Music Events - Europe

Europe

Highlights

Revenue in the Music Events market is projected to reach US$10.04bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.30%, resulting in a projected market volume of US$10.99bn by 2028.
In the Music Events market, the number of users is expected to amount to 93.2m users by 2028.
User penetration will be 10.6% in 2024 and is expected to hit 11.0% by 2028.
The average revenue per user (ARPU) is expected to amount to US$111.80.
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 Europe is experiencing significant growth and development in recent years.

Customer preferences: Customers in Europe are increasingly seeking unique and immersive experiences when it comes to music events. They are looking for more than just a concert or festival; they want an unforgettable experience that combines music with other forms of entertainment, such as art installations, interactive exhibits, and culinary experiences. This trend is driven by the desire for authenticity and personalization, as well as the growing influence of social media in shaping people's experiences and creating FOMO (fear of missing out) among consumers.

Trends in the market: One of the key trends in the Music Events market in Europe is the rise of boutique festivals. These smaller-scale events offer a more intimate and curated experience, focusing on a specific genre or theme. They often feature up-and-coming artists and provide a platform for emerging talent. This trend is driven by a desire for niche experiences and a backlash against the commercialization and overcrowding of larger festivals. Another trend in the market is the increasing popularity of music cruises. These unique events combine the excitement of a music festival with the luxury and relaxation of a cruise vacation. Music cruises offer a diverse lineup of artists and provide a one-of-a-kind experience for music lovers. This trend is driven by the desire for a unique and all-inclusive experience, as well as the growing interest in themed cruises in general.

Local special circumstances: Europe is known for its rich cultural heritage and diverse music scene, which provides a unique backdrop for music events. Each country in Europe has its own musical traditions and genres, ranging from classical music in Vienna to electronic music in Berlin. This diversity allows for a wide range of music events catering to different tastes and preferences. Furthermore, Europe's compact size and well-connected transportation infrastructure make it easy for music fans to travel between countries and attend multiple events. This has led to the rise of music tourism, where people travel specifically to attend music events in different cities or countries. This trend is driven by the desire to explore new destinations and experience music in different cultural contexts.

Underlying macroeconomic factors: The growth of the Music Events market in Europe is also influenced by underlying macroeconomic factors. The steady economic growth in the region has led to an increase in disposable income and consumer spending. This has allowed more people to afford tickets to music events and participate in the growing experience economy. Additionally, advancements in technology have made it easier for event organizers to promote and sell tickets for music events. Online ticketing platforms and social media marketing have made it more convenient for consumers to discover and purchase tickets for their favorite artists. This has contributed to the overall growth and accessibility of the Music Events market in Europe. In conclusion, the Music Events market in Europe is experiencing significant growth and development due to evolving customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for unique and immersive experiences, the rise of boutique festivals and music cruises, Europe's rich cultural heritage and diverse music scene, and the steady economic growth in the region are all contributing to the expansion 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.