The global music event market revenue was around US$ 280.3 billion in 2023 and is estimated to reach US$ 645.1 billion by 2032, growing at a compound annual growth rate (CAGR) of 9.7% during the forecast period from 2024 to 2032.
A music festival is a community gathering that features singing and instrumental performances. It frequently has a theme, such as a holiday, nationality, musical genre (such as rock, blues, folk, jazz, or classical music), or holiday location for musicians. The people or groups that organize music festivals are usually part of the networks that produce music, which are usually the music industries, music scenes, or music education institutions.
Factors Influencing Market Growth
- The number of live music performances by the musicians is increasing. Musicians and artists are highly dependent on live music performances for their livelihood. This has increased the number of music events around the world, thus driving market growth.
- Increased consumer spending on entertainment, particularly from younger consumers, is increasing the demand for music events among youth, thus expanding the market.
- There is a rise in music tourism around the world, which is increasing the demand for music events and thus propelling market growth.
- High infrastructure costs and fierce competition may hamper market growth.
Impact of COVID-19
COVID-19 negatively impacted the market. The quick spread of COVID-19 led to travel bans and lockdowns, which significantly reduced the global music event market's earnings. Globally, the majority of live music events were postponed, which had a detrimental effect on market expansion. For example, the COVID-19 pandemic forced the cancellation of the 2020 Shambhala Music Festival, which was set for July 24-27. In addition, Dead & Company has decided not to perform live during COVID-19. Due to their large investments in promotions and activations, the live event, ticket providers, and affiliated members all suffered losses. As a result, the cancellation of live music events during COVID-19 had a negative impact on the market.
Regional Insights
Europe dominated the market in 2023. This is due to a number of factors, including the existence of well-established infrastructure and connectivity, the growth in music tourism, the quantity of internationally renowned music festivals, and the increased adoption of digital technologies. The region's enormous love for Pop, Rock, and Opera music has fueled the market's expansion. Furthermore, a number of well-known music festivals, including Tomorrowland, Download, Tuska Open Air Metal, Glastonbury, and Sziget, are held in Europe, which has contributed to the market's expansion.
Leading Competitors
- Rafanelli Events, Inc.
- Eventbrite, Inc.
- ACCESS DESTINATION SERVICES
- BCD GROUP
- Insomniac Holdings. LLC.
- Outback Presents
- LLC.
- Colin Cowie Lifestyle
- Basset Events, Inc.
- Anschutz Entertainment Group
- Carlson, Inc.
- Other Prominent Players
Segmentation Analysis
The global music event market segmentation focuses on revenue source, genre, type, age group, gender, and region.
Segmentation based on Revenue Source
- Tickets
- Sponsorship
- Others
Segmentation based on Genre
- Rock
- Pop
- EDM
- Others
Segmentation based on Type
- Music Festivals
- Music Concerts
- Music Shows
- Others
Segmentation based on Age Group
- Below 20 Years
- 21 to 40 Years
- Above 40 Years
Segmentation based on Gender
- Male
- Female
Segmentation based on Region
- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa