Music Events - Singapore

Singapore

Highlights

Revenue in the Music Events market is projected to reach US$84.46m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.22%, resulting in a projected market volume of US$92.20m by 2028.
In the Music Events market, the number of users is expected to amount to 1.1m users by 2028.
User penetration will be 17.4% in 2024 and is expected to hit 17.2% by 2028.
The average revenue per user (ARPU) is expected to amount to US$80.27.
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 Singapore has experienced significant growth in recent years, driven by changing customer preferences and local special circumstances. Customer preferences in the Music Events market have shifted towards more immersive and interactive experiences. Customers are increasingly seeking out events that offer unique and memorable experiences, such as live performances by their favorite artists, interactive installations, and themed events. This shift in preferences has led to an increase in the number and variety of music events in Singapore, as organizers strive to meet the demand for these immersive experiences. Trends in the market also indicate a growing interest in niche genres and cultural events. Singapore has a diverse population with a wide range of musical tastes, and organizers are capitalizing on this by hosting events that cater to specific genres or cultural communities. This trend has not only expanded the variety of music events available in Singapore but has also created opportunities for local artists and performers to showcase their talents to a wider audience. Local special circumstances have also played a role in the development of the Music Events market in Singapore. The city-state's vibrant arts and entertainment scene, coupled with its reputation as a global hub for business and tourism, has attracted international artists and event organizers. This has resulted in an influx of international music events, ranging from large-scale concerts by global superstars to intimate performances by up-and-coming artists. The presence of these international events has not only contributed to the growth of the market but has also elevated Singapore's status as a premier destination for music events in the region. Underlying macroeconomic factors have also contributed to the growth of the Music Events market in Singapore. The city-state's strong economy and high disposable income levels have created a favorable environment for the music industry to thrive. Consumers are willing to spend on entertainment and experiences, including music events, leading to increased ticket sales and revenue for organizers. Additionally, Singapore's strategic location in Southeast Asia and its well-developed transportation infrastructure have made it an attractive destination for international artists and event organizers, further fueling the growth of the market. In conclusion, the Music Events market in Singapore has experienced significant growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The shift towards immersive experiences, the rise of niche genres and cultural events, and the presence of international artists and event organizers have all contributed to the expansion of the market. With a strong economy and a vibrant arts and entertainment scene, Singapore is well-positioned to continue its growth as a premier destination for music events in the region.

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.