Music Events - United States

  • United States
  • Revenue in the Music Events market is projected to reach US$16.98bn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.92%, resulting in a projected market volume of US$18.32bn by 2028.
  • In the Music Events market, the number of users is expected to amount to 75.7m users by 2028.
  • User penetration will be 22.1% in 2024 and is expected to hit 21.9% by 2028.
  • The average revenue per user (ARPU) is expected to amount to US$226.40.
  • 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 United States is experiencing significant growth and development.

Customer preferences:
Customers in the United States have shown a strong preference for attending music events. The country has a rich and diverse music culture, with a wide range of genres and artists that cater to different tastes. This has contributed to the popularity of music events among the population. Additionally, the rise of social media and online streaming platforms has made it easier for people to discover and follow their favorite artists, further fueling the demand for live music experiences.

Trends in the market:
One of the key trends in the Music Events market in United States is the increasing popularity of music festivals. These multi-day events bring together a variety of artists and offer a unique experience for attendees. Music festivals have become a cultural phenomenon, attracting not only music enthusiasts but also people looking for a fun and immersive experience. The success of festivals like Coachella and Lollapalooza has inspired the creation of new festivals across the country, catering to different genres and subcultures. Another trend in the market is the growing demand for intimate and exclusive music events. While large-scale festivals are popular, there is also a niche market for smaller, more intimate concerts. These events provide a more personal and immersive experience for attendees, allowing them to connect with the artist on a deeper level. Artists are increasingly recognizing the value of these intimate performances and are incorporating them into their tour schedules.

Local special circumstances:
The United States has a well-established infrastructure for hosting music events. The country has a large number of venues, ranging from small clubs to large arenas and stadiums, which provide a platform for artists to perform. Additionally, the country has a strong network of promoters, agents, and event organizers who play a crucial role in bringing artists and audiences together. This well-developed ecosystem contributes to the growth and success of the Music Events market in United States.

Underlying macroeconomic factors:
The strong economy in the United States has had a positive impact on the Music Events market. As disposable incomes increase, people have more money to spend on entertainment and leisure activities, including attending music events. Additionally, the country's robust tourism industry attracts a significant number of international visitors who are eager to experience the vibrant music scene. This influx of tourists further boosts the demand for music events and contributes to the growth of the market. In conclusion, the Music Events market in United States is thriving due to customer preferences for live music experiences, the popularity of music festivals, the demand for intimate events, a well-established infrastructure, and a strong economy. These factors have created a favorable environment for the growth and development of the market, making the United States a vibrant hub for music events.

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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