Market Insights Digital eServices Event Tickets

Music Events - Tanzania

Tanzania

Revenue in the Music Events market is projected to reach US$8.05m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 7.60%, resulting in a projected market volume of US$10.79m by 2028.
In the Music Events market, the number of users is expected to amount to 1.2m users by 2028.
User penetration will be 1.6% in 2024 and is expected to hit 1.8% by 2028.
The average revenue per user (ARPU) is expected to amount to US$7.97.
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 Tanzania is experiencing significant growth and development in recent years.

Customer preferences: Tanzanian consumers have shown a growing interest in attending music events, with a particular focus on live performances by both local and international artists. The younger generation, in particular, is driving this trend, as they seek out unique experiences and opportunities to connect with their favorite musicians. Additionally, Tanzanian music events are known for their vibrant and energetic atmosphere, attracting a diverse range of attendees from different backgrounds and age groups.

Trends in the market: One of the key trends in the Music Events market in Tanzania is the increasing number of music festivals and concerts taking place across the country. These events not only showcase local talent but also attract renowned international artists, creating a dynamic and diverse music scene. The rise of social media platforms has also contributed to the popularity of music events, as it allows fans to stay updated on upcoming shows and share their experiences with others. Another trend in the market is the growing emphasis on cultural and traditional music events. Tanzanian music is rich in diversity, with various genres and styles reflecting the country's multicultural heritage. As a result, there is a rising demand for music events that celebrate and promote traditional Tanzanian music, providing a platform for local artists to showcase their talent and preserve their cultural heritage.

Local special circumstances: Tanzania's geographical location and cultural diversity play a significant role in shaping the Music Events market. The country is home to numerous ethnic groups, each with its own unique musical traditions. This diversity provides a rich pool of talent and musical styles, contributing to the vibrant music scene in Tanzania. Additionally, Tanzania's natural beauty and tourist attractions make it an attractive destination for music events, attracting both domestic and international attendees.

Underlying macroeconomic factors: The growth of the Music Events market in Tanzania can also be attributed to several macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income among Tanzanian consumers. This has allowed individuals to allocate a portion of their income towards entertainment and leisure activities, including attending music events. Furthermore, the government of Tanzania has recognized the potential of the music industry as a driver of economic growth and cultural tourism. Efforts have been made to promote and support the development of the music sector, including the establishment of music schools and the implementation of policies that protect and promote local artists. These initiatives have created a favorable environment for the growth of the Music Events market in Tanzania. In conclusion, the Music Events market in Tanzania is experiencing significant growth and development, driven by customer preferences for live performances, the rise of music festivals, the emphasis on cultural and traditional music events, and the country's unique cultural diversity. The underlying macroeconomic factors, such as economic growth and government support, have also contributed to the market's expansion. As a result, the Music Events market in Tanzania is poised for continued growth in the coming years.

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.