Music Events - Western Africa

  • Western Africa
  • Revenue in the Music Events market is projected to reach US$68.47m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 5.89%, resulting in a projected market volume of US$86.08m by 2028.
  • In the Music Events market, the number of users is expected to amount to 4.1m users by 2028.
  • User penetration will be 0.9% in 2024 and is expected to hit 0.9% by 2028.
  • The average revenue per user (ARPU) is expected to amount to US$19.00.
  • In global comparison, most revenue will be generated in the United States (US$16,980.00m in 2024).
  • With a projected rate of 25.8%, the user penetration in the Music Events market is highest in Denmark.

Key regions: India, Japan, Europe, China, Asia

 
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Analyst Opinion

The Music Events market in Western Africa has been experiencing significant growth in recent years. Customer preferences in the region have played a key role in driving this growth. Western African consumers have a strong affinity for music and live performances, making music events a popular form of entertainment. This is reflected in the increasing demand for tickets to concerts, festivals, and other music events in the region. Additionally, Western African consumers have shown a preference for diverse music genres, ranging from traditional African music to contemporary pop and hip-hop. This has led to a wide variety of music events being organized to cater to the diverse tastes of the audience. One of the trends in the market is the rise of local music events. Western Africa is home to a rich and vibrant music scene, with many talented local artists and bands. In recent years, there has been a growing recognition and appreciation for local music, leading to an increase in the number of music events featuring local artists. These events not only provide a platform for local talent to showcase their skills, but also contribute to the growth of the local music industry. Another trend in the market is the increasing popularity of international music events. Western Africa has become a popular destination for international artists and bands to perform. Major international music festivals and concerts are being organized in the region, attracting music lovers from not only Western Africa but also from other parts of the world. This trend has been fueled by the growing global recognition of Western African music and the increasing number of collaborations between Western African and international artists. Local special circumstances in Western Africa have also contributed to the development of the Music Events market. The region is known for its vibrant cultural heritage and traditions, which are often celebrated through music events. Additionally, Western African countries have been investing in infrastructure development, including the construction of modern concert venues and event spaces. This has created a conducive environment for the growth of the Music Events market. Underlying macroeconomic factors have also played a role in the development of the Music Events market in Western Africa. Economic growth in the region has led to an increase in disposable income, allowing more people to afford tickets to music events. Additionally, the rise of digital platforms and social media has made it easier for music event organizers to promote their events and reach a wider audience. This has contributed to the overall growth and popularity of the Music Events market in Western Africa.

Methodology

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.

Overview

  • Revenue
  • Analyst Opinion
  • Users
  • Global Comparison
  • Methodology
  • Key Market Indicators
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