Music Events - Myanmar

Myanmar

Highlights

Revenue in the Music Events market is projected to reach US$20.02m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 0.92%, resulting in a projected market volume of US$20.77m by 2028.
In the Music Events market, the number of users is expected to amount to 2.0m users by 2028.
User penetration will be 3.7% in 2024 and is expected to hit 3.8% by 2028.
The average revenue per user (ARPU) is expected to amount to US$10.36.
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 Myanmar has experienced significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Myanmar has a rich cultural heritage and a strong passion for music, making music events a popular form of entertainment. Customers in Myanmar are increasingly seeking unique and immersive experiences, and music events provide an opportunity to connect with artists and fellow music lovers. The younger generation, in particular, is driving the demand for music events, as they are more open to exploring different genres and styles of music. Additionally, social media platforms have played a crucial role in promoting music events and creating a sense of excitement and anticipation among customers.

Trends in the market: One of the key trends in the music events market in Myanmar is the rise of international artists and festivals. In recent years, Myanmar has become an attractive destination for international artists and music festivals, attracting a diverse range of performers from different countries. This trend has been fueled by the growing popularity of Myanmar as a tourist destination, as well as the increasing interest in Myanmar's music and culture globally. International artists and festivals not only bring a fresh and unique musical experience to Myanmar but also contribute to the local economy by attracting tourists and generating revenue. Another trend in the market is the emergence of local music events and festivals. Myanmar has a vibrant music scene, with a wide range of talented local artists across various genres. Local music events and festivals provide a platform for these artists to showcase their talent and connect with their audience. These events also play an important role in promoting and preserving Myanmar's cultural heritage, as they often feature traditional music and dance performances. Moreover, local music events and festivals contribute to the growth of the local music industry by providing opportunities for artists to gain exposure and build their fan base.

Local special circumstances: Myanmar's music events market is also shaped by local special circumstances. The country has undergone significant political and social changes in recent years, leading to a greater openness and freedom of expression. This has created a more conducive environment for music events and festivals, as artists are now able to express themselves more freely and connect with their audience on a deeper level. Additionally, the government has been supportive of the music events industry, providing infrastructure and logistical support to organizers and promoting Myanmar as a music destination.

Underlying macroeconomic factors: The growth of the music events market in Myanmar is also influenced by underlying macroeconomic factors. Myanmar has experienced steady economic growth in recent years, leading to an increase in discretionary income and consumer spending. This has resulted in a higher demand for entertainment and leisure activities, including music events. Furthermore, the development of the tourism industry has contributed to the growth of the music events market, as tourists are increasingly seeking unique and authentic cultural experiences during their visit to Myanmar. In conclusion, the Music Events market in Myanmar is experiencing significant growth driven by changing customer preferences, the rise of international and local events, local special circumstances, and underlying macroeconomic factors. 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 Myanmar.

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.