Market Insights Digital eServices Event Tickets

Music Events - Saudi Arabia

Saudi Arabia

Revenue in the Music Events market is projected to reach US$55.74m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.10%, resulting in a projected market volume of US$60.58m by 2028.
In the Music Events market, the number of users is expected to amount to 696.2k users by 2028.
User penetration will be 1.9% in 2024 and is expected to hit 1.8% by 2028.
The average revenue per user (ARPU) is expected to amount to US$81.03.
In global comparison, most revenue will be generated in the United States (US$16,980.00m 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 Saudi Arabia is experiencing significant growth and development.

Customer preferences: Saudi Arabia has a rich cultural heritage and a strong appreciation for music. Music events have always been popular among the Saudi population, with a growing demand for diverse genres and international artists. Saudi music enthusiasts are eager to experience live performances and connect with their favorite artists. The rise of social media has also played a crucial role in increasing awareness and generating excitement for music events.

Trends in the market: One of the key trends in the Music Events market in Saudi Arabia is the increasing number of international artists performing in the country. With the recent changes in the country's entertainment regulations, Saudi Arabia has become an attractive destination for global music acts. This has led to a surge in the number of international concerts and festivals taking place in the country. Saudi Arabia is now hosting major music events that attract audiences not only from within the country but also from neighboring regions. Another trend in the market is the growing popularity of music festivals. Saudi Arabia has seen the emergence of several music festivals catering to different genres, such as rock, pop, and electronic music. These festivals offer a unique experience for music enthusiasts, combining live performances with immersive activities and entertainment. The success of these festivals has encouraged organizers to expand their offerings and attract a wider audience.

Local special circumstances: The recent cultural reforms in Saudi Arabia have had a significant impact on the Music Events market. The lifting of restrictions on entertainment and the introduction of new regulations have created opportunities for both local and international event organizers. Saudi Arabia is now positioning itself as a regional hub for entertainment, attracting top talent and creating a vibrant music scene. The government's support for the arts and entertainment industry has also contributed to the growth of the Music Events market.

Underlying macroeconomic factors: Saudi Arabia's Vision 2030 initiative, which aims to diversify the economy and reduce dependence on oil, has led to increased investment in the entertainment sector. The government has allocated significant funds to develop infrastructure and support the growth of the music industry. This has created a favorable environment for music events and has attracted both local and international investors. Furthermore, the young and tech-savvy population in Saudi Arabia is driving the demand for music events. The country has a large youth population with high disposable income, which they are willing to spend on entertainment experiences. The widespread use of social media platforms has also made it easier for event organizers to reach their target audience and promote their events. In conclusion, the Music Events market in Saudi Arabia is experiencing rapid growth and development. The increasing number of international artists, the popularity of music festivals, the recent cultural reforms, and the government's support for the entertainment sector are all contributing to the expansion of the market. With a strong demand for live music experiences and a favorable economic environment, the future of the Music Events market in Saudi Arabia looks promising.

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.