Music Events - Asia
- Asia
- The Music Events market in Asia is projected to reach a revenue of €3.65bn by 2023.
- This is expected to show an annual growth rate (CAGR 2023-2028) of 2.90%, resulting in a projected market volume of €4.21bn by 2028.
- In Asia, the number of users in the Music Events market is expected to reach 105.5m users by 2028.
- The user penetration rate is projected to be 2.2% in 2023 and is expected to increase to 2.3% by 2028.
- The average revenue per user (ARPU) in Asia's Music Events market is expected to be €36.54.
- In global comparison, in the United States is expected to generate the highest revenue in the Music Events market, reaching €12,730.00m in 2023.
- in Denmark has the highest projected user penetration rate of 25.6% in the Music Events market.
- In Japan, the music events market is thriving with a strong emphasis on traditional Japanese music and a growing demand for K-pop concerts.
Analyst Opinion
The Music Events maket generates the highest revenues in the Event Ticket market, as it includes lucrative sales for all music-related events like concerts, festivals, musicals, music shows, and operas. Ticketmaster, the global number one online ticketing platform stated, that music has accounted for about 80% of their GTV growth in recent years. With the rise of music streaming services for artists concerts have become their main source of income. As tickets are becoming more expensive, so are the costs of hosting a concert. Except for the constant price rise, and widespread fake and duplicate tickets, customers are still willing to pay more, as growing user numbers indicate.
Methodology
Data coverage:
The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.Modeling approach / Market size:
Market sizes are determined through a bottom-up approach, building on predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.Additional notes:
The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.Visión general
- Revenue
- Analyst Opinion
- Users
- Global Comparison
- Methodology
- Key Market Indicators