Music Event Market
New York, September 2023: According to a new research study by Global Insight Services (GIS), the Music Event Market is expected to grow rapidly over the next 10 years to reach a value of more than US$ 487 billion by 2032.
Music events are musical performances that include singing and instrument playing with an emphasis on musical genres, which include classical, rock, pop, and metal. Music concerts and music festivals are among the most well-known music events held across the world. These musical events draw a large teenage population in a specific location, allowing the organizers to gain significant cash from sponsorships and merchandising items.
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Music Event Market: Market Drivers and Trends
The rise in the music tourism across the world, Furthermore, the growing fame of musicians and artists throughout the world, as well as their growing international fan base, contribute considerably to the expansion of music tourism. Furthermore, prominent musicians are embarking on musical tours to supplement their income. Live concerts are a big draw for the audience and music fans, and they help musicians make a livelihood. The growing relevance of live performances throughout the world is increasing the amount of music tourism. It is making a substantial contribution to the expansion of the worldwide music event sector. Tomorrow Land, Boston Calling, NH7 Bacardi, Lollapalooza, and Wacken Music Festival are among the well-known music festivals.
Furthermore, the growth in the adoption of digital technologies has emerged as a key driver of the animal model business. The rising ubiquity of online ticket-booking services that include Book My Show, Ticketmaster, and SeatGeek has resulted from the increased acceptance of digital technology, enabling ticket booking simple and easy for customers. The growing number of Internet and smartphone users has made it easier for event planners and customers to sell and acquire tickets swiftly and conveniently. Based to the International Telecommunication Union, about 4.9 billion people, or 63% of the world’s population, will have internet connectivity in 2021. During the projected period, rising internet penetration is predicted to drive the growth of worldwide music event revenues from ticket sales. These drivers are likely to propel market expansion.
Music Event Market: Market Restraints and Challenges
Virtual and online music event competition: The emergence of virtual and online music events poses a substantial challenge to the traditional music event sector. These digital alternatives provide ease and accessibility, which may drive crowds away from live events.
Consumer attitudes and habits are changing, posing a danger to the music event sector, such as the increased need for personalized experiences and a preference for different entertainment alternatives. To accommodate these evolving demands, event organizers must adapt and innovate. Hence, these factors are expected to restrain growth of the market during the forecast period.
Music Event Market Report Findings
The tickets segment is likely to hold the major share of the market in 2022
Based on revenue source, the Music Event Market is segmented into tickets, sponsorships, and others. The tickets segment is expected to dominate the market during the forecast period. Ticket sales revenue is a key source of money for music-organizing organizations. Tickets are offered through a variety of venues, including counters and internet sites. Furthermore, the growing global internet penetration and the growth in the trend of utilizing mobile applications for reserving live events, concerts, and other music performances have significantly increased the selling of tickets through online platforms. Online ticket purchasing services which include BookMyShow, Ticketmaster, StubHub, SeatGeek, and Ticketplease.com have quickly acquired popularity among the general public, particularly among young people, who are the major audience for music events. Furthermore, the surge in smartphone use and internet users is likely to boost tickets income creation in the near future.
The pop segment is likely to hold the major share of the market in 2022
By genre, the market is classified into rock, pop, EDM, and others. The pop segment dominated the market in 2022 in terms of revenue and is expected to dominate the market during the forecast period. The enormous popularity of the pop genre among young people has resulted in tremendous commercial expansion. According to the International Federation of the Phonographic Industry’s (IFPI) Music Consumer Insight Report 2018, around 64% of the worldwide population listens to pop music.
The music concerts segment is likely to hold the major share of the market in 2022
Based on type, the Music Event Market is segmented into music festivals, concerts, shows, and others. In 2022, the music concerts segment dominated the market in terms of revenue and is expected to be the same during the upcoming years. The increased number of musical performances by several notable performers throughout the world is resulting in the holding of a large number of music concerts. In accordance to Live Nation Entertainment, a global leader in the music event industry, ticket sales are up 45% in 2022, and the concert pipeline is up 30%.
The 21 to 40 years segment is likely to hold the major share of the market in 2022
Based on age group, the Music Event Market is segmented into below 20 years, 21 to 40 years, and above 40 years. The 21 to 40 years segment is expected to dominate the market during the forecast period. The working people and the youth spend a large part of their disposable money on entertainment. Furthermore, the growing popularity of nightclubs, raves, and bars within this age group is increasing the selling income of the global music event industry.
The male segment is likely to hold the major share of the market in 2022
Based on gender, the Music Event Market is segmented into male, and female. The male segment is expected to dominate the market during the forecast period. Since the involvement of male customers is notably high at music festivals around the world, especially in emerging economies. The growing male fan base of popular artists and singers including Rihanna, Eminem, Bruno Mars, Calvin Harris, and Katy Perry is a crucial element in attracting male customers to music concerts and events throughout the world. In accordance with the FACTS Survey 2020, over 70.3% of male acts were conducted globally between 2017 and 2019. Male consumer crowds are drawn in by the significant engagement of the male population as entertainers. Furthermore, males make up the majority of the working population, particularly in developing and undeveloped nations. As a result of the high disposable income of male customers, revenue creation from the male sector in the worldwide music event business has expanded.
The Europe region is accounted for the majority of market share in 2022
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Europe has the biggest market share in terms of Music Event Market value followed by Asia Pacific. This is due to the existence of well-established facilities and connectivity, a growing number of internationally recognized music festivals, thriving music tourism, and the expanding usage of digital technologies are among the key factors that contribute considerably to the growth of the Europe music event industry.
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The key players studied in the Music Event Market are Basset Events, Inc., Rafanelli Events, Inc., Eventbrite, Inc. , Outback Presents, LLC. , Access Destination Services , Carlson, Inc., Anschutz Entertainment Group, BCD Group, Insomniac Holdings. LLC., and Colin Cowie Lifestyle among others.
Music Event Market: Recent Developments
- In 2021, Gaiety Investments, an Irish entertainment firm, has struck a collaboration with Live Nation Entertainment. The goal of this cooperation was to increase Live Nation’s footprint in Ireland and the United Kingdom by using Gaiety’s experience in live event production and promotion. The collaboration sought to provide audiences in these locations with a varied selection of music events and experiences.
- In 2020, Eventbrite, a major concert discovery and live music recommendation website, has partnered with Bandsintown, an online booking and event technology platform. Through Bandsintown’s enormous network of music enthusiasts, this cooperation aims to provide Eventbrite’s event organizers with additional marketing and promotion capabilities. The objective was to increase ticket sales and attendance at live music events.
- In 2018, AEG Presents, a significant worldwide live entertainment organization, have bought The Bowery Presents, a prominent independent concert producer located in New York. This acquisition boosted AEG Presents’ position in the competitive New York City market, boosting the company’s capacity to organise and produce live music events across the city’s many venues.
- In June 2021, Genoway S.A. has announced a non-exclusive licence arrangement with ERS Genomics Limited. The arrangement gives GenOway access to ERS Genomics’ CRISPR/Cas9 patent portfolio in the past and in the future.
Music Event Market Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current Music Event Market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
- The report also covers qualitative as well as quantitative analysis of Music Event Market in terms of revenue ($Billion).
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the Music Event industry.
- A thorough analysis of market trends and restraints is provided.
- By region as well as country market analysis is also presented in this report.
- Analytical depiction of the Music Event Market along with the current trends and future estimations to depict imminent investment pockets. The overall Music Event industry opportunity is examined by understanding profitable trends to gain a stronger foothold.
- Porter’s five forces analysis, SWOT analysis, Pricing Analysis, Case Studies, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Music Event Market are also analyzed.
Music Event Market Segmentation
- Music Festivals
- Music Concerts
- Music Shows
By Age Group
- 21 to 40 Years
- Above 40 Years
- Below 20 Years
By Revenue Source
- North America
- The U.S.
- The U.K.
- Rest of Europe
- The Asia-Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- The Middle East
- Basset Events, Inc.
- Rafanelli Events, Inc.
- Eventbrite, Inc.
- Outback Presents, LLC.
- Access Destination Services
- Carlson, Inc.
- Anschutz Entertainment Group
- BCD Group
- Insomniac Holdings. LLC.
- Colin Cowie Lifestyle