K-pop Events Market Expected to Reach $20 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “K-pop Events Market," The k-pop events market was valued at $8.1 billion in 2021, and is estimated to reach $20 billion by 2031, growing at a CAGR of 7.3% from 2022 to 2031.

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. K-pop Events Market Demand is impacted positively due to the emergence of the live music category worldwide.

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 K-pop events market 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.

The implementation of numerous data privacy laws and shifting government regulations have presented new challenges for K-pop events market operators. For instance, the European Union's General Data Protection Regulation (GDPR) went into effect in May 2018. The British government supports this EU directive, which is anticipated to have a substantial impact on the music event business, particularly in Europe. This regulation is expected to change the decisions of the event planners regarding the data that were collected previously from the attendees.

The K-pop events market is expanding as a result of the economy's improvement and the rise in disposable income. The global economy has come to a stop since the 2009 financial crisis in Europe and China. The robust economic growth that followed the crisis, particularly in developing nations, and the increase in discretionary income among middle-income groups as a result has increased the number of people in the middle class.

Additionally, the amount of money that people have available to spend in North America and Asia-Pacific has increased significantly. This has had a significant impact on the industry as medium- and high-income consumers in urban areas are shifting the trend away from necessities towards entertainment and better experiences. These K-pop events market trends boost the K-pop Events Market Growth, thus enhancing service offering across various segments at a global level.

With rising penetration of mobile phones or smartphones along with growing number of internet users globally, the adoption of m-commerce is on rise. The advent of digital technologies and rise in adoption of 5G & 4G technologies are expected to have a significant and positive impact on the growth of the K-pop events industry in the forthcoming future. The millennials and the Gen Z are increasingly using various digital platforms for booking tickets for various music events, owing to the ease and convenience associated with it. The most popular online ticket booking platforms includes Book My Show, Ticketmaster, StubHub, SeatGeek, and Ticketplease.com.

According to The Mobile Economy 2021 report, around 5.2 billion people subscribed to mobile services at the end of 2020. By 2025, this number is expected to reach 5.7 billion people. Furthermore, as per The State of Mobile Internet Connectivity 2021 report, over 4 billion individuals or 51% of the global population had access to the internet at the end of 2020. Therefore, rise in penetration of internet and growth in adoption of m-commerce are expected to boost the growth of the K-pop events industry in the foreseeable future.

Strong and modern infrastructure is a distinguishing feature of developed regions like North America and Europe, which greatly contributes to the expansion of the K-pop events and tourism sectors. The K-pop events are anticipated to benefit from an increase in government spending in infrastructure development. For instance, the European Commission planned to invest approximately $337 billion on the expansion of the world's infrastructure by 2027. The five important global sectors of digital, transport, energy, health, and education will all see infrastructure expansion as a result of the European Commission's investment plan. Due to their emphasis on sustainable development, these investments are anticipated to be advantageous for both Europe and the entire world. The improvements in infrastructure are anticipated to have a favorable effect on the European K-pop events market.

The K-pop events 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 K-pop events market size 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 government's increased investments in infrastructure development and connectivity are also anticipated to have a significant impact on the market for music events. The governments of the emerging nations in the Middle East, Africa, and Asia-Pacific are making investments in the construction of roads, trains, and other forms of connection.

Key findings of the study:

• K-pop Events Market Analysis on the basis of type, Jazz segment hold significant K-pop Events Market Share and is projected to witness the highest CAGR of 7.1%, in revenue terms, during the forecast period.
• On the basis of revenue source, the sponsorships segment is expected to grow at a CAGR of 8.4% during the forecast period.
• On the basis of gender, female segment is expected to grow at a highest CAGR of 7.8% during the forecast period.
• On the basis of region, North America was the largest country, in terms of revenue generation for market in 2021.