AusLeisure

A new report on how the global live music industry will perform over the next three years has suggested that 32% of its growth will be in the Asia-Pacific (APAC) region.

Released by UK-based market research company Technavio, the Live Music Market by Revenue, Genre, and Geography - Forecast and Analysis 2021-2025 report details how the live music market is set to grow by US $2.83 billion, with Japan, Australia and India identified as key markets.

The report suggests that a steady rise in the number of concerts and events in the APAC region will aid the market’s growth until 2025.

Internationally, it suggests that a preference for purchasing tickets using mobile applications, along with the increase of offerings from event organisers, will continue to drive the growth of the market.

However, it cautioned that that privacy and security concerns over online ticket booking platforms could have a potentially negative effect on growth over the next few years.

The report, which was originally published in 2021 and details the growth possibilities between 2021 and 2025, said the rise in popularity of mobile apps means that organisers can provide ease and more convenience for customers and that organisers will continue to collaborate with online and offline ticket providers to expand their customer reach.

In addition, Technavio suggest that with a growing focus on increasing customer satisfaction and revenue, event organisers in the live music market will be on the lookout for innovative methods such as offering tickets with accommodation and merchandise and that vendors offer benefits such as early-bird discounts, free beverages and complimentary food.

This, the report says, will attract a large number of customers to book tickets online, which will fuel the growth of the live music market.

Despite the possible challenges, the report claimed that the global live music industry will progress at a Compound Annual Growth Rate (CAGR) of 6% until 2025.

Click here for more information.

Images: Live music fans (top, credit: Ticketek) and chart from Technavio's Live Music Market by Revenue, Genre, and Geography - Forecast and Analysis 2021-2025 report (below, credit: Technavio).

Related Articles

14th March 2022 - Populous named world’s most innovative company in architecture

1st March 2022 - Venues around the world light up in solidarity with Ukraine

24th February 2022 - Live Nation expresses optimism about the power and resurgence of live events

14th February 2022 - ASM Global announces new Commercial Director at Dubai’s Coca-Cola Arena

25th February 2022 - Vivaticket announces partnership with Redeam

10th February 2022 - Ticketmaster and Redeam partner to offer tourists the chance to purchase live event tickets as they book trips

8th February 2022 - UNESCO advises of 10 million creative sector jobs lost around the world due to the pandemic

7th January 2022 - Middle East Film and Comic Con event to run in Abu Dhabi in March

15th December 2021 - Hong Kong to welcome 2022 with inaugural Art Spectacular at Victoria Harbour

25th November 2021 - Live Nation announces further Asia Pacific expansion with appointments of experienced leaders Guy Ngata and Richard Tsuchida

25th November 2021 - Work advances on new 20,000 seat arena in Yokohama

26th October 2021 - Expansion of Ungerboeck executive team sees Fred Lazzerini named new International Senior Vice President

5th September 2021 - Shanghai Municipality releases five-year cultural development plan

20th August 2021 - China introduces centralised ticketing system for live performance industry

29th June 2021 - Live concerts to return to Abu Dhabi’s Yas Island from July

29th May 2021 - Shanghai’s Mercedes-Benz Arena hosts biggest rock concert in China since the beginning of 2020

22nd March 2021 - Report suggests global amusement park market will grow almost 7% in years to 2024

22nd January 2019 - South Korea’s first dedicated K-pop arena to be developed in Seoul

4th May 2016 - Qatar tests heat resistant turf for 2022 FIFA World Cup