Market Insights Digital eServices Event Tickets

Music Events - Taiwan

Taiwan

Revenue in the Music Events market is projected to reach €340.30m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 5.17%, resulting in a projected market volume of €416.30m by 2028.
In the Music Events market, the number of users is expected to amount to 3.7m users by 2028.
User penetration will be 16.3% in 2024 and is expected to hit 16.3% by 2028.
The average revenue per user (ARPU) is expected to amount to €93.32.
In global comparison, most revenue will be generated in the United States (€15,580.00m in 2024).
With a projected rate of 25.8%, the user penetration in the Music Events market is highest in Denmark.

Key regions: India, Japan, Europe, China, Asia

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Analyst Opinion

The Music Events market in Taiwan has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Taiwan have shifted towards live music events, with an increasing number of people seeking unique and immersive experiences. This has led to a rise in demand for music festivals, concerts, and other live performances. Additionally, there is a growing interest in international acts, as Taiwanese consumers are becoming more exposed to global music trends through social media and streaming platforms. As a result, music event organizers are focusing on bringing in popular international artists to cater to this demand. Trends in the market indicate that music events in Taiwan are becoming more diverse and inclusive. In addition to mainstream genres like pop and rock, there is a growing interest in niche genres such as electronic music, hip-hop, and indie music. This trend is fueled by the emergence of local artists who are gaining popularity both within Taiwan and internationally. As a result, music event organizers are diversifying their offerings to cater to different tastes and preferences. Local special circumstances also contribute to the development of the Music Events market in Taiwan. The country has a vibrant music scene, with a rich history of traditional and contemporary music. Taiwanese audiences are known for their enthusiasm and passion for music, making it an attractive market for both local and international artists. Furthermore, the government has been actively supporting the music industry by providing funding and resources for music events and festivals. This support has helped to create a favorable environment for the growth of the Music Events market in Taiwan. Underlying macroeconomic factors have also played a role in the development of the Music Events market in Taiwan. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. As a result, more people are willing to spend money on entertainment and leisure activities, including music events. Additionally, the rise of social media and digital platforms has made it easier for event organizers to promote and sell tickets, reaching a wider audience and driving ticket sales. In conclusion, the Music Events market in Taiwan is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for live music events, diverse genres, and international acts has contributed to the expansion of the market. With continued government support and a strong music scene, the Music Events market in Taiwan is expected to thrive in the coming years.

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.