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A47369 | Pages: 419 | Charts: 61 | Tables: 143 |
The global k-pop events market was valued at $8.1 billion in 2021, and is projected to reach $20 billion by 2031, growing at a CAGR of 7.3% from 2022 to 2031.
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The K-pop events market was valued at $8,132.00 million in 2021 and is estimated to reach $20,023.60 million by 2031, exhibiting a CAGR of 7.3% from 2022 to 2031.
Several distinct musical genres and aspects fall under the banner of K-pop. It also includes Korean rock, hip-hop, and electronic music in addition to Korean pop music. K-pop is regarded as a relatively new genre of music. According to financial statistics released in 2021, well-known K-pop companies saw a strong increase in their overseas revenues in the first half of the year as the number and power of fans who are stationed abroad increased to the point where they may influence local music charts.
The recent decline in recorded music sales has increased demand for live music performances, which has greatly aided the expansion of the worldwide music event sector such as K-pop events. Also, the rise in music tourism activities among spectators and artists has fueled the expansion of the K-pop event industry. The sponsorship income of music events is rising because of increased investments made by several startups and established large organizations in order to increase the visibility of their brands.
The desire for rock and pop music is also being fueled by the large youth population in developing nations and the growing impact of Western culture in these nations' economies. The market for K-pop events is expanding rapidly due to the popularity of numerous genres as well as rising stars in the world of music. The rise in youth employment, particularly among women, is increasing consumer disposable income, which is anticipated to be one of the key drivers of the K-pop event sector.
Data from the Financial Supervisory Service's electronic disclosure system 2022 shows that Hybe, the company that oversees BTS, Seventeen, and Enhypen, only saw domestic sales make up 24.96% of its total revenues of $390 million in the first half of this year. Online sales, where it is challenging to pinpoint the location of consumption, accounted for 41.44 percent of total sales. According to Hybe, a significant part of online sales is expected to come from foreign markets.
Korean performances of singing and playing instruments in various music shows, festivals, concerts, nightclubs, and similar venues are K-pop events. The global market is expected to grow significantly due to a rise in live music performances by musicians. Decline in the the sales of the recorded K-pop across the globe in the past few years, musicians and artists are highly dependent on live music performances for their livelihood. This has resulted in a number of music concerts and music shows globally. K-pop events market demand for music among the youth population is driving the sales revenues of the music event market across the globe.
Live music is a multinational industry. According to the International Federation of the Phonographic Industry (IFPI), the live music industry was valued at around $28.0 billion in 2021. Live music has become very important for the livelihood of musicians and artists owing to the downturn in the sales of recorded music globally in the past few years. Therefore, artists and musicians are heavily relying on conducting live performances through music events.
However, various government policy changes and reforms especially in developing economies may hamper the K-pop events business. For instance, demonetization and the introduction of new Goods and Services Tax (GST) policies hampered most of the businesses in India temporarily for a couple of years. Furthermore, the General Data Protection Regulation (GDPR) by the European Union came into force in May 2018. This EU directive is supported by the British Government and this law is expected to have a significant impact on the music event market, especially in Europe. This regulation is expected to change the decisions of the K-pop and other music event planners regarding the data that were collected previously from the attendees and make organizers more conscious regarding the attendees’ data security. Moreover, planners used the data collected from the attendees for marketing and personalization of their services. These event planners need to strictly comply with the new GDPR regulations failing which may cost them big fines. Therefore, increased focus on data privacy and data security pertaining to the GDPR law may present a challenge for the K-pop event organizers.
Live performances of an artist further provide opportunity to various individuals in the value chain of live music such as artist managers, agent/promoters, ticket booking companies, and venue managers. With rise in the number of K-pop, and live music concerts and gigs around the world, the K-pop events industry has gained rapid traction among the consumers globally. According to Live Nation Entertainment, a leading player in the music event market, ticket sales increased by 45% and the concert pipeline by 30% in 2022. The demand for live concerts is expected to drive the growth of the global K-pop events market during the k-pop events market forecast period.
K-pop events have built a large fan base worldwide. The K-pop scene has its own language. The K-pop events companies are intensively focusing on marketing and creating interest among the consumers. K-pop event management companies dominate social media platforms such as YouTube, Instagram, Twitter, and Facebook. Moreover, strong economic growth in Europe and Asia-Pacific owing to rapid industrialization has resulted in a significant rise in personal disposable income of the consumers. High consumer spending on entertainment, especially among young consumers, is expected to boost the growth of the global market.
Furthermore, the rise in music tourism is another major factor, which is projected to foster the growth of the market in the forthcoming years. Rise in penetration of m-commerce across the globe is resulting in rapid penetration of online ticket booking apps such as Ticketmaster, StubHub, and SeatGeek, which is significantly driving the sales of tickets of events.
As per the K-pop events market analysis, the market is segmented into type, revenue source, gender, and region. By type, the market is divided into rock, jazz, pop, and others. Depending on the gender, it is divided into male and female. By revenue source, the market is divided into tickets, sponsorships, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players analyzed in the report are Live Company Group plc., PK-UK Events Limited, SubKulture Entertainment, Filmmaster Group, CJ Co., Ltd., JYP Entertainment Co. Ltd, SM Entertainment Group, YG Entertainment Inc., Eventbrite, Inc., and HYBE Co., Ltd.
The report offers a thorough analysis of the K-pop Events Market with detailed study of various aspects of the market such as market dynamics, vital segments, major geographies, key players, and competitive landscape. The report provides a clear picture of the current market situation and future trends of the market based on the impact of various market dynamics and vital forces influencing the market. The drivers and opportunities in the market contributing to the market growth are acknowledged in the market dynamics. Besides, challenges and restraints that hold potential to hamper the market growth are also premeditated in the K-pop Events Market. Porter's five forces analysis is delivered through the report which precisely highlights the effects of key forces on the market. The report offers market size and estimations analyzing K-pop Events Market through various segments.
In addition, the report includes geographical market analysis of these segments. Each segment entailed in the report is studied at regional and country level as well to provide complete coverage of market. The report categorizes the K-pop events market size into four major geographies including North America, Europe, Asia-Pacific, and LAMEA. These geographies are further sub-categorized into countries to cover market scenario across in respective regions. Furthermore, the report covers competitive scenario of the K-pop Events Market. The key players operating in the market are studied in the report to understand their current market position and competitive strengths in the industry.
The report profiles 10 key companies. Moreover, the company profiles include various data-points such as company overview, company executives, recent financials of the company, major growth strategies espoused by company, new initiatives and advancements by company to sustain and maintain their position in the K-pop events market share, and others.
Furthermore, the growth in adoption of smartphones and rise in number of internet users are expected to elevate the revenue generation of the tickets segment in the near future. According to the International Telecommunication Union, approximately 4.9 billion individuals or around 63% of the global population were using internet in 2021. The majority of the people were accessing the internet using their smartphones and this number is expected to grow rapidly in the forthcoming future. These are some of the most prominent factors which are expected to bolster the growth of the tickets segment in the global music event market.
The k-pop events market is segmented into Type, Revenue Source and Gender.
[TYPEGRAPH]
Based on the type, the market is categorized into rock, jazz, pop, and others. Jazz segment dominated the global market, garnering a significant market share in 2021. Pop and rock music are extremely popular in the various developed and developing nations such as the U.S., South Korea, Canada, and UK.
[REVENUESOURCEGRAPH]
The global music event market is divided into ticket sales, sponsorships, and other sources of income. Any music event's primary source of income comes from the selling of tickets. The tickets sector topped the worldwide K-pop event market in 2021. The greatest CAGR is predicted for sponsorships during the projection period.
[GENDERGRAPH]
The global K-pop event market is divided into male and female segments based on gender. In 2021, the male demographic controlled the market, accounting for major share of total revenue. Due to an increase in the number of female musicians performing at K-pop music festivals and their expanding fan base, the female sector is anticipated to dominate the market throughout the forecast period.
[REGIONGRAPH]
Region-wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Netherlands, and Rest of Europe), Asia-Pacific (Japan, China, South Korea, India, Australia, and Rest of Asia-Pacific), LAMEA (Brazil, Argentina, South Africa, and Rest of LAMEA).
Key Benefits For Stakeholders
Key Market Segments
Key Market Players