The global music events tickets market size is expected to reach USD 18.17 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 18.4% from 2021 to 2028. The significant growth in the music event industry across the globe can be credited to the rising popularity of music artists across the globe. Moreover, the growing digitalization and access to online media platforms are the other factors propelling the market growth. In addition, the monotony of hectic life and an increase in disposable income are some other factors offering growth to the global music event industry that further support the market growth.
The market witnessed a significant downfall during the Covid-19 due to the cancellation of live music events across the globe. The market is mainly impacted due to the rapidly changing conditions, which have compelled the government to impose a ban on all the activities that involve the social crowd. The first step taken by the government of almost all the developed and emerging economies, which includes the U.S., China, India, the U.K., and Germany, was to shut down schools, theaters, live events, and amusement parks. In addition, several musicians that have their concerts amidst the lockdown have planned to stream live performances that further result in the revenue loss of online ticket providers that further impact the market growth.
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Music Events Tickets Market Report Highlights
- North America captured the largest revenue share of over 40.0% share in 2020. The strong and wide presence of key players and long-standing demand for online music events tickets owing to high smartphone users are contributing to the market growth
- Asia Pacific is expected to register the highest CAGR of 19.7% from 2021 to 2028. China and India are positively contributing to the growth of the market
- The digital tickets type segment is forecasted to register the fastest CAGR from 2021 to 2028. A significant rise in smartphone users across the globe further contributed to the growth of the market
The digital tickets type segment is forecast to register the highest growth rate from 2021 to 2028. The market is mainly driven by the growing trend towards easy and convenient access to live music events across the globe to avoid the crowd. Moreover, the growing trend towards using mobile applications to get digital tickets, coupled with the rising penetration of smartphones across the globe, will support the industry demand. In addition, easiness coupled with purchasing tickets through internet-enabled smartphones and tablets is projected to significantly contribute to the music event ticketing industry.
Europe held the second-largest revenue share in 2020. Well-developed countries such as Germany, the U.K., and France are positively contributing to the market revenue. The high growth can be credited to the strong presence of large music event organizing companies and ticket providers, along with the long-existing demand for online tickets. Additionally, higher GDP, per capita income, and per capita spending on music events and cultural activities in the European countries altogether result in strong sales and increased adoption of online music event tickets. Europe is observed to be one of the best tourist destinations across the globe as it includes a number of hotspots, theme parks, and live events that further support the market growth.
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