Music Events - Kenya

  • Kenya
  • Revenue in the Music Events market is projected to reach US$4.34m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 3.91%, resulting in a projected market volume of US$5.06m by 2028.
  • In the Music Events market, the number of users is expected to amount to 210.6k users by 2028.
  • User penetration will be 0.3% in 2024 and is expected to hit 0.3% by 2028.
  • The average revenue per user (ARPU) is expected to amount to US$21.80.
  • 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 Kenya has been experiencing significant growth in recent years.

Customer preferences:
Customers in Kenya have shown a growing interest in attending music events. They are increasingly seeking out live performances by both local and international artists. This trend can be attributed to the fact that attending music events has become a popular form of entertainment for people of all ages in Kenya. Music events provide a unique opportunity for individuals to experience the energy and excitement of live performances, and they offer a chance to connect with artists and other fans. Additionally, music events often feature a variety of genres, catering to different musical tastes and preferences.

Trends in the market:
One of the key trends in the Music Events market in Kenya is the rise of music festivals. These festivals bring together multiple artists and bands over a period of several days, offering attendees a diverse range of performances. Music festivals have gained popularity due to their ability to create a sense of community and provide a unique experience for music lovers. They often feature camping facilities, food and beverage vendors, and other entertainment options, making them a complete package for attendees. The growth of social media and online ticketing platforms has also contributed to the popularity of music festivals, as it is now easier than ever for individuals to discover and purchase tickets for these events.

Local special circumstances:
Kenya has a vibrant and diverse music scene, with a rich cultural heritage that includes traditional music as well as contemporary genres. This diversity is reflected in the music events that take place in the country. From traditional music festivals to modern pop concerts, there is something for everyone in Kenya's Music Events market. Additionally, the country's growing middle class and increasing disposable income have made attending music events more affordable for a larger segment of the population. This has further fueled the growth of the market and contributed to its development.

Underlying macroeconomic factors:
The growth of the Music Events market in Kenya can also be attributed to several underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in consumer spending power. This has allowed more individuals to afford tickets to music events and has created a larger market for event organizers. Additionally, the government has recognized the potential of the music industry as a driver of economic growth and has implemented policies to support its development. This includes initiatives to promote local talent and attract international artists to perform in Kenya. These factors have created a favorable environment for the growth of the Music Events market in Kenya. Overall, the Music Events market in Kenya is experiencing significant growth due to customer preferences for live performances, the rise of music festivals, the country's vibrant music scene, and underlying macroeconomic factors such as economic growth and government support. As the market continues to develop, it is expected to attract even more local and international artists, further expanding its reach and impact.

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