Music Events - Canada

  • Canada
  • Revenue in the Music Events market is projected to reach US$0.94bn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.31%, resulting in a projected market volume of US$1.03bn by 2028.
  • In the Music Events market, the number of users is expected to amount to 6.7m users by 2028.
  • User penetration will be 17.0% in 2024 and is expected to hit 16.6% by 2028.
  • The average revenue per user (ARPU) is expected to amount to US$142.10.
  • 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 Canada has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in Canada have shifted towards live music experiences, with a growing demand for music events across various genres. Canadians have shown a strong interest in attending concerts, festivals, and other live performances, seeking a unique and immersive experience. This preference for live music is fueled by the desire for social interaction, the opportunity to connect with artists, and the chance to be part of a shared cultural experience. One of the key trends in the Canadian Music Events market is the rise of music festivals. These events have gained immense popularity, attracting both domestic and international attendees. Music festivals offer a diverse lineup of artists, creating a multi-day experience that combines music, art, and food. The appeal of music festivals lies in their ability to provide a sense of community, allowing attendees to connect with like-minded individuals and discover new artists. Another trend in the market is the increasing integration of technology. Music events now incorporate advanced audiovisual technologies, interactive elements, and virtual reality experiences to enhance the overall attendee experience. These technological advancements not only provide a more immersive and engaging experience but also allow for greater accessibility and reach, enabling music events to attract a wider audience. Local special circumstances in Canada contribute to the development of the Music Events market. The country has a rich and diverse music culture, with a thriving local music scene that produces talented artists across various genres. This abundance of talent creates a vibrant ecosystem for music events, attracting both local and international audiences. Additionally, Canada's geographic size and diverse population provide opportunities for music events to cater to different regional preferences and demographics. Underlying macroeconomic factors also play a role in the growth of the Music Events market in Canada. The country's strong economy, stable political environment, and high standard of living contribute to a favorable consumer spending climate. Canadians are willing to allocate a portion of their disposable income towards entertainment and leisure activities, including music events. Furthermore, the government's support for the arts and cultural sector through funding and policy initiatives helps foster a conducive environment for the growth of the Music Events market. In conclusion, the Music Events market in Canada is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for live music experiences, the rise of music festivals, the integration of technology, Canada's rich music culture, and favorable macroeconomic conditions all contribute to the development and expansion of the market.

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.

Overview

  • Revenue
  • Demographics
  • Analyst Opinion
  • Users
  • Global Comparison
  • Methodology
  • Key Market Indicators
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