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Music Events - Southeast Asia

Southeast Asia

Revenue in the Music Events market is projected to reach US$494.80m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.95%, resulting in a projected market volume of US$555.80m by 2028.
In the Music Events market, the number of users is expected to amount to 20.5m users by 2028.
User penetration will be 2.9% in 2024 and is expected to hit 2.9% by 2028.
The average revenue per user (ARPU) is expected to amount to US$24.79.
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 Southeast Asia 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 the Music Events market have shifted towards live performances and immersive experiences. Consumers are increasingly seeking out unique and memorable experiences, and music events provide an opportunity to connect with their favorite artists in a live setting. This preference for live experiences has led to a rise in the number of music festivals and concerts in the region, as organizers strive to meet the demand for live music events. Trends in the Music Events market in Southeast Asia include the rise of local talent and the increasing popularity of electronic dance music (EDM). The region has a rich and diverse music scene, with many talented artists emerging from countries such as Indonesia, Thailand, and the Philippines. These local artists are gaining international recognition and attracting a growing fan base, leading to an increase in music events featuring local talent. Additionally, EDM has gained a strong following in Southeast Asia, with festivals and events dedicated to this genre becoming increasingly popular. Local special circumstances in Southeast Asia have also contributed to the growth of the Music Events market. The region is home to a young and vibrant population, with a high proportion of millennials and Gen Z consumers. These younger demographics are more likely to attend music events and are driving the demand for live performances. Furthermore, the rise of social media and digital platforms has made it easier for music event organizers to promote their events and reach a wider audience, contributing to the overall growth of the market. Underlying macroeconomic factors, such as increasing disposable incomes and urbanization, have also played a role in the development of the Music Events market in Southeast Asia. As incomes rise and more people move to urban areas, there is a greater capacity for consumers to spend on entertainment and leisure activities, including music events. This has created a favorable environment for the growth of the market, as consumers have more discretionary income to allocate towards attending live performances. In conclusion, the Music Events market in Southeast Asia 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 local talent, the popularity of EDM, the young and vibrant population, and increasing disposable incomes are all contributing to the development of the market in the region.

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.