Music Events - Worldwide

Worldwide

Highlights

Revenue in the Music Events market is projected to reach US$34.23bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.12%, resulting in a projected market volume of US$37.22bn by 2028.
In the Music Events market, the number of users is expected to amount to 331.4m users by 2028.
User penetration will be 4.2% in 2024 and is expected to hit 4.1% 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

The Music Events market Worldwide is experiencing significant growth and development. Customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trajectory. Customer preferences play a crucial role in the growth of the Music Events market. People are increasingly seeking unique and immersive experiences, and attending live music events provides just that. The desire for social interaction and the opportunity to connect with like-minded individuals also drives the demand for music events. Additionally, the younger generation, in particular, values experiences over material possessions, making music events a popular choice for entertainment. Trends in the market further fuel its growth. One notable trend is the rise of music festivals. These multi-day events offer a diverse lineup of artists and genres, attracting a large and diverse audience. Music festivals also often incorporate other elements such as art installations, food vendors, and interactive activities, creating a comprehensive entertainment experience. Another trend is the increasing popularity of niche and specialized music events. These events cater to specific genres or subcultures, providing a more tailored experience for attendees. Local special circumstances also contribute to the growth of the Music Events market. In many countries, there is a rich musical heritage and a vibrant local music scene. This creates a supportive environment for music events, as there is a strong base of local talent and a passionate audience. Additionally, favorable weather conditions in certain regions make outdoor music events more feasible and enjoyable, further driving their popularity. Underlying macroeconomic factors also play a role in the development of the Music Events market. As economies grow and disposable incomes increase, people have more financial resources to spend on entertainment and leisure activities. This allows for greater participation in music events and drives the overall market growth. Furthermore, advancements in technology and social media have made it easier for event organizers to promote and market their events, reaching a wider audience and driving ticket sales. In conclusion, the Music Events market in Worldwide is experiencing significant growth and development due to customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The desire for unique experiences, the rise of music festivals, local music scenes, favorable weather conditions, increasing disposable incomes, and advancements in technology all contribute to the positive trajectory of the market.

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.