The music tourism global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Music Tourism Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The music tourism market size has grown strongly in recent years. It will grow from $5.48 billion in 2023 to $5.97 billion in 2024 at a compound annual growth rate (CAGR) of 9%. The growth in the historic period can be attributed to rise of iconic music festivals, the global spread of popular music genres, the establishment of music-themed museums and landmarks, the growth of music recording and production industries, the influence of legendary musicians and bands.
The music tourism market size is expected to see strong growth in the next few years. It will grow to $8.46 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to the integration of virtual reality and augmented reality experiences, the expansion of niche and specialized music festivals, the emergence of sustainable and eco-friendly music tourism practices, the increasing popularity of music-themed cruises and tours, the growth of music streaming platforms. Major trends in the forecast period include demand for personalized music, emphasis on sustainable practices, integration of technology, health and wellness integration, collaboration between music festivals and local tourism boards.
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Scope Of Music Tourism Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Music Tourism Market Overview
Market Drivers –
The rise in national and international music events is expected to propel the growth of the music tourism market going forward. National music events are concerts or festivals held within a single country, while international music events involve performers and attendees from multiple countries, often taking place in various locations around the world. National and international music events are rising due to increased globalization, advancements in digital marketing, and a growing consumer desire for unique and immersive entertainment experiences. Music tourism boosts national and international music events by attracting diverse audiences, increasing economic revenue, and enhancing the cultural exchange and visibility of the host locations. For instance, in June 2023, according to a report published by the American Economic Liberties Project, a US-based non-profit organization, the top venues accounted for nearly 50% of total concert sales in 2022. The top 100 amphitheaters generated $814.0 million from ticket sales, while the top 200 arenas brought in an impressive $4,489.3 million. Therefore, the rise in national and international music events is driving the growth of the music tourism market.
Market Trends –
Major companies operating in the music tourism market are developing innovative products, such as night cultural tourism products, to provide unique and memorable experiences. Night cultural tourism involves experiencing and engaging in cultural activities and attractions, such as performances, festivals, and historical site visits, during evening and nighttime hours. For instance, in March 2024, Hanoi Opera House, a Vietnam-based opera house, launched Music Garden. The unique feature of this tourism product is the Hanoi Opera House’s Music Garden, an outdoor space where cultural and musical events are held in collaboration with various embassies to introduce international music to the Vietnamese people. It offers shows featuring traditional musical instruments and classical music from 9 am to 12 pm and 1 pm to 6 pm, while classical music concerts and performances by domestic and international singers are available from 7:30 pm to 10 pm.
The music tourism market covered in this report is segmented –
1) By Type: Local Music, International Music
2) By Tourist: Pay To Visit, Get Paid To Visit
3) By Industry Vertical: Music Tourism, Fashion Tourism, Food Tourism, Sports Tourism, Medical Tourism, Other Industry Verticals
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Regional Insights –
North America was the largest region in the music tourism market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the music tourism market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the music tourism market are Anschutz Entertainment Group, Live Nation Entertainment Inc., Ticketmaster Entertainment LLC, Pollstar LLC, Vivid Seats LLC, VenuWorks Inc., StubHub Inc., Eventbrite Inc., SeatGeek Inc., Front Gate Tickets LLC, Glastonbury Festivals Ltd., Songkick.com Inc., The Air Group (TAG) Ltd., Only Much Louder Entertainment Pvt. Ltd., Festicket Ltd., C3 Presents LLC, AEG Presents LLC, Bandsintown LLC, ID&T Belgium BVBA, Percept Limited, Festival Ticketing Ltd., ACFEA Tour Consultants Inc., Global Spectrum L.P., SFX Entertainment Inc., Gigantic Tickets Ltd.
Table of Contents
1. Executive Summary
2. Music Tourism Market Report Structure
3. Music Tourism Market Trends And Strategies
4. Music Tourism Market – Macro Economic Scenario
5. Music Tourism Market Size And Growth
…..
27. Music Tourism Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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