According to a new report published by Allied Market Research, titled “Music Event Market,” The music event market was valued at $152.20 billion in 2021 and is estimated to reach $481.4 billion by 2031, growing at a CAGR of 9.7% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
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The rise in music tourism activities across the globe, increase in popularity of musicians and artists worldwide and their surge in international fan base drive the growth of the global music event market. However, dynamic government policies pertaining to data protection hinder the market growth. Moreover, growing internet penetration and rise in the importance of live performances across the globe present new opportunities in the coming years.
The rise in demand for live music performances owing to the downfall of recorded music sales in the past few years has significantly contributed to the growth of the global music event market. In addition, the surge in music tourism activities by performers and audiences has led to the music event market growth. The rise in investments by the various startups and existing giant corporations in increasing their brands’ visibility is boosting the music events’ sponsorship revenues.
The global music event market is segmented into a revenue source, genre, type, age group, gender, and region. The market is divided into tickets, sponsorships, and others by revenue source. Depending on the genre, it is divided into rock, pop, EDM, and others. Based on type, it is segregated into music festivals, concerts, shows, and others. Depending on the age group, the market is segmented below 20 years, 21 to 40 years, and above 40 years. As per gender, it is segregated into male and female. Region-wise, the music event market is analysed across North America, Europe, Asia-Pacific, and LAMEA.
Based on genre, the pop segment held the highest market share in 2021, accounting for nearly one-thirds of the global music event market, and is estimated to maintain its leadership status throughout the forecast period. Pop music is very much 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. The report also analyzes segments including rock and EDM.
Based on age group, the 21–40 years segment accounted for the largest share in 2021, contributing to more than two-fifths of the global music event market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 10.4% from 2022 to 2031, owing to the active participation of this age group in the music events such as music concerts, music festivals, raves, music shows, and nightclubs. The rise in disposable income and growth in the working population in 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, the female segment is expected to register the fastest growth, owing to the rise in women’s participation in the entertainment industry. The improving gender ratios in developing nations and rising awareness regarding women’s empowerment and freedom have opened opportunities for the female population to participate in music events.
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Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global music event market, and is likely to dominate the market during the forecast period. The huge popularity of 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 which has led to the growth of the market.
The report analysed key players 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:
• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the music event market analysis from 2021 to 2031 to identify the prevailing music event market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the music event market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global music event market trends, key players, market segments, application areas, and market growth strategies.
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