Music Events - Papua New Guinea

Papua New Guinea

Highlights

Revenue in the Music Events market is projected to reach US$1.60m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 4.08%, resulting in a projected market volume of US$1.88m by 2028.
In the Music Events market, the number of users is expected to amount to 169.3k users by 2028.
User penetration will be 1.7% in 2024 and is expected to hit 1.7% by 2028.
The average revenue per user (ARPU) is expected to amount to US$10.51.
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 Papua New Guinea has been experiencing steady growth in recent years. Customer preferences for live music performances and cultural events have been a driving force behind this development. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the growth of the market. Customer preferences in Papua New Guinea lean towards live music performances and cultural events. The population of Papua New Guinea has a strong appreciation for music and enjoys attending concerts and festivals. This preference for live music experiences has led to an increase in the number of music events being organized in the country. Furthermore, there is a growing demand for diverse music genres, with both local and international artists attracting large audiences. This customer preference for live music events has created a thriving market for music event organizers and promoters. One of the trends in the Music Events market in Papua New Guinea is the increasing number of international artists performing in the country. This trend can be attributed to the growing popularity of Papua New Guinea as a tourist destination. As more tourists visit the country, there is a greater demand for international music acts, leading to an increase in the number of music events featuring international artists. This trend not only attracts tourists but also provides opportunities for local artists to collaborate with and learn from international musicians. Another trend in the market is the incorporation of traditional Papua New Guinean music and cultural performances into music events. This trend highlights the rich cultural heritage of the country and appeals to both locals and tourists. Music events that showcase traditional music and dance performances provide a unique and authentic experience for attendees. This trend also supports and promotes local artists, helping to preserve and celebrate Papua New Guinea's cultural traditions. Local special circumstances in Papua New Guinea also contribute to the development of the Music Events market. The country's geographical location and diverse population create a unique market for music events. Papua New Guinea is home to over 800 different languages and numerous cultural groups, each with their own music traditions. This diversity allows for a wide range of music events that cater to different tastes and preferences. Additionally, the country's natural beauty and outdoor venues provide a picturesque backdrop for music events, further enhancing the overall experience for attendees. Underlying macroeconomic factors, such as economic growth and increased disposable income, have also played a role in the growth of the Music Events market in Papua New Guinea. As the country's economy continues to develop, more people have the means to attend music events and spend money on entertainment. This increased consumer spending contributes to the overall growth and sustainability of the market. In conclusion, the Music Events market in Papua New Guinea is developing due to customer preferences for live music performances and cultural events, the incorporation of traditional music into events, local special circumstances, and underlying macroeconomic factors. These factors have created a thriving market that caters to the diverse tastes and preferences of the population, as well as the growing number of tourists visiting the country.

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.