PUBLISHER: Allied Market Research | PRODUCT CODE: 1365612
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365612
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.
Moreover, strong economic growth in Europe and Asia-Pacific owing to rapid industrialization has resulted in a significant rise in the personal disposable income of consumers. High consumer spending on entertainment, especially among young consumers, is expected to boost the growth of the global music event market. Furthermore, the rise in music tourism is another major factor which is projected to foster the development of the market in the forthcoming years.
The rise in the penetration of m-commerce across the globe is resulting in rapid penetration of online ticket booking apps such as Ticketmaster, StubHub, and SeatGeek, significantly driving the sales of tickets for music events. Moreover, the availability of numerous personal care and cosmetics brands that usually target youngsters are investing heavily in creating brand awareness and visibility. It results in huge income for the music event organisers through sponsorships.
However, the presence of a enormous number of local and global market players in the music event industry has made it quite difficult for new players to enter the market. High infrastructure costs and fierce competition in the European market are acting as solid entry barriers for new entrants, which may hamper the growth of the global music event market.
As per the music event market analysis, 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 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 analysed across North America, Europe, Asia-Pacific, and LAMEA.
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.
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