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The live music market size is estimated to increase by USD 35.56 billion and grow at a CAGR of 17.38% between 2023 and 2028. The market is experiencing significant expansion, driven by the rising preference for live events, the increasing affordability of premium tickets, and the widespread adoption of mobile applications. This comprehensive report delves into the intricacies of the live music industry, dissecting it based on revenue streams, namely tickets, sponsorship, and merchandising. Furthermore, the market is categorized by genre, incorporating pop, rock, hip-hop, electronic dance music (EDM), metal music, and others. Geographical segmentation is also provided, covering APAC, Europe, North America, the Middle East and Africa, and South America. Key trends and growth drivers are analyzed in detail to offer valuable insights into this dynamic and evolving market.
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The market encompasses a diverse range of genres, including Blues, Pop, Rock, Metal, and Electronica, attracting audiences worldwide. Mobile apps have become a cornerstone of the industry, enabling customers to access information on concerts, tours, and festivals, as well as purchase tickets and engage with their favorite artists. DJs and musicians perform live at these events, providing social interaction opportunities for like-minded individuals, particularly among the younger generation. Emerging trends in the market include virtual online platforms and holograms, which expand access to live performances for fans, transcending geographical boundaries. Customer preferences continue to shape the market, with macroeconomic factors also influencing the livelihoods of musicians and the success of tours and festivals. Local special circumstances can significantly impact the industry, making adaptability a crucial factor for success. In summary, the market is a dynamic and evolving landscape, driven by customer preferences, emerging trends, and macroeconomic factors. The integration of technology, such as mobile apps and virtual platforms, offers new opportunities for artists and fans alike, ensuring the industry remains a vital and engaging cornerstone of the music world. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing demand for live music experiences fuels market growth. Live music events have witnessed a notable surge in popularity among consumers worldwide. Event organizers report a substantial increase in ticket sales, driven by the desire for authentic and memorable interactions with musicians and artists. This trend is particularly significant for B2C enterprises, as the gross merchandise value in the market continues to grow exponentially. Consumers seek unique experiences, and user metrics indicate that attending a music performance is a cornerstone of their social outlook. The convenience of online purchases and improved internet connection speed have made it easier than ever for urban populations to access live music events. Modeling approaches, such as the S-curve function and exponential trend smoothing, suggest that this trend will continue for decades.
As more internet users join the fan base of various artists, musicians, tours, and festivals, the market's income potential becomes increasingly significant. Virtual online platforms, such as holograms, offer alternative live music experiences, but they cannot replicate the energy and emotion of a live performance. Artists, their managers, agents, promoters, ticketing companies, contractors, record companies, music publishers, corporate brands, and sponsors all benefit from this trend, as live music events provide a lucrative livelihood for many. Small clubs and intimate venues continue to play a crucial role in the live music ecosystem, offering fans a chance to connect with their favorite acts in a more personal setting. Goldman Sachs and other financial institutions have taken notice of this trend, recognizing the potential for long-term investment in the live music industry. Therefore, it is expected to drive market growth during the forecast period.
Increasing adoption of DJ software to produce music is an emerging market trend. Event organizers have responded to the evolving landscape of the live music industry by adopting virtual and hybrid experiences. The global market for live music has seen a notable increase in the use of these innovative approaches, driven in part by the COVID-19 pandemic and the resulting challenges to in-person gatherings. Ticket sales for B2C enterprises have shifted to online purchase platforms, leading to a significant rise in the gross merchandise value for the industry. User metrics, such as internet connection speed and representativeness of internet users, have become crucial factors in modeling the approach to virtual and hybrid live music experiences. The S-curve function and exponential trend smoothing indicate an exponential trend in the adoption of virtual and hybrid live music experiences. With more than half of the world's population now using the internet, the urban population has become a cornerstone demographic for this market.
Consumers, including fans of artists, musicians, and various stakeholders such as agents, promoters, ticketing companies, contractors, record companies, music publishers, corporate brands, and sponsors, have all embraced this new way of experiencing live music. Virtual online platforms have become essential for artists to reach their fan base, with holograms and other immersive technologies offering a more engaging experience. The livelihoods of musicians, tours, and festivals have all been impacted by the shift to virtual and hybrid live music experiences. As we look to the future, it is clear that this trend will continue to shape the live music industry for decades to come. Goldman Sachs and other financial institutions have taken notice, recognizing the potential for significant income generation in this sector. Furthermore, several vendors are upgrading their software, which is backward compatible. Hence, such factors are driving the market growth during the forecast period.
The privacy and security concerns over online ticket booking platforms challenge market growth. In the expanding digital landscape, event organizers leverage online platforms to enhance ticket sales for B2C enterprises in the live music industry. Gross Merchandise Value (GMV) surges as consumers engage in online purchasing, driven by user metrics and the modeling approach of targeting preferences. Internet connection speed and the S-curve function of exponential trend smoothing influence the number of internet users, particularly within the urban population.
Representativeness of social outlook shapes the market, with Goldman Sachs predicting decades of growth in this sector. The livelihood of musicians, tours, and festivals hinges on this industry's evolution, encompassing live performances, virtual online platforms, holograms, and fan bases. Artists, agents, managers, promoters, ticketing companies, contractors, record companies, music publishers, corporate brands, and sponsors all contribute to this cornerstone of income generation. Hence, such factors are hindering the market growth during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
By Revenue
The tickets segment is estimated to witness significant growth during the forecast period. Event organizers in the live music market rely heavily on ticket sales as a primary source of income for B2C enterprises. The gross merchandise value generated from ticket sales contributes significantly to the livelihoods of musicians, tours, festivals, and live performances. Consumers' preferences have shifted towards a more convenient and seamless ticket-purchasing experience, leading to the rise of online platforms. User metrics indicate that internet connection speed and accessibility are crucial factors in the adoption of virtual online platforms for ticket sales.
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The tickets segment was the largest segment and was valued at USD 20.91 billion in 2018. Modeling approaches such as the S-curve function and exponential trend smoothing help event organizers understand the growth trajectory of ticket sales among internet users, particularly within the urban population. Representativeness of these user metrics is essential to ensure an accurate social outlook on the market. Goldman Sachs reports indicate that ticket sales have shown an exponential trend over the past few decades, with fan bases expanding for artists, acts, and their respective managers, agents, promoters, ticketing companies, contractors, record companies, music publishers, corporate brands, and sponsors. Online purchase platforms have become cornerstones for ticket sales, offering fans the ability to browse upcoming live music events, select their preferred seats, and purchase tickets from anywhere in the world. Virtual online platforms have also introduced innovative technologies such as holograms, further enhancing the fan experience. As the live music market continues to evolve, it is essential for all stakeholders to adapt and leverage technology to meet the changing demands and expectations of consumers. Hence, such factors are fuelling the growth of this segment during the forecast period.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Live music concerts continue to captivate audiences worldwide, with North America leading the charge in the global market. Urbanization and industrial developments have given rise to a thriving live music scene, characterized by diverse genres including Blues, Pop, Rock, Metal, and Electronica. Mobile apps and technology adoption have streamlined production lines and automation, enabling a wider range of music events. Customers, particularly the younger generation, seek unique experiences over material possessions. Live music events offer social interaction with like-minded individuals, fostering a passionate and engaged audience.
Artists, both local and international, find opportunities to showcase their talents in various venues, from intimate clubs to large arenas and stadiums. Music festivals have become a staple in North America's live music scene, attracting diverse audiences and offering a blend of genres, art installations, food vendors, and interactive activities. Favorable weather conditions and disposable incomes contribute to the popularity of outdoor music events. DJs and emerging trends add to the excitement, keeping the market dynamic and responsive to local special circumstances and macroeconomic factors. Live music concerts offer a platform for artists to connect with their fans, creating memorable experiences that resonate beyond the event itself. Social media amplifies this connection, allowing artists to engage with their audience and build a loyal following. Overall, the market in North America continues to evolve, driven by customer preferences, technological advancements, and the enduring passion for music. Hence, such factors are driving the market in North America during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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Live music marketing refers to the promotion and advertising of musical events and concerts to potential audiences. This marketing strategy is essential for artists and event organizers to increase ticket sales and build a loyal fan base. Live music marketing can be executed through various channels, including social media, email marketing, and influencer partnerships. Music consumers are always on the lookout for new and exciting experiences. Therefore, marketing should focus on creating unique and memorable experiences for fans. This can be achieved by offering exclusive merchandise, meet-and-greet opportunities, and interactive fan experiences. Moreover, location is a crucial factor in marketing. Concerts and music festivals held in iconic venues or scenic locations can generate significant buzz and attract larger audiences.
Additionally, collaborations with local businesses and sponsors can help boost ticket sales and create mutually beneficial partnerships. Effective use of technology, such as live streaming and virtual reality, can also enhance the live music experience and reach a wider audience. By leveraging these tools, artists and event organizers can engage with fans in real-time and create immersive experiences that transcend physical boundaries. In conclusion, marketing is a vital component of the music industry. By focusing on creating unique experiences, leveraging technology, and building strategic partnerships, artists and event organizers can attract larger audiences and build a loyal fan base.
Market Scope |
|
Report Coverage |
Details |
Page number |
177 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 17.38% |
Market growth 2024-2028 |
USD 35.56 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
13.27 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 38% |
Key countries |
US, UK, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alliance Tickets, Bassett Events Inc., Coast To Coast Tickets LLC, CTS Eventim AG and Co. KGaA, Eventbee Inc., Eventbrite Inc., Event.com Inc., Live Nation Entertainment Inc., Lyte Inc., SeatGeek Inc., Sunrise Records Ltd., The Ticketline Network Ltd., Ticket City Inc., TicketNetwork Inc., TickPick LLC, TiqIQ LLC, TodayTix Inc., Viagogo Entertainment Inc., Vivendi SE, and Vivid Seats Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Revenue
7 Market Segmentation by Genre
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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