Music Events - Thailand

Thailand

Highlights

Revenue in the Music Events market is projected to reach US$75.02m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.72%, resulting in a projected market volume of US$83.53m by 2028.
In the Music Events market, the number of users is expected to amount to 2.9m users by 2028.
User penetration will be 4.1% in 2024 and is expected to hit 4.1% by 2028.
The average revenue per user (ARPU) is expected to amount to US$26.24.
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 Thailand has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in the Music Events market have shifted towards live performances and experiential entertainment. Consumers are increasingly seeking unique and immersive experiences, and attending music events allows them to connect with their favorite artists in a more personal and engaging way. This preference for live performances has led to a surge in demand for music events in Thailand. Trends in the market also contribute to the development of the Music Events industry in Thailand. The rise of social media and digital platforms has made it easier for music artists to promote their events and connect with their fans. Artists can now reach a wider audience and generate buzz for their concerts through online platforms, resulting in increased ticket sales and attendance. Additionally, the growing popularity of music festivals, both domestic and international, has attracted a diverse range of music lovers and created a vibrant music scene in Thailand. Local special circumstances further contribute to the growth of the Music Events market in Thailand. The country's rich cultural heritage and vibrant music scene make it an attractive destination for both local and international artists. Thailand's strategic location in Southeast Asia also makes it a convenient stop for artists on regional tours, leading to a higher number of music events being held in the country. Furthermore, the Thai government has recognized the economic potential of the Music Events industry and has been actively supporting its growth through various initiatives and policies. Underlying macroeconomic factors also play a role in the development of the Music Events market in Thailand. The country's steady economic growth and rising disposable incomes have increased the purchasing power of consumers, allowing them to spend more on leisure activities such as attending music events. Additionally, the growth of the tourism industry in Thailand has attracted a large number of international tourists who are interested in experiencing the country's vibrant music scene, further boosting the demand for music events. In conclusion, the Music Events market in Thailand is experiencing significant growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for live performances, the rise of social media and digital platforms, the country's rich cultural heritage, and the government's support for the industry are all contributing to the development of a thriving music events scene in Thailand.

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.