Music Events - Republic of the Congo

Republic of the Congo

Highlights

Revenue in the Music Events market is projected to reach US$1.65m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 6.98%, resulting in a projected market volume of US$2.17m by 2028.
In the Music Events market, the number of users is expected to amount to 144.5k users by 2028.
User penetration will be 2.2% in 2024 and is expected to hit 2.3% by 2028.
The average revenue per user (ARPU) is expected to amount to US$13.04.
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 Republic of the Congo is experiencing significant growth and development.

Customer preferences: Music events have always been popular among the Congolese people, who have a deep appreciation for music and cultural performances. The vibrant and dynamic music scene in the country has contributed to the high demand for music events. Congolese music, particularly soukous and rumba, has gained international recognition and attracts both local and international audiences. The Congolese people have a strong affinity for live music and enjoy the energetic and lively atmosphere of music events.

Trends in the market: One of the key trends in the Music Events market in Republic of the Congo is the increasing number of international artists and bands performing in the country. This trend is driven by the growing popularity of Congolese music on the global stage and the country's strategic location in Central Africa. International artists see the opportunity to tap into the Congolese market and expand their fan base. This trend has also led to the organization of larger and more extravagant music events, with bigger venues and higher production values. Another trend in the market is the emergence of music festivals in Republic of the Congo. Music festivals provide a platform for both local and international artists to showcase their talent and connect with a diverse audience. These festivals attract music lovers from all over the country and even from neighboring countries, boosting tourism and contributing to the local economy. The popularity of music festivals has been on the rise, with an increasing number of people attending these events every year.

Local special circumstances: One of the factors contributing to the development of the Music Events market in Republic of the Congo is the country's rich cultural heritage. The Congolese people have a strong sense of pride in their music and cultural traditions, and this is reflected in the popularity of music events. The government has also recognized the importance of the music industry and has taken steps to support and promote local artists and music events. This has created a favorable environment for the growth of the market.

Underlying macroeconomic factors: The growth of the Music Events market in Republic of the Congo is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. As a result, more people are willing to spend money on entertainment and leisure activities, including music events. Additionally, the rise of social media and digital platforms has made it easier for event organizers to promote and market music events, reaching a wider audience and driving ticket sales.

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.