LONDON--(BUSINESS WIRE)--The live music market is expected to grow by USD 10.66 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
There has been a significant increase in the number of music enthusiasts among the younger generation, which is contributing to the growing demand for live events. This, in turn, has led to an exponential increase in the number of DJs and artists worldwide. Hotels, social gatherings, restaurants, and shopping malls are also increasingly organizing live events. This increases enthusiasm and interest among individuals to attend such events. It also creates a strong demand for various types of high-tech and high-priced equipment from companies that are organizing or sponsoring such events, thereby contributing to the revenue growth of the market.
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As per Technavio, emergence of mobile ticket sales will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Live Music Market: Emergence Of Mobile Ticket Sales
Event managers and organizers are continuously putting in efforts to come up with advanced and upgraded solutions to offer the maximum comfort and benefit to consumers. One of the major upcoming trends in the global secondary ticket market is mobile ticket sales. Mobile tickets allow users to choose events and venues using an app. With the help of mobile tickets, customers can conveniently book tickets and store them on their devices. This eliminates the need to go to the venue prior to the event to book tickets or the need for carrying hard copies of the ticket. Customers can also use mobile apps to resell the tickets to other customers if they are unable to use them. Mobile ticket sales also facilitate in-app advertising, which is more cost-effective than the traditional modes of advertising.
“Factors such as the increase in service offerings, growing affordability, and the high penetration of mobile devices and Internet will have a significant impact on the growth of the live music market value during the forecast period,” says a senior analyst at Technavio.
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Live Music Market: Segmentation Analysis
This market research report segments the live music market by revenue (tickets, sponsorship, and merchandising), genre (pop, rock, hip-hop, EDM, and others), and geographic landscape (North America, Europe, APAC, South America, and MEA).
The North American region led the live music market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to the high spending power of the population.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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