Music Event Market worth USD 487 billion by 2032 | Basset Events, Inc., Rafanelli Events, Inc., Eventbrite, Inc., Outback Presents, LLC

The Music Event Market was valued at US$ 273.5 billion in 2022 and it is anticipated to grow up to US$ 487 billion by 2032, at a CAGR of 5.9% during the forecast period.

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Music events are musical performances that include singing and instrument playing with an emphasis on musical genres, which include classical, rock, pop, and metal. Music concerts and music festivals are among the most well-known music events held across the world. These musical events draw a large teenage population in a specific location, allowing the organizers to gain significant cash from sponsorships and merchandising items.

Market Drivers and Trends

The rise in music tourism across the world, Furthermore, the growing fame of musicians and artists throughout the world, as well as their growing international fan base, contribute considerably to the expansion of music tourism.

Furthermore, prominent musicians are embarking on musical tours to supplement their income. Live concerts are a big draw for the audience and music fans, and they help musicians make a livelihood. The growing relevance of live performances throughout the world is increasing the amount of music tourism. It is making a substantial contribution to the expansion of the worldwide music event sector. Tomorrow Land, Boston Calling, NH7 Bacardi, Lollapalooza, and Wacken Music Festival are among the well-known music festivals.

Furthermore, the growth in the adoption of digital technologies has emerged as a key driver of the animal model business. The rising ubiquity of online ticket-booking services that include Book My Show, Ticketmaster, and SeatGeek has resulted from the increased acceptance of digital technology, enabling ticket booking simple and easy for customers. The growing number of Internet and smartphone users has made it easier for event planners and customers to sell and acquire tickets swiftly and conveniently. Based to the International Telecommunication Union, about 4.9 billion people, or 63% of the world's population, will have internet connectivity in 2021. During the projected period, rising internet penetration is predicted to

drive the growth of worldwide music event revenues from ticket sales. These drivers are likely to propel market expansion.

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Market Restraints and Challenges

Virtual and online music event competition: The emergence of virtual and online music events poses a substantial challenge to the traditional music event sector. These digital alternatives provide ease and accessibility, which may drive crowds away from live events.

Consumer attitudes and habits are changing, posing a danger to the music event sector, such as the increased need for personalized experiences and a preference for different entertainment alternatives. To accommodate these evolving demands, event organizers must adapt and innovate. Hence, these factors are expected to restrain growth of the market during the forecast period.

Major Players in the Music Event Market

The key players studied in the global Music Event Market are Basset Events, Inc., Rafanelli Events, Inc., Eventbrite, Inc. , Outback Presents, LLC. , Access Destination Services , Carlson, Inc., Anschutz Entertainment Group, BCD Group, Insomniac Holdings. LLC., and Colin Cowie Lifestyle among others.

COVID-19 Impact

Because of the Covid-19 outbreak, most live music events were cancelled throughout the world, significantly affecting market growth. For example, because of the COVID epidemic, the Shambhala Music Festival 2020, which was set for July 24-27, 2020, was cancelled. In addition, Dead & Company has cancelled their live performances during COVID-19. This resulted in a loss for the live event, ticket providers, and affiliated members, who had invested much in promotions and engagement. As a result, the cancellations of live music concerts during COVID-19 reduced income from event ticket sales throughout the world.

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Music Event Market Segmentation

By Genre

Rock
Pop
EDM
Others

By Type

Music Festivals
Music Concerts
Music Shows
Others

By Age Group

21 to 40 Years
Above 40 Years
Below 20 Years

By Gender

Male
Female

By Revenue Source

Tickets
Sponsorship
Others

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