Music Event Market to Grow at a CAGR of 10.2% and will Reach USD 775.7 billion by 2035

The music event market size was valued at $250.80 billion in 2023, and is estimated to reach $775.7 billion by 2035, growing at a CAGR of 10.2% from 2024 to 2035.

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Music events are live or virtual gatherings where performers showcase their musical talent to audiences, serving as a pillar of the entertainment industry. These events have various formats, including concerts, music festivals, talent shows, club performances, and private or corporate gatherings, catering to diverse genres such as pop, rock, jazz, classical, and electronic dance music (EDM). They hold significant cultural importance by promoting music as an art form and reflecting societal trends. Economically, music events generate substantial revenue through ticket sales, sponsorships, merchandise, and tourism, while also promoting social engagement by bringing fans together to connect with artists and each other. Innovations such as livestreaming, augmented reality (AR), and virtual reality (VR) have expanded their accessibility, thus enabling global participation and boost in music event market share.

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, surge in number of music tourism activities by performers and the audiences has led to the music event market trends in recent years. Rise in investments by various startups and existing giant corporations in increasing the visibility of their brands is boosting the sponsorship revenues of the music events.

Furthermore, the presence of a huge youth population in developing regions and rise in influence of Western culture in developing economies are driving the demand for rock and pop music. Increase in popularity of various genres and rise in popularity of globally recognized artists are significantly driving the growth of the music events market. Rise in employment of the youth, especially the female population, is resulting in the growth of disposable income of the consumers, which is expected to be one of the major drivers of the music event industry.

The change in government policies and implementation of various policies regarding data privacy has emerged as a new challenge for the market players. For instance, the General Data Protection Regulation (GDPR) by the European Union came into force in May 2018. This EU directive is supported by the British government and this law is expected to have a significant impact on the music event market, especially in Europe. This regulation is expected to change the decisions of the event planners regarding the data that were collected previously from the attendees, thus having a negative impact during Music Event Market Analysis.

The global music event market segmentation is done on the basis of revenue source, genre, type, age group, gender, and region. By revenue source, the market is divided into tickets, sponsorships, and others. Depending on the genre, it is divided into rock, pop, EDM, and others. On the basis of type, it is segregated into music festivals, music concerts, music shows, and others. Depending on the age group, the market is segmented into 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 analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Depending on revenue source, the sponsorships segment is expected to witness the highest growth. This growth is attributed to rise in number of product launches by various existing giant corporations and start-ups that seek to increase their brand value and create brand awareness among the youth population. Sponsorship is one of the major sources of any music event that helps the organizers to cover their rising costs of hosting events.

By genre, the pop segment dominated the market in 2023. Huge popularity of the pop genre among the youth population across the globe has led to the significant growth of 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.

According to type, the music event market was dominated by the music concerts segment in 2023. Rise in number of live music performances across the globe by numerous popular musicians is resulting in the hosting of huge number of music concerts, thus driving music event market demand. According to Live Nation Entertainment, a leading player in the music event market, ticket sales were up by 45% and the concert pipeline is up by 30% in 2022.

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Depending on the age group, the market was led by the 21 to 40 years segment in 2023. This is the youth and the working population, who spend a significant portion of their disposable income on entertainment. Moreover, the rising popularity of nightclubs, raves, and bars among this age group is boosting the sales revenue of the music event market size across the globe.

On the basis of gender, the female segment is expected to register the fastest growth, owing to rise in women participation in entertainment industry. The improving gender ratios in the developing nations and rising awareness regarding women empowerment and freedom has opened opportunities for the female population to participate in the music event market share.

Region wise, Europe was the leading music event market with highest revenue in 2023. The presence of well-established infrastructure and connectivity, number of globally popular music festivals, rise in music tourism, and rise in adoption of digital technologies are the prominent factors that are significantly contributing toward the Europe music event market growth.

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Key players operating in the global music event market are constantly engaged in strategic developments such as partnerships, joint ventures, acquisition, and mergers to exploit the prevailing music event market opportunities. Business expansion and partnerships have emerged as key strategies among the market players to strengthen their position and achieve growth in the long term. The key players analyzed in the report 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, Rafanelli Events, and Live Nation.

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