Live Music Market to Grow by USD 2.83 Billion during 2021-2025|Market Insights and Forecasts |Technavio

NEW YORK, April 19, 2021 /PRNewswire/ --

The live music market is expected to grow by USD 2.83 billion during 2021-2025, according to the new report from Technavio. This marks a significant market slow down compared to the 2020 growth estimates due to the impact of the COVID-19 pandemic, in the first half of 2021. In addition, the report projects the market to accelerate at a CAGR of about 6%.

The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios.
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Live Music Market: Growing affordability for high-priced event tickets to drive growth

The disposable income of people in developing countries has increased in line with their economic growth. APAC recorded the largest growth in the number of high-net-worth individuals (HNWIs). The rising disposable income of a greater proportion of the population in APAC enables them to spend heavily on leisure activities, such as live events and sporting events. Thus, the increased spending on leisure activities will further boost the growth live music market during the forecast period.

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As per Technavio, the increased use of mobile apps 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 2021-2025.

Live Music Market: Increased use of mobile apps

The global mobile apps market is growing exponentially. The majority of the service providers are developing mobile applications to provide ease of access and use to customers. With the growth in live events and concerts, a large number of event organizers have collaborated with online and offline ticket providers and primary and secondary ticket providers for maximum reach to audiences.

The adoption of mobile devices and mobile applications is growing as it has become extremely convenient for individuals to book tickets using these devices and apps. These apps also provide easy payment options and allow customers to choose seats as per their requirements. This is likely to support the growth of the market during the forecast period.

"The increased popularity of live events and the presence of a large number of music artists and sponsors will further boost market growth during the forecast period", says a senior analyst at Technavio.

Live Music Market: Major Vendors

• Ace Ticket Worldwide Inc.
• Alliance Tickets
• Bassett Events
• Berkeley City Club
• Brown Paper Tickets LLC

Live Music Market: Segmentation Analysis

This market research report segments the live music market by revenue (Tickets, Sponsorship, and Merchandising), and genre (Pop, Rock, Hip-hop, EDM, and Others), geography (North America, Europe, APAC, South America, and the Middle East and Africa).

The North America region led the live music market in 2020, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the steady rise in the number of concerts and events.

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Some of the key topics covered in the report include:

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Market Challenges

Market Drivers

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/
Report Page: https://www.technavio.com/report/live-music-market-industry-analysis

SOURCE Technavio