Live Music Market to Expand by USD 35.56 Billion (2024-2028), Driven by Rising Demand for Experiences, AI Redefining the Market Landscape - Technavio

NEW YORK, Nov. 21, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The global live music market size is estimated to grow by USD 35.56 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 17.38% during the forecast period. Growing demand for live music experiences is driving market growth, with a trend towards rise in adoption of virtual and hybrid live music experiences. However, privacy and security concerns over online ticket booking platforms poses a challenge.Key market players include Alliance Tickets, Bassett Events Inc., Coast To Coast Tickets LLC, CTS Eventim AG and Co. KGaA, Eventbee Inc., Eventbrite Inc., Event.com Inc., Live Nation Entertainment Inc., Lyte Inc., SeatGeek Inc., Sunrise Records Ltd., The Ticketline Network Ltd., Ticket City Inc., TicketNetwork Inc., TickPick LLC, TiqIQ LLC, TodayTix Inc., Viagogo Entertainment Inc., Vivendi SE, and Vivid Seats Inc..

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Key Market Trends Fueling Growth

Live music market is a thriving industry that caters to the worldwide demand for authentic and musical experiences. Trends in this sector include live music concerts, mobile apps, and the rise of DJs. Genres such as Blues, Pop, Rock, Metal, Electronica, and more continue to shape audience preferences. Industrial developments, urbanization, and technology adoption have led to the automation of production lines and the integration of technology in music events. Customer preferences drive emerging trends like local talent, interactive activities, and art installations at music festivals. Macroeconomic factors, disposable incomes, and social media influence ticket sales for B2C enterprises. Event organizers leverage user metrics, online purchase, and modeling approaches to optimize their operations. The live music market is a cornerstone of the entertainment sector, providing livelihoods for musicians, artists, agents, promoters, ticketing companies, contractors, record companies, music publishers, corporate brands, and sponsors. The sector includes small clubs, theatre-sized venues, arena shows, and stadiums, featuring international stars and local talent. Festival dates, performance schedules, and promotional campaigns are crucial elements of successful live music events. Risk takers, fee negotiations, and show production are integral parts of the business. The future of the live music market is shaped by virtual online platforms, holograms, and fan bases. The sector continues to evolve, offering unique experiences for fans and like-minded individuals. 

The live music industry has experienced a notable increase in the utilization of virtual and hybrid events due to technological advancements and the impact of the COVID-19 pandemic. Artists and event organizers have responded to evolving circumstances by adopting innovative approaches, enabling them to deliver live music experiences to global audiences despite challenges posed by large-scale gatherings. Virtual and hybrid formats have gained popularity as a solution to the disruptions caused by the pandemic, allowing musicians and artists to continue engaging with their fan bases. 

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Market Challenges

• Live music market is a dynamic and ever-evolving industry, encompassing various elements such as concerts, mobile apps, DJs, artists, and genres like Blues, Pop, Rock, Metal, and Electronica. Challenges in this sector include urbanization, production lines, automation, and technology adoption. Industrial developments and macroeconomic factors influence music events worldwide. Customer preferences and emerging trends shape the landscape, with local special circumstances and social outlook also playing a role. Live music events offer unique experiences for consumers, bringing together like-minded individuals and passionate audiences. Younger generations value experiences over material possessions, driving growth in music festivals and virtual online platforms. Technology, such as holograms and social media, has transformed the industry, enabling B2C enterprises to reach wider audiences and increase Gross Merchandise Value. Event organizers face various challenges, including ticket sales, artist contracts, and production logistics. Collaboration between agents, promoters, ticketing companies, contractors, record companies, music publishers, corporate brands, and sponsors is crucial. The live music market is a cornerstone of the entertainment sector, providing livelihoods for musicians, crew members, and industry professionals. As the industry continues to evolve, understanding consumer behavior, representing the social outlook, and adapting to technological advancements will be key to success. Goldman Sachs predicts continued growth in the sector over the next few decades. Ultimately, the live music market offers a unique blend of art, social interaction, and entertainment for fans and artists alike.
• In today's digital marketplace, the music industry has seen a significant shift towards online platforms and applications. This transition brings new opportunities for live music market providers to reach their audience with customized offerings. However, it also poses new challenges, particularly in the area of data privacy. To effectively target customers, service providers collect data through cookies, which track customer preferences. This data is then utilized for customer profiling, behavior analysis, and data mining. While this information aids in delivering personalized services, indiscriminate use can infringe on customer privacy. Moreover, location-based services, which require geo-location information, raise privacy concerns. As the IT industry continues to create an open, competitive electronic marketplace, it is crucial to provide secure and reliable infrastructure for the seamless transfer and integration of critical information. Ensuring data privacy and security is essential to build trust and maintain customer loyalty.

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Segment Overview

This live music market report extensively covers market segmentation by

1. Revenue 
• 1.1 Tickets
• 1.2 Sponsorship
• 1.3 Merchandising
2. Genre 
• 2.1 Pop
• 2.2 Rock
• 2.3 Hip-hop
• 2.4 EDM
• 2.5 Metal music and others
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Tickets- The ticketing segment is a pivotal part of the global live music market, facilitating fan access to live music events through ticket sales and distribution. Online ticketing platforms, such as Ticketmaster and StubHub, have become popular due to their user-friendly interfaces and secure payment gateways. Mobile ticketing, featuring digital tickets accessible on smartphones, enhances the ticketing experience and reduces the risk of counterfeit tickets. Secondary ticketing platforms, like Viagogo and SeatGeek, offer fans an alternative to secure tickets for sold-out events. Data analytics and personalized marketing strategies are emerging trends, enabling ticketing companies to provide customized recommendations and targeted campaigns. These advancements are anticipated to boost the growth of the ticketing segment in the live music market.

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Research Analysis

Live music concerts continue to captivate audiences worldwide, bringing people together through the power of music. Mobile apps have revolutionized the industry, allowing fans to access tickets, merchandise, and real-time updates on their favorite artists. From Blues to Pop, Rock, Metal, Electronica, and beyond, music events cater to diverse customer preferences. Emerging trends include the integration of technology, such as holograms and virtual online platforms, into live performances. Local special circumstances and macroeconomic factors can impact the livelihood of musicians, influencing tours and festivals. Social interaction and the connection with like-minded individuals are cornerstones of the live music experience, spanning decades. The younger generation continues to discover new artists and genres, ensuring the industry's longevity. Live music events offer more than just entertainment – they provide a unique experience for fans to engage with their favorite musicians and create memories that last a lifetime.

Market Research Overview

Live music concerts have seen a significant in popularity with the advent of mobile apps, allowing fans to easily discover and purchase tickets for their favorite artists and genres, including Blues, Pop, Rock, Metal, Electronica, and more. The live music scene is not just limited to concerts but also includes parties and music festivals, which offer unique experiences for like-minded individuals. Urbanization and industrial developments have led to the adoption of technology in music production lines and automation, transforming the way music is created and performed. Emerging trends such as virtual online platforms, holograms, and interactive activities have added new dimensions to live music events, catering to the younger generation's preferences for experiences over material possessions. Music festivals have become a cornerstone of the live music industry, attracting passionate audiences from worldwide, with genres ranging from local talent to international stars. Event organizers leverage social media and ticket sales to reach consumers, while B2C enterprises focus on Gross Merchandise Value and user metrics to optimize their offerings. The live music industry is influenced by various macroeconomic factors, including disposable incomes, consumer behavior, and emerging trends. Representativeness, social outlook, and urban population play a crucial role in shaping the industry's future, with Goldman Sachs predicting a decade-long livelihood for musicians, tours, and festivals. Live performance remains the heart of the industry, with artists, DJs, agents, promoters, ticketing companies, contractors, record companies, music publishers, corporate brands, and sponsors all playing essential roles in bringing the music to the fans. From small clubs to arena shows and stadiums, the live music industry continues to evolve, offering unforgettable experiences for fans and artists alike.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Revenue
• Tickets
• Sponsorship
• Merchandising
• Genre
• Pop
• Rock
• Hip-hop
• EDM
• Metal Music And Others
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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