformation has made it easier for consumers to discover and purchase tickets for music events, contributing to the growth of the market. Local special circumstances also play a role in the development of the Music Events market in Mexico. The country's rich musical heritage and vibrant music scene have created a fertile ground for music events to flourish. Mexican artists, both established and emerging, are gaining international recognition, attracting a global audience to their concerts and performances. Additionally, the country's favorable climate and diverse geography provide opportunities for outdoor music events throughout the year. Underlying macroeconomic factors have also contributed to the growth of the Music Events market in Mexico. The country's economy has been steadily growing, leading to an increase in disposable income and consumer spending. As a result, more people are willing to allocate a portion of their income towards entertainment and leisure activities, including music events. In conclusion, the Music Events market in Mexico is experiencing significant growth due to customer preferences for live music experiences, trends in the market such as music festivals and the use of technology, local special circumstances including the country's musical heritage and favorable climate, and underlying macroeconomic factors such as economic growth and increased consumer spending. This growth is expected to continue as the demand for music events and concerts in Mexico remains strong.

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.