Music Events - Zimbabwe

Zimbabwe

Highlights

Revenue in the Music Events market is projected to reach US$55.44k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 11.91%, resulting in a projected market volume of US$86.94k by 2028.
In the Music Events market, the number of users is expected to amount to 296.5k users by 2028.
User penetration will be 1.8% in 2024 and is expected to hit 1.9% by 2028.
The average revenue per user (ARPU) is expected to amount to US$0.21.
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 Zimbabwe has been experiencing steady growth in recent years. Customer preferences have shifted towards live music performances and events, leading to an increase in the number of music events being organized across the country.

Customer preferences: Zimbabweans have a strong affinity for music and live performances. They enjoy the energy and atmosphere of music events, and often seek out opportunities to experience their favorite artists and bands live. This has led to a growing demand for music events in the country. Additionally, music events provide a platform for local artists to showcase their talent and gain recognition, which further contributes to the popularity of these events.

Trends in the market: One of the key trends in the Music Events market in Zimbabwe is the increasing diversity of genres and styles being showcased at events. While traditional Zimbabwean music remains popular, there has been a growing interest in international music genres such as hip-hop, reggae, and pop. This trend reflects the globalization of music and the influence of international artists on the local music scene. Another trend is the rise of music festivals in Zimbabwe. These multi-day events attract a large number of attendees and feature a lineup of both local and international artists. Music festivals provide a unique experience for music lovers, offering a variety of performances and activities in a single location. They have become a major highlight of the music calendar in Zimbabwe and are eagerly anticipated by fans.

Local special circumstances: Zimbabwe has a vibrant music industry with a rich cultural heritage. Traditional music forms an integral part of the country's identity, and there is a strong sense of pride in preserving and promoting this heritage. As a result, music events often incorporate traditional Zimbabwean music and dance, creating a unique and authentic experience for attendees.

Underlying macroeconomic factors: The growth of the Music Events market in Zimbabwe can also be attributed to several macroeconomic factors. The country has experienced relative political stability in recent years, which has helped to attract international artists and investors. Additionally, the improvement in infrastructure and technology has made it easier to organize and promote music events. The increasing availability of online ticketing platforms and social media marketing has contributed to the accessibility and visibility of music events in Zimbabwe. In conclusion, the Music Events market in Zimbabwe is developing due to the strong customer preference for live music performances, the increasing diversity of genres and styles being showcased, the rise of music festivals, the incorporation of traditional Zimbabwean music, and the underlying macroeconomic factors such as political stability and improved infrastructure. These factors have created a conducive environment for the growth of the music events industry in Zimbabwe.

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.