Market Insights Digital eServices Event Tickets

Music Events - Serbia

Serbia

Revenue in the Music Events market is projected to reach US$12.52m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.24%, resulting in a projected market volume of US$13.68m by 2028.
In the Music Events market, the number of users is expected to amount to 292.5k users by 2028.
User penetration will be 4.2% in 2024 and is expected to hit 4.4% by 2028.
The average revenue per user (ARPU) is expected to amount to US$43.28.
In global comparison, most revenue will be generated in the United States (US$16,980.00m in 2024).
With a projected rate of 25.8%, the user penetration in the Music Events market is highest in Denmark.

Key regions: India, Japan, Europe, China, Asia

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Analyst Opinion

The Music Events market in Serbia has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Music Events market have shifted towards live performances and immersive experiences. Music fans are increasingly seeking out unique and memorable events, such as music festivals and concerts, where they can not only listen to their favorite artists but also engage with the atmosphere and connect with like-minded individuals. This shift in preferences has led to a rise in the number of music events being organized in Serbia, catering to a diverse range of genres and tastes. Trends in the market indicate a growing demand for international acts and collaborations. Serbian music fans are becoming more open to exploring music from different cultures and are eager to experience performances by renowned international artists. This trend has been facilitated by the globalization of the music industry, making it easier for artists to tour and perform in different countries. As a result, music events in Serbia are increasingly featuring a mix of local and international talent, creating a vibrant and diverse music scene. Local special circumstances, such as Serbia's geographic location and cultural heritage, have also contributed to the development of the Music Events market. Serbia is situated at the crossroads of Eastern and Western Europe, making it an attractive destination for artists and music enthusiasts alike. The country's rich cultural heritage, with influences from both the East and the West, has fostered a diverse and vibrant music scene, attracting both local and international performers. Underlying macroeconomic factors have played a role in the growth of the Music Events market in Serbia. Economic stability and increased disposable income have allowed individuals to allocate a larger portion of their budget towards entertainment and leisure activities, including music events. Additionally, the rise of digital platforms and social media has made it easier for event organizers to promote and market their events, reaching a wider audience and driving ticket sales. In conclusion, the Music Events market in Serbia is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for live performances and immersive experiences, along with an increasing interest in international acts, has fueled the development of a vibrant and diverse music scene in Serbia.

Methodology

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.