Music Events - Zambia

Zambia

Highlights

Revenue in the Music Events market is projected to reach US$1.75m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.63%, resulting in a projected market volume of US$1.86m by 2028.
In the Music Events market, the number of users is expected to amount to 442.5k users by 2028.
User penetration will be 2.0% in 2024 and is expected to hit 2.0% by 2028.
The average revenue per user (ARPU) is expected to amount to US$4.61.
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 Zambia 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 in Zambia have shifted towards live performances and cultural experiences. There is a growing demand for music events that showcase local talent and traditional music styles. Customers are increasingly seeking unique and authentic experiences that allow them to connect with the local culture and heritage. This has led to an increase in the number of music festivals and events that focus on promoting local artists and traditional music genres. Trends in the market indicate a rise in the popularity of music events that cater to specific genres and niche audiences. There has been an increase in the number of music festivals that specialize in genres such as jazz, reggae, and afrobeat. These events attract both local and international music enthusiasts who are passionate about these specific genres. The rise of social media and digital platforms has also contributed to the growth of the Music Events market in Zambia, as it allows for easier promotion and ticket sales for these events. Local special circumstances, such as the rich cultural heritage of Zambia, have played a significant role in the development of the Music Events market. Zambia is known for its diverse music traditions, including traditional drumming, singing, and dancing. The country's music scene is vibrant and dynamic, with a mix of traditional and contemporary styles. This cultural richness has attracted both local and international artists to perform in Zambia, further boosting the Music Events market. Underlying macroeconomic factors have also contributed to the growth of the Music Events market in Zambia. The country's economy has been steadily growing, leading to an increase in disposable income among the population. This has resulted in a higher demand for entertainment and leisure activities, including music events. Additionally, the government has recognized the potential of the Music Events market as a driver of tourism and economic growth, leading to increased support and investment in the sector. In conclusion, the Music Events market in Zambia is developing rapidly due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for live performances and cultural experiences, along with the rise of niche music festivals and the country's rich cultural heritage, have contributed to the growth of the market. Furthermore, the country's growing economy and government support have created a favorable environment for the development of the Music Events market in Zambia.

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.