According to a new report published by Allied Market Research, titled “Music Event Market” Europe is currently the major driver in the growth of live music revenue.
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. 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 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.
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.
The sponsorships segment is expected to witness the highest CAGR of 10.5% from 2022 to 2031. This growth is attributed to the risea in number of product launches by various giant corporations and start-ups seeking to increase their brand value and create brand awareness among the youth. Sponsorship is one of the primary sources of any music event that helps the organisers to cover their rising costs of hosting events.
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.
Based on the genre, the pop segment dominated the market, accounting for 32.3% of the music event market share in 2021. The huge popularity of the pop genre among the youth population across the globe has led to significant growth in the market. 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.
By type, the music event market was dominated by the music concerts segment in 2021. The rise in a number of live music performances across the globe by numerous famous musicians is resulting in the hosting of a vast number of music concerts. According to Live Nation Entertainment, a leading player in the music event market, ticket sales are up by 45%, and the concert pipeline is up by 30% in 2022.
Region-wise, Europe was the leading music event market with the highest revenue in 2021. The presence of well-established infrastructure and connectivity, the number of globally popular music festivals, the rise in music tourism, and the rise in the adoption of digital technologies are the prominent factors that significantly contribute to the growth in Europe’s music event market demand.
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 findings of the study:
○ The global music event market size was valued at $152.2 billion in 2021 and is estimated to reach $481.4 billion by 2031, registering a CAGR of 9.7% from 2022 to 2031.
○ By revenue source, ticket sales were the highest contributor to the market, with $113.0 billion in 2021, and are estimated to reach $349.9 billion by 2031, at a CAGR of 9.5% during the forecast period.
○ By genre, pop was the highest contributor to the market, with $49.1 billion in 2021, and is estimated to reach $149.1 billion by 2031, at a CAGR of 9.3% during the forecast period.
○ By age group, the 21 to 40 years segment was the highest contributor to the market, with $67.9 billion in 2021, and is estimated to reach $228.9 billion by 2031, at a CAGR of 10.4% during the forecast period.
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IMAGE: Europe on stage in Stockholm 2016. From left to right: John Levén, Mic Michaeli, Joey Tempest, Ian Haugland and John Norum. By Aphasia83 – Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=69971811