Music Event Market to Reach $481.4 Billion, Globally, by 2031 at 9.7% CAGR: Allied Market Research

Jun 14, 2023

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02 Nov, 2022, 07:54 ET

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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 events market.

PORTLAND, Ore., Nov. 2, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Music Event Market By Revenue Source (Tickets, Sponsorship, Others), By Genre (Rock, Pop, EDM, Others), By Type (Music Festivals, Music Concerts, Music Shows, Others), By Age Group (Below 20 Years, 21 to 40 Years, Above 40 Years), By Gender (Male, Female): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global music event industry generated $152.2 billion in 2021, and is anticipated to generate $481.4 billion by 2031, witnessing a CAGR of 9.7% from 2022 to 2031.

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Prime determinants of growth

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.

Covid-19 Scenario

The tickets segment to maintain its leadership status throughout the forecast period

Based on revenue source, the tickets segment held the highest market share in 2021, accounting for nearly three-fourths of the global music event market, and is estimated to maintain its leadership status throughout the forecast period. The adoption of online ticketing platforms across the globe is expected to change the face of the music event industry. The ease and convenience of booking tickets are major USPs of the online platforms, hence, the tickets segment is expected to retain its significance during the forecast period. However, the sponsorship segment is projected to manifest the highest CAGR of 10.5% from 2022 to 2031. As the music events are extremely popular among youngsters, most of the time various cosmetics, personal care, and other brands that supply products to the young generation are major contributors as sponsors.

The pop segment to maintain its leadership status throughout the forecast period

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.

The 21–40 years segment to maintain its lead position during the forecast period

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.

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Europe to maintain its dominance by 2031

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. However, the Asia-Pacific region is expected to witness the fastest CAGR of 11.4% from 2022 to 2031. The presence of a huge youth population and higher demand for live music performances among them is significantly boosting the growth of the Asia-Pacific music event market.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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SOURCE Allied Market Research