Music Events - South Africa

South Africa

Highlights

Revenue in the Music Events market is projected to reach US$134.40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 3.00%, resulting in a projected market volume of US$151.30m by 2028.
In the Music Events market, the number of users is expected to amount to 3.6m users by 2028.
User penetration will be 5.6% in 2024 and is expected to hit 5.6% by 2028.
The average revenue per user (ARPU) is expected to amount to US$38.47.
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 South Africa has experienced significant growth in recent years, driven by changing customer preferences and the emergence of local special circumstances. Customer preferences in the Music Events market have shifted towards unique and immersive experiences. Consumers are increasingly seeking out events that offer more than just live music performances. They are looking for interactive elements, such as art installations, food and beverage options, and other forms of entertainment. This trend is driven by a desire for memorable experiences and a growing interest in experiential marketing. Trends in the market also reflect the global rise of music festivals. South Africa has seen a surge in the number of music festivals in recent years, catering to a wide range of genres and attracting both local and international artists. These festivals provide an opportunity for music lovers to enjoy multiple performances in a single event, creating a sense of community and excitement. The popularity of music festivals is further fueled by social media, as attendees share their experiences and create buzz around the events. Local special circumstances have contributed to the growth of the Music Events market in South Africa. The country has a rich and diverse music culture, with a wide range of genres and styles. This cultural diversity is reflected in the music events that take place, catering to different tastes and preferences. Additionally, South Africa has a strong tradition of live music, with a vibrant local music scene that attracts both local and international artists. This has created a supportive ecosystem for music events, with a network of venues, promoters, and artists working together to create memorable experiences for audiences. Underlying macroeconomic factors have also played a role in the development of the Music Events market in South Africa. The country has experienced steady economic growth in recent years, resulting in an increase in disposable income and consumer spending. This has allowed more people to afford tickets to music events and has created a larger market for organizers and promoters. Additionally, the growth of the tourism industry in South Africa has contributed to the demand for music events, as both domestic and international tourists seek out cultural experiences during their visits. Overall, the Music Events market in South Africa is thriving due to changing customer preferences, the emergence of music festivals, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, organizers and promoters will need to adapt to meet the demands of consumers and provide unique and immersive experiences that set their events apart from the competition.

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.