Music Event Market Research, 2031
The global music event market size was $255.6 billion in 2019, and is estimated to reach $481.4 billion by 2031, registering a CAGR of 9.7% from 2022 to 2031.
Musical performances of singing and playing instruments in various music shows, festivals, concerts, nightclubs, and similar venues are considered to be music events. The global music event market is anticipated to grow significantly owing to a rise in the number of live music performances by the musicians. With the downturn of the sales of recorded music 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. High demand for music events among the youth population is driving the sales revenues of the music event market across the globe.
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 during music event market forecast. 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 inforapid penetration of online ticket booking apps such as Ticketmaster, StubHub, and SeatGeek, which is significantly driving the music event market demand.
Moreover, the availability of numerous personal care and cosmetics brands that usually target youngsters are investing heavily on creating brand awareness and brand visibility. It results in a huge income for the music event organizers in the form of sponsorships. However, the presence of a huge number of local and global market players in the music event industry has made it quite difficult for the new players to enter the market. High infrastructure costs and fierce competition in the European market are acting as strong entry barriers for new entrants, which may hamper further music event market growth.
As per the music event market analysis, the global music event market is segmented into revenue source, genre, type, age group, gender, and region. By revenue source, the market is divided into tickets, sponsorships, and others. Depending on the genre, it is divided into rock, pop, EDM, and others. On the basis of type, it is segregated into music festivals, music concerts, music shows, and others. Depending on the age group, the market is segmented into below 20 years, 21 to 40 years, and above 40 years. Based on gender, it is segregated into male and female. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Based on revenue source, tickets segment held the major share of the market in 2021. Income generated from the sale of tickets is a major source of revenue for the music event organizers. Tickets are sold through various platforms such as on counters and online channels. Moreover, increased penetration of internet globally and surge in trend of using mobile applications for booking live events, concerts, and other music shows has driven the sale of tickets through online platforms at a considerable rate.
Based on genre, pop segment held the major music event market share in 2021. Pop music is extremely popular among teenagers, especially in the age group below 20 years. As per the Music Consumer Insight Report 2018 by the International Federation of the Phonographic Industry (IFPI), around 64% of the global population typically listens to pop music.
Based on type, music festivals segment held major share of the market in 2021. Giants operating in the market sponsor such events to create awareness among the consumers about their products & services, which fuels the growth of the global market. Furthermore, these music festivals offer the opportunity of merchandising and selling various products at extra prices to the consumers that helps the organizers to generate additional revenues.
Based on age group, the 21 to 40 Years segment held the major share of the market in 2021. The rise in disposable income and growth in working population in the developing regions such as Asia-Pacific and Africa is expected to drive the growth of the 21 to 40 years segment in the global music event market.
Based on gender, male segment held the major share of market in 2021. The male segment is expected to dominate the market as the participation of the male consumers is significantly high in music festivals across the globe, especially in the developing economies.
Based on region, Europe region held the major share of the market in 2021. The huge popularity of the Pop, Rock, and Opera music in the region has led to the growth of the market. Moreover, Europe hosts numerous famous music events such as Tomorrowland, Download Festival, Tuska Open Air Metal Festival, Glastonbury, and Sziget Festival that has led to the growth of the market.
The key players analyzed in the report are Access Destination Services, LLC, Anschutz Entertainment Group, Basset Events, Inc., BCD Group, Colin Cowie Lifestyle, Carlson, Inc., Eventbrite, Inc., Insomniac Holdings, LLC, Outback Presents, LLC, and Rafanelli Events.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides a quantitative analysis of the current music event market trends, estimations, and dynamics of the market size from 2019 to 2031 to identify the prevailing opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the market size and segmentation assists to determine the prevailing music event market opportunities.
- Drivers and restraints are analyzed in the music event market industry.
Music Event Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 481.4 billion |
 Growth Rate | CAGR of 9.7% |
 Forecast period | 2021 - 2031 |
 Report Pages | 358 |
 By Revenue Source |
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 By Genre |
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 By Type |
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 By Age Group |
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 By Gender |
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 By Region |
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 Key Market Players | colin cowie lifestyle, Eventbrite, Inc., ACCESS DESTINATION SERVICES, Outback Presents, LLC., BCD GROUP, Anschutz Entertainment Group, Rafanelli Events, Inc., Basset Events, Inc., Carlson, Inc., Insomniac Holdings. LLC. |
Analyst Review
According to the top CXOs, live music is expected to be the major driver of the music event industry. Leading live music event organizers are focusing on customer satisfaction and are coming up with various mobile applications to offer improved accessibility and convenience to the customers. Moreover, they are offering tickets along with the merchandise and accommodation to the consumers. Furthermore, event organizers are engaged in partnering with the online ticket providers as the majority of the youth population are using their smartphones to book tickets for music events.
Moreover, a rise in investments by the government for developing infrastructure and improving connectivity is expected to play a major role in the growth of the music event market. The governments in the developing regions such as Asia-Pacific, Middle East, and Africa are investing in the development of infrastructure and connectivity such as airways, railways, and roadways.
Moreover, the rise in penetration of 5G technologies will boost the usage of digital platforms in the music event market for ticket booking, ordering meals, and booking hotels for accommodation. These developments will significantly boost music tourism and facilitate the overall development of the music events industry. Music tourism is an upcoming trend in emerging markets such as Asia-Pacific. However, privacy and data security concerns associated with use of online platforms or online ticket vendors is a major challenge.
The global music event market size was valued at $ 255.6 billion in 2019 and is projected to reach $481.8 million by 2031, registering a CAGR of 9.7% from 2022 to 2031.
The music events market report is available on request on the website of Allied Market Research.
The major players analyzed for the music event market are Ajanta Electricals, The key players analyzed in the report are Access Destination Services, LLC, Anschutz Entertainment Group, Basset Events, Inc., BCD Group, Colin Cowie Lifestyle, Carlson, Inc., Eventbrite, Inc., Insomniac Holdings, LLC, Outback Presents, LLC, and Rafanelli Events.
As per the music event market analysis, the global music event market is segmented into revenue source, genre, type, age group, gender, and region. By revenue source, the market is divided into tickets, sponsorships, and others. Depending on the genre, it is divided into rock, pop, EDM, and others. On the basis of type, it is segregated into music festivals, music concerts, music shows, and others. Depending on the age group, the market is segmented into below 20 years, 21 to 40 years, and above 40 years. Based on gender, it is segregated into male and female. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Europe
The base year calculated in the music event market report is 2021.
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