Music Events - Morocco

Morocco

Highlights

Revenue in the Music Events market is projected to reach US$37.58m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 3.10%, resulting in a projected market volume of US$42.46m by 2028.
In the Music Events market, the number of users is expected to amount to 1.4m users by 2028.
User penetration will be 3.5% in 2024 and is expected to hit 3.4% by 2028.
The average revenue per user (ARPU) is expected to amount to US$28.07.
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 Morocco is experiencing significant growth and development in recent years.

Customer preferences: Moroccans have shown a strong interest in music events, with a growing demand for both local and international artists. Music festivals, concerts, and live performances have become increasingly popular among the younger population. This can be attributed to the influence of Western music and the rise of social media platforms, which have made it easier for people to discover and follow their favorite artists. Additionally, the Moroccan diaspora, particularly in Europe, has played a role in driving the demand for music events in the country.

Trends in the market: One of the key trends in the Music Events market in Morocco is the increasing number of music festivals. These festivals attract both local and international artists, offering a diverse range of music genres to cater to different tastes. The popularity of these festivals has grown significantly, with more attendees each year. This trend can be attributed to the unique experience that music festivals provide, combining music, art, and cultural activities in one event. Another trend in the market is the rise of international collaborations. Moroccan artists are increasingly collaborating with international musicians, which not only exposes them to a wider audience but also attracts international artists to perform in the country. This trend has been fueled by the growing recognition of Moroccan artists on the global stage, as well as the increasing interest in Moroccan culture and music worldwide.

Local special circumstances: Morocco's rich cultural heritage and diverse music scene contribute to the growth of the Music Events market. The country is known for its traditional music styles such as Gnawa, Chaabi, and Andalusian music, which have gained international recognition. This cultural richness provides a unique selling point for music events in Morocco, attracting both local and international audiences. Furthermore, the government's support and investment in the entertainment industry have played a significant role in the development of the Music Events market. The promotion of cultural events and festivals through initiatives and funding has helped create a favorable environment for the growth of the market. Additionally, the improvement of infrastructure and venues has made it easier to organize and host music events in the country.

Underlying macroeconomic factors: Morocco's growing economy and increasing disposable income have also contributed to the development of the Music Events market. As people have more money to spend on leisure activities, attending music events has become an affordable and popular choice. The country's stable political environment and growing tourism industry have also attracted international artists and tourists, further boosting the demand for music events. In conclusion, the Music Events market in Morocco is experiencing significant growth and development due to customer preferences for music festivals, international collaborations, and the country's rich cultural heritage. The government's support and investment in the entertainment industry, along with the favorable macroeconomic factors, have also played a crucial role in the market's growth. As the market continues to evolve, it presents a promising opportunity for both local and international stakeholders in the music industry.

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.