Music Events - United Kingdom

United Kingdom

Highlights

Revenue in the Music Events market is projected to reach US$2.02bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.41%, resulting in a projected market volume of US$2.23bn by 2028.
In the Music Events market, the number of users is expected to amount to 15.3m users by 2028.
User penetration will be 22.0% in 2024 and is expected to hit 21.8% by 2028.
The average revenue per user (ARPU) is expected to amount to US$133.40.
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

The Music Events market in United Kingdom has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in the Music Events market in United Kingdom have shifted towards live experiences. People are increasingly seeking out unique and memorable experiences, and attending music events has become a popular way to fulfill this desire. The demand for live music performances has increased as consumers value the opportunity to see their favorite artists in person and engage with the music in a communal setting. This preference for live experiences has led to a surge in ticket sales for music events in the United Kingdom. Trends in the market have also played a role in the growth of the Music Events industry in United Kingdom. The rise of social media and digital streaming platforms has made it easier for artists to connect with their fans and promote their live performances. Artists can now reach a wider audience and generate excitement for their concerts through online platforms. Additionally, the popularity of music festivals has increased in recent years. These multi-day events offer a diverse lineup of artists and provide a unique experience for attendees. The growth of music festivals has contributed to the overall expansion of the Music Events market in United Kingdom. Local special circumstances in United Kingdom have further fueled the development of the Music Events market. The country has a rich musical heritage and is home to numerous iconic venues and festivals. The United Kingdom has a strong music culture, with a wide range of genres and artists that attract both domestic and international audiences. The presence of popular music festivals such as Glastonbury and Reading and Leeds has put United Kingdom on the map as a top destination for music events. The country's vibrant music scene and enthusiastic fan base have created a favorable environment for the growth of the Music Events market. Underlying macroeconomic factors have also played a role in the expansion of the Music Events market in United Kingdom. The country's strong economy and high disposable income levels have allowed consumers to allocate more of their spending towards entertainment and leisure activities. As a result, people are willing to spend money on tickets to music events and festivals. Additionally, the growth of the tourism industry in United Kingdom has attracted international visitors who are interested in attending music events. This influx of tourists has further boosted the demand for music events and contributed to the overall growth of the market. In conclusion, the Music Events market in United Kingdom has experienced significant growth due to customer preferences for live experiences, trends in the market such as the rise of social media and music festivals, local special circumstances including the country's rich music culture and iconic venues, and underlying macroeconomic factors such as a strong economy and high disposable income levels. This growth is expected to continue as the demand for music events in United Kingdom remains strong.

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.