Music Events - Uganda

Uganda

Highlights

Revenue in the Music Events market is projected to reach US$6.17m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 5.82%, resulting in a projected market volume of US$7.73m by 2028.
In the Music Events market, the number of users is expected to amount to 856.6k users by 2028.
User penetration will be 1.5% in 2024 and is expected to hit 1.6% by 2028.
The average revenue per user (ARPU) is expected to amount to US$8.39.
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 Uganda has been experiencing significant growth in recent years, driven by changing customer preferences and the emergence of local talent.

Customer preferences: Ugandan music enthusiasts have shown a growing interest in attending live music events. This can be attributed to the desire for unique experiences and the opportunity to connect with their favorite artists on a more personal level. Additionally, the younger generation, in particular, has a strong affinity for music and is willing to spend money on attending concerts and festivals.

Trends in the market: One of the key trends in the Music Events market in Uganda is the rise of local talent. Ugandan musicians have gained popularity not only within the country but also on the international stage. This has led to an increase in the number of music events featuring local artists, attracting a larger audience and creating a sense of national pride. Furthermore, the government has been actively supporting the music industry by providing funding and infrastructure for music events, further fueling its growth. Another trend in the market is the diversification of music genres. While traditional Ugandan music still holds a significant place in the market, there has been a rise in the popularity of other genres such as hip-hop, reggae, and Afrobeat. This has led to a more diverse range of music events, catering to different tastes and preferences.

Local special circumstances: Uganda's vibrant cultural scene and rich musical heritage have played a crucial role in the development of the Music Events market. The country is known for its traditional music and dance forms, which have been incorporated into modern music events, creating a unique and captivating experience for attendees. Additionally, Uganda's geographical location in East Africa makes it a convenient destination for international artists to perform, further boosting the market.

Underlying macroeconomic factors: The steady economic growth in Uganda has provided individuals with more disposable income, enabling them to spend on leisure activities such as attending music events. Furthermore, the increasing urbanization and growing middle class have contributed to the expansion of the market, as more people have access to entertainment options. Additionally, the rise of social media and digital platforms has made it easier for event organizers to promote their events and reach a wider audience, driving the growth of the Music Events market in Uganda. In conclusion, the Music Events market in Uganda is experiencing significant growth due to changing customer preferences, the rise of local talent, and favorable macroeconomic factors. The market is expected to continue expanding as more people embrace live music experiences and the country's music industry continues to thrive.

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.