Dublin, Jan. 07, 2025 (GLOBE NEWSWIRE) — The “Music Tourism Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.
This Music Tourism market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
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 during the historic period can be attributed to the rise of iconic music festivals, the global spread of popular music genres, the establishment of music-themed museums and landmarks, the expansion of the music recording and production industries, and 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 during 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 rise of sustainable and eco-friendly music tourism practices, the increasing popularity of music-themed cruises and tours, and the growth of music streaming platforms. Major trends for this period include a demand for personalized music experiences, a focus on sustainable practices, the integration of technology, incorporation of health and wellness elements, and collaborations between music festivals and local tourism boards.
The growth in national and international music events is expected to drive the expansion of the music tourism market in the future. National music events are concerts or festivals held within a single country, while international music events involve performers and attendees from multiple countries and occur in various global locations. The increase in these music events is driven by globalization, advancements in digital marketing, and a growing consumer appetite for unique and immersive entertainment experiences.
Music tourism supports national and international music events by drawing diverse audiences, boosting economic revenue, and enhancing cultural exchange and the visibility of host locations. For example, a June 2023 report from the American Economic Liberties Project noted that top venues accounted for nearly 50% of total concert sales in 2022. The top 100 amphitheaters generated $814 million from ticket sales, while the top 200 arenas brought in an impressive $4.48 billion. Consequently, the rise in music events is fueling the growth of the music tourism market.
Companies in the music tourism market are focusing on developing innovative offerings, such as night cultural tourism products, to provide distinctive and memorable experiences. Night cultural tourism involves engaging in cultural activities and attractions during evening and nighttime hours, including performances, festivals, and visits to historical sites.
For instance, in March 2024, the Hanoi Opera House in Vietnam introduced the Music Garden, an outdoor space for cultural and musical events. This venue, in collaboration with various embassies, showcases international music to the Vietnamese audience. It features traditional musical instruments and classical music from 9 am to 12 pm and 1 pm to 6 pm, while evening concerts and performances by both domestic and international artists run from 7,30 pm to 10 pm.
In May 2024, FKP Scorpio, a Germany-based international concert and festival promoter, acquired Nordic Exhibitions & Events AB for an undisclosed amount. Following this acquisition, FKP Nordic will promote exhibitions such as Jurassic Lego Brickman, Dino World, and Van Gogh Alive, which will open in Sweden this summer. FKP Scorpio aims to leverage this acquisition to achieve success in the Nordic markets and beyond. Nordic Exhibitions & Events AB, based in Sweden, is involved in music tourism.
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. The countries covered in the music tourism market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The major companies profiled in this Music Tourism market report include:
- 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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 – 2028 |
| Estimated Market Value (USD) in 2024 | $5.97 Billion |
| Forecasted Market Value (USD) by 2028 | $8.46 Billion |
| Compound Annual Growth Rate | 9.1% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Music Tourism Market Characteristics
3. Music Tourism Market Trends and Strategies
4. Music Tourism Market – Macro Economic Scenario
4.1. Impact of High Inflation on the Market
4.2. Ukraine-Russia War Impact on the Market
4.3. COVID-19 Impact on the Market
5. Global Music Tourism Market Size and Growth
5.1. Global Music Tourism Market Drivers and Restraints
5.1.1. Drivers of the Market
5.1.2. Restraints of the Market
5.2. Global Music Tourism Historic Market Size and Growth, 2018-2023, Value ($ Billion)
5.3. Global Music Tourism Forecast Market Size and Growth, 2023-2028, 2033F, Value ($ Billion)
6. Music Tourism Market Segmentation
6.1. Global Music Tourism Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Local Music
- International Music
6.2. Global Music Tourism Market, Segmentation by Tourist, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Pay to Visit
- Get Paid to Visit
6.3. Global Music Tourism Market, Segmentation by Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7. Music Tourism Market Regional and Country Analysis
7.1. Global Music Tourism Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Music Tourism Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/6wp225
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