Live Music Market Size, Share, Growth, and Industry Analysis by Type (Blues, Pop, Rock, Metal, and Electronica), By Application (Concerts, Party, and Others) Regional Forecast By 2031

Updated On: 22 April 2024

Live Music Market Report Overview

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The global live music market size was USD 11490 million in 2022, as per our research, the market is expected to reach USD 18,348.54 million in 2031, exhibiting a CAGR of 5.3% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with live music experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Live music comprises live concerts executed by performers in public places. The market is motivated by the rising popularity of live shows, increasing affordability for high-priced event coupons, and amplified use of mobile apps. Moreover, factors such as concealment and safety worries over online ticket reservation stages may hamper live music market growth.

COVID-19 Impact: Industry Imbalance Causes Market Distortion

The COVID-19 scenario inclined consumer preferences for luxury things such as live music concerts. Lower demand for the services impacted such activities. Lockdown restrictions and shortage of manpower affected to limit market progress. Furthermore, the virus and consequent slow economy compressed numerous core live music event planners. This has caused the amount of live music events either being canceled entirely or postponed into next year. Moreover, the comfort of several limitations and increasing investment in outdated music in developing countries are anticipated to drive the market in the coming years.

LATEST TRENDS

"Increasing Number of Events to Boost Technology Adoption "

One of the crucial aspects motivating the global live music market growth is the improved acceptance of live events. With the growing inclination for live events and EDM, there is an exponential rise in the quantity of DJs and artists globally. Hotels, social gatherings, restaurants, and shopping malls position live events, which generates thrilling eagerness and attention among people to join such events. The increasing number of events will drive market growth in the coming years.

Live Music Market Segmentation

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• By Type

Based on type, the market is divided into Blues, Pop, Rock, Metal, and Electronica.

• By Application

Based on the application, the market is divided into Concerts, Party, and Others.

DRIVING FACTORS

"Presence of Prominent Players to Improve Market Growth "

The growing concern in music amongst the youth is one of the main live music market trends that is projected to influence the industry certainly in the coming years. The approval of DJ software for creating remix trails has been growing, due to the rising awareness of musicians and music fans to generate their individual remix tracks. The approval of schemes by dealers to fascinate clients will fuel the progress of the live music market during the forecast period.

"Urbanization and Increasing Disposable Income to Fuel Market Growth "

The progression will be inclined by numerous features such as an upsurge in disposable income, development, and a modification from outdated entertainment concerning live music shows. The growing number of social events & festivals are also projected to fuel the demand for live music during the forecast period. The market is also observing a rising trend of artist-led visits, which is estimated to promote the development of the live music market in the coming years. Furthermore, technical developments are providing new prospects for the live music industry and are assisting artists to connect with their followers in a better way.

RESTRAINING FACTORS

"Online Threat to Halt Market Development"

One of the significant challenges to the global live music market development is the confidentiality and security worries over online ticket reservation stages. With the evolution in online platforms and uses, the danger of phishing has amplified. To aim the correct audience with tailored contributions, service providers track cookies to gather data linked to customers' inclinations. 

Live Music Market Regional Insight

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"Infrastructural Development to Foster Growth in Europe"

Europe is expected to have the largest live music market share in the coming years. The existence of infrastructural development and connectivity, the number of popular music carnivals, thriving music tourism, and the increasing acceptance of digital technologies are the most noticeable features that considerably subsidize market growth.

Asia-Pacific is anticipated to have a sizable market share. The existence of an enormous young population and greater demand for live music shows among them is considerably improving the growth of the market.

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Denon DJ (Rhode Island)
• Fender Musical Instruments (U.S.)
• Gibson Brands (U.S.)
• Kawai Musical Instruments (Japan)
• Numark Industries (Hong Kong)
• Pioneer Dj (Japan)
• Roland (Japan)
• Steinway & Sons (U.S.)
• Yamaha (Japan)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.