Music Events - South Korea

South Korea

Highlights

Revenue in the Music Events market is projected to reach US$847.90m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.53%, resulting in a projected market volume of US$901.10m by 2028.
In the Music Events market, the number of users is expected to amount to 8.0m users by 2028.
User penetration will be 15.5% in 2024 and is expected to hit 15.6% by 2028.
The average revenue per user (ARPU) is expected to amount to US$106.40.
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

South Korea is known for its vibrant music scene, with a rich history of producing talented artists and hosting various music events. In recent years, the Music Events market in South Korea has been experiencing significant growth and development.

Customer preferences: South Korean consumers have a strong passion for music and entertainment, which has driven the demand for music events in the country. K-pop, or Korean pop music, has gained immense popularity not only in South Korea but also worldwide. This has led to a surge in international interest in South Korean music events, with fans from all over the world traveling to the country to attend concerts and festivals.

Trends in the market: One of the key trends in the Music Events market in South Korea is the rise of music festivals. These festivals attract both local and international artists, offering a diverse range of music genres and performances. The popularity of these festivals can be attributed to the unique experience they provide, combining music, culture, and entertainment in one event. Additionally, the growing trend of music streaming platforms has also contributed to the increase in music events, as artists and organizers seek to connect with their fans in person. Another trend in the market is the integration of technology in music events. South Korea is known for its technological advancements, and this is reflected in the music events industry. From holographic performances to interactive stages, technology is being used to enhance the overall experience for attendees. This trend not only attracts music enthusiasts but also appeals to a younger demographic who are drawn to the innovative and immersive nature of these events.

Local special circumstances: South Korea's music industry is heavily influenced by the K-pop phenomenon. The success of K-pop has not only created a strong domestic market but has also opened doors for South Korean artists to gain international recognition. This has led to an increase in the number of international collaborations and performances, further fueling the growth of the Music Events market in South Korea. Additionally, the government has been actively supporting the music industry through initiatives such as funding and promoting cultural events, which has contributed to the overall development of the market.

Underlying macroeconomic factors: South Korea's strong economy and rising disposable income levels have played a significant role in the growth of the Music Events market. As consumers have more discretionary income, they are willing to spend on entertainment and experiences, including music events. Furthermore, the government's focus on promoting tourism has also contributed to the growth of the market, as music events are seen as a key attraction for both domestic and international tourists. In conclusion, the Music Events market in South Korea is experiencing significant growth and development, driven by customer preferences, local special circumstances, and underlying macroeconomic factors. The passion for music, the rise of music festivals, the integration of technology, and the influence of K-pop have all contributed to the thriving market. With the continued support from the government and the strong economy, it is expected that the Music Events market in South Korea will continue to flourish in the coming years.

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.