Global Music Event Market 2024–2033

Reports Description

As per the current market research conducted by CMI Team, the global Music Event Market is expected to record a CAGR of 8.2% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 172.1 billion. By 2032, the valuation is anticipated to reach USD 528.6 billion.

Top 10 Music Events In 2021 In Terms of Revenue Generation

Source: According to CMI Market Research Team Analysis

The music event market encompasses the industry related to live music performances and events, including concerts, festivals, and tours. It is a dynamic and vibrant market that brings together artists, organizers, promoters, and audiences.

The nature of the market is characterized by its live and experiential nature, where people gather to enjoy music performances and create memorable experiences. Current trends in the music event market include the rise of immersive and interactive experiences, the integration of technology for enhanced production values, the growing demand for sustainability and eco-friendly practices, and the increasing popularity of virtual and hybrid events in response to changing circumstances.

Music Event Market – Significant Growth Factors

The Music Event Market presents significant growth opportunities due to several factors:

• Growing Popularity of Live Music: The increasing demand for live music experiences is a key driver in the music event market. Audiences seek the excitement and energy of live performances, leading to opportunities for organizers and artists to cater to this demand.

• Festival Culture: The rise of music festivals offers a significant opportunity for the market. Festivals attract large crowds, offering diverse lineups and immersive experiences, creating a unique and memorable atmosphere for music enthusiasts.

• Digital Transformation: Digital transformation has opened new opportunities in the music event market. Online ticketing platforms live streaming services, and social media promotion has expanded the reach of events and provided convenient access to global audiences.

• Experiential Marketing: Brands recognize the value of music events as platforms for experiential marketing. By sponsoring or partnering with music events, companies can engage with their target audience in a meaningful way, creating brand awareness and loyalty.

• Emerging Artists and Genres: The discovery and promotion of emerging artists and genres present growth opportunities. Music events provide a platform for these talents to showcase their work and attract a dedicated fan base, driving the demand for their performances.

• International Expansion: Music events have the potential for global expansion. Artists and organizers can tap into new markets and reach international audiences by hosting events in different countries, creating cross-cultural connections and expanding their fan base worldwide.

Music Event Market – Mergers and Acquisitions

The Music Event Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the Music Event Market include:

• Eventbrite and Bandsintown: In 2020, Eventbrite, an online ticketing and event technology platform, joined forces with Bandsintown, a leading concert discovery and live music recommendation platform. This collaboration aimed to equip Eventbrite’s event organizers with enhanced marketing and promotion tools through Bandsintown’s extensive network of music fans. The goal was to drive ticket sales and boost attendance for live music events.

• AEG Presents’ Acquisition of The Bowery Presents: In 2018, AEG Presents, a leading global live entertainment company, acquired The Bowery Presents, a renowned independent concert promoter based in New York. This acquisition strengthened AEG Presents’ foothold in the competitive New York City market, enhancing its ability to curate and produce live music events across various venues in the city.

• Live Nation Entertainment and Gaiety Investments: In 2021, Live Nation Entertainment formed a partnership with Gaiety Investments, an Irish entertainment company. This collaboration aimed to expand Live Nation’s presence in Ireland and the UK, leveraging Gaiety’s expertise in live event production and promotion. The partnership aimed to bring a diverse range of music events and experiences to audiences in these regions.

• Spotify and Live Nation: In 2018, Spotify, a popular music streaming platform, collaborated with Live Nation to provide personalized concert recommendations to Spotify users. By leveraging Spotify’s data analytics capabilities, the partnership aimed to identify users’ music preferences and suggest live events that align with their interests, enriching the concert discovery experience for music enthusiasts.

These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the Music Event Market. The trend is expected to continue as companies seek to gain a competitive edge in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

Music Event Market – Significant Threats

The Music Event Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

• Competition from virtual and online events: The rise of virtual and online music events poses a significant threat to the traditional music event market. These digital alternatives offer convenience and accessibility, potentially drawing audiences away from physical live events.

• Changing consumer preferences and behaviours: Evolving consumer preferences and behaviours, such as the increasing demand for personalized experiences and the desire for diverse entertainment options, pose a threat to the music event market. Event organizers need to adapt and innovate to meet these changing preferences.

• Economic downturns and financial instability: During economic downturns or periods of financial instability, consumer discretionary spending on music events may decline. This can negatively impact ticket sales, sponsorship deals, and overall revenue generation for music events.

• Regulatory and legal challenges: Regulatory and legal challenges, such as licensing restrictions, safety regulations, and venue limitations, can pose significant threats to the music event market. Compliance with these regulations can be costly and time-consuming, affecting the profitability and feasibility of organizing large-scale music events.

Report Scope

Category-Wise Insights

By Revenue Source:

• Tickets: In the music event market, ticket sales serve as a primary revenue source. Tickets are sold to attendees for access to live performances or music festivals. A trend in the market is the increasing use of dynamic pricing strategies, personalized ticketing options, and the integration of technology to enhance ticket purchasing and streamline the entry process.

• Sponsorship: Sponsorship is another significant revenue source in the music event market, where brands provide financial support in exchange for promotional opportunities. A trend in the market is the growing importance of strategic partnerships between event organizers and sponsors, focusing on aligning brand values, targeted marketing activations, and immersive brand experiences to create mutually beneficial collaborations.

• Others: The “others” category includes additional revenue streams such as merchandise sales, food and beverage sales, licensing deals, and streaming rights. A trend in the market is the diversification of revenue streams, with event organizers leveraging these opportunities to maximize profitability and create unique experiences for attendees beyond ticket sales and sponsorship. This includes offering exclusive merchandise, partnering with food vendors, and exploring digital streaming platforms for wider reach and monetization.

By Genre:

• Rock: Rock music is noted for its upbeat instrumentals, loud guitar riffs, and strong vocals. It has a devoted fan base and a significant market following. The comeback of classic rock performers, the merging of rock with other genres, and the rise of indie rock bands are all current phenomena.

• Pop: Pop music is distinguished by catchy melodies, relatable lyrics, and widespread popularity. It is still the dominating genre, with a concentration on radio-friendly songs and widespread success. Market trends include the incorporation of electronic elements into pop music, collaborations between musicians from other genres, and the effect of social media on pop culture.

• EDM (Electronic Dance Music): EDM is a genre marked by electronic beats, synthesized sounds, and energetic rhythms. It has gained significant popularity, particularly in the festival and club scenes. Current trends include the fusion of EDM with genres like pop and hip-hop, the emergence of EDM producers as mainstream artists, and the integration of live instruments in EDM performances.

• Others: The “Others” category encompasses various genres that do not fit specific classifications. It includes alternative, indie, country, jazz, and more. This category provides diverse musical experiences for niche audiences. Market trends include the growing popularity of niche genres, the revival of retro sounds, and the creation of hybrid genres that blend elements from different styles.

By Type:

• Music Festivals: Music festivals are large-scale events featuring multiple artists and bands across various genres. They often span multiple days and attract a diverse audience. Trends in the music festival market include immersive experiences, sustainability initiatives, and the integration of technology for enhanced attendee engagement and convenience.

• Music Concerts: Music concerts refer to individual performances by artists or bands, usually held in indoor or outdoor venues. Concerts offer a more focused and intimate experience compared to festivals. Market trends include the use of advanced stage production, interactive fan experiences, and the incorporation of virtual and augmented reality elements.

• Music Shows: Music shows typically involve a specific theme or concept and may incorporate elements of theatre, dance, or visual effects. They offer a unique and curated experience for audiences. Market trends include immersive storytelling, multimedia integration, and the fusion of different art forms to create memorable and visually captivating performances.

• Others: This category encompasses various music-related events such as album release parties, award ceremonies, and charity concerts. Trends in this segment include the integration of social causes and philanthropy into events, innovative event formats, and collaborations between artists, brands, and organizations to create unique experiences that go beyond traditional concerts and festivals.

By Gender

• Male: In the music event market, the term “male” refers to the demographic category of individuals who identify as male. The market trends for males include a diverse range of music genres, increased participation in live concerts and festivals, and targeted marketing strategies that cater to their preferences and interests.

• Female: In the music event market, the term “female” represents the demographic category of individuals who identify as female. The market trends for females include a growing representation of female artists, increased focus on empowering and inclusive experiences, and the emergence of female-focused events and platforms that celebrate and promote women in music.

Music Event Market – Regional Analysis

The Music Event Market is segmented into various regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Here is a brief overview of each region:

• North America: In the music event market of North America, a prominent trend is the rise of large-scale music festivals featuring a diverse lineup of popular artists across various genres. The region also showcases a strong demand for immersive and interactive concert experiences, incorporating elements like visual effects and technology. Dominating players in North America include Live Nation Entertainment, AEG Presents, and C3 Presents.

• Europe: In Europe, a significant trend in the music event market is the popularity of music tourism, with fans travelling to different countries to attend concerts and festivals. The region also embraces a wide range of music genres and promotes cultural diversity in its events. Dominant players in Europe include Festival Republic, MAMA & Company, and Sziget Cultural Management.

• Asia-Pacific: The Asia-Pacific music event industry is experiencing a boom in demand for K-pop concerts and music festivals, owing to the global appeal of Korean music. The region is also seeing an increase in interest in electronic dance music (EDM) events and the inclusion of traditional Asian music elements. SM Entertainment, YG Entertainment, and ZoukOut are the dominant players in Asia-Pacific.

• LAMEA (Latin America, Middle East, and Africa): In the LAMEA region, a key trend in the music event market is the celebration of local and regional music styles, promoting cultural heritage and diversity. The region also showcases a vibrant market for Latin music events and festivals, attracting both regional and international audiences. Dominant players in LAMEA include Rock in Rio, Ocesa Entertainment, and Afro Nation.

Competitive Landscape – Music Event Market

The Music Event Market is highly competitive, with a large number of manufacturers and retailers operating globally. Some of the key players in the market include:

• Live Nation Entertainment, Inc.
• AEG Presents
• The Madison Square Garden Company
• C3 Presents
• Sony Music Entertainment
• Warner Music Group
• Universal Music Group
• StubHub
• Ticketmaster
• Eventbrite
• Others

These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships. For example, in 2021, a notable partnership in the music event market was formed between Live Nation Entertainment and Veeps. This collaboration aimed to enhance the live streaming experience by providing a platform for artists to connect with fans virtually and monetize their performances through ticket sales and merchandise.

In the ever-evolving music event market, several new players have emerged, embracing innovation and development to make their mark. These innovative entrants leverage technology, unique event concepts, and interactive experiences to attract audiences.

They focus on creating immersive environments, integrating virtual reality and augmented reality elements, and exploring new ways to engage fans. Meanwhile, established key players dominate the market due to their strong brand reputation, extensive industry connections, and vast resources.

These dominant players, such as Live Nation Entertainment, AEG Presents, and Festival Republic, have established a strong presence by organizing large-scale festivals, partnering with renowned artists, and leveraging their global network to secure top talent and secure sponsorships. Their industry expertise and ability to consistently deliver high-quality events have solidified their position as market leaders.

The Music Event Market is segmented as follows:

By Genre

• Rock
• Pop
• EDM
• Others

By Revenue Source

• Tickets
• Sponsorship
• Others

By Type

• Music Festivals
• Music Concerts
• Music Shows
• Others

By Gender

• Male
• Female

By Region

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America