The global live music market is poised to post a CAGR of 7.98% from 2017 to 2021 (forecast period). With the advent of the MP3 format in the late 1990s, there has been a paradigm shift in consumer preference from paid music to subscription-based services. Despite the drastic change in the music industry, willingness of consumers to pay extra for real-life experiences is expected to continue to support the growth of the market.
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Decline in revenue generated through physical recording of music is compelling artists to depend more on earnings generated from live music performances. This, in turn, is anticipated to stoke the growth of the live music market over the forecast period. Healthy growth rates of ticket sales and sponsorships for live performances are also working in favor of the market.
In addition, people’s love and passion for music have led to the formation of numerous musical bands organizing live concerts across the globe. Music is also recognized as a way of spreading festivity. SMRT Trains Limited, a rail operator in Singapore, scheduled live music performances during Christmas 2017 at major bus interchanges and stations in the country to spread the festive cheer. Such initiatives are expected to benefit the market.
Improving economic conditions and rising spending power of consumers are encouraging them to increase their spending on leisure activities, which is projected to provide an upthrust to the live music market in near future. Moreover, rising prominence of social media as a channel of communication between artists and fans is boosting awareness regarding live music events around the world. This is leading to a spike in the number of attendees in such events, which is anticipated to propel the market.
Growing popularity of mobile applications is prompting event organizers or ticket providers to develop apps to offer ease of access and better convenience to customers. These applications also ensure easy payment options and seat selection option. A raft of event organizers is focusing on collaboration with online ticket providers to bolster their customer reach. Thus, rising preference for purchasing tickets through mobile applications can stimulate the growth of the live music market during the forecast period.
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Burgeoning trend among event organizers of offering add-on services to lure in more customers is estimated to positively influence the market for live music. Event organizers are on constant lookout for innovative methods such as offering tickets with merchandise, accommodation, complimentary food, free beverages, and early bird discounts in order to augment customer satisfaction and revenue. On the other hand, threat of indiscriminate use of customer data can hamper growth prospects. Rising incidence of frauds in the sales of concert tickets can also inhibit the upward climb of the market.
The global live music market has been divided on the basis of revenue source and geography. Key revenue sources are tickets, sponsorship, and merchandising. From a geographical standpoint, the market has been segmented into Americas, Europe, Middle East, and Africa (EMEA), and Asia Pacific. Americas are anticipated dominate the market throughout the forecast period. Presence of a wide base of artists, bands, and event organizers is one of the key factors contributing to the growth of the regional market. The U.S. live music market will be at the forefront of growth in the region, owing to high disposable of the populace and rising number of sponsors.
Some of the prominent companies operating in the global live music arena are Only Much Louder (OML), Ticketmaster, RazorGator, Bassett Events, and Cvent.
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