Music Events - Australia

Australia

Highlights

Revenue in the Music Events market is projected to reach US$721.60m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.68%, resulting in a projected market volume of US$771.30m by 2028.
In the Music Events market, the number of users is expected to amount to 4.9m users by 2028.
User penetration will be 18.1% in 2024 and is expected to hit 17.6% by 2028.
The average revenue per user (ARPU) is expected to amount to US$149.90.
In global comparison, most revenue will be generated United States (US$16.98bn in 2024).
With a projected rate of 25.8%, the user penetration in the Music Events market is highest Denmark.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Music Events market in Australia is experiencing significant growth and development in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trend. Customer preferences play a crucial role in driving the growth of the Music Events market in Australia. Australians have a strong affinity for music and live performances, making music events a popular choice for entertainment. The younger generation, in particular, is highly interested in attending music festivals and concerts, creating a strong demand for such events. Additionally, Australians have a diverse taste in music, ranging from pop and rock to electronic and hip-hop, which further fuels the demand for a wide variety of music events. Trends in the market also contribute to the growth of the Music Events market in Australia. One prominent trend is the increasing popularity of music festivals. Australia is known for its vibrant music festival scene, with events like Splendour in the Grass and Falls Festival attracting both local and international attendees. The rise of social media and online ticketing platforms has made it easier for music lovers to discover and purchase tickets for these festivals, driving their popularity even further. Another trend in the market is the growing preference for unique and immersive music experiences. Music events that offer more than just live performances, such as interactive installations, art exhibitions, and themed environments, are gaining traction among Australian audiences. These experiences provide a sense of exclusivity and create lasting memories for attendees, contributing to the overall appeal of music events. Local special circumstances also contribute to the growth of the Music Events market in Australia. The country's favorable climate allows for outdoor music events to be held throughout the year, attracting both local and international artists. Additionally, Australia's multicultural society has led to the emergence of music events that celebrate different cultural traditions and genres, catering to a diverse audience. Underlying macroeconomic factors also play a role in the development of the Music Events market in Australia. The country's strong economy and high disposable income levels enable Australians to spend on entertainment and leisure activities, including music events. Furthermore, the government's support for the arts and cultural sectors through funding and policy initiatives has created a conducive environment for the growth of the music industry. In conclusion, the Music Events market in Australia is experiencing growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The strong affinity for music, the popularity of music festivals, the demand for unique experiences, favorable climate, multicultural society, strong economy, and government support all contribute to the positive trajectory of the market.

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.