The global Music Events Tickets Market size is expected to reach USD 18.17 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 18.4% from 2021 to 2028. The significant growth in the music event industry across the globe can be credited to the rising popularity of music artists across the globe. Moreover, the growing digitalization and access to online media platforms are the other factors propelling the market growth. In addition, the monotony of hectic life and an increase in disposable income are some other factors offering growth to the global music event industry that further support the market growth.
The market witnessed a significant downfall during the Covid-19 due to the cancellation of live music events across the globe. The market is mainly impacted due to the rapidly changing conditions, which have compelled the government to impose a ban on all the activities that involve the social crowd. The first step taken by the government of almost all the developed and emerging economies, which includes the U.S., China, India, the U.K., and Germany, was to shut down schools, theaters, live events, and amusement parks. In addition, several musicians that have their concerts amidst the lockdown have planned to stream live performances that further result in the revenue loss of online ticket providers that further impact the market growth.
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The online printable tickets segment is expected to expand at a CAGR of 18.2% from 2021 to 2028. The growing inclination of consumers towards convenient ticket options as compared to paper to avoid ticket collection is significantly contributing to the segment growth. Moreover, the widespread outbreak of the COVID-19 virus across the globe is projected to increase the demand for online printable tickets to avoid human contact at the collection point. Additionally, the advancements in automated ticketing software further increase the demand for online printable tickets as the consumers easily print their tickets by following the instructions through online booking websites.
North America dominated the market and held a revenue share of over 40.0% in 2020. The U.S. is positively contributing to the growth of the regional market. The presence of well-established event ticket providers such as Live Nation and Eventbrite is one of the key factors fueling the market growth. The presence of popular music celebrities in the U.S. and the highest consumer spending on live music events are the factors responsible for the market growth. Smartphone-based event ticketing services are projected to arise as a key revenue-generating segment due to consumer accessibility and convenience, which will eventually boost the regional market growth in the years to come.
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Music Events Ticket Market Report Highlights:
• North America captured the largest revenue share of over 40.0% share in 2020. The strong and wide presence of key players and long-standing demand for online music events tickets owing to high smartphone users are contributing to the market growth
• Asia Pacific is expected to register the highest CAGR of 19.7% from 2021 to 2028. China and India are positively contributing to the growth of the market
• The digital tickets type segment is forecasted to register the fastest CAGR from 2021 to 2028. A significant rise in smartphone users across the globe further contributed to the growth of the market
Music Events Tickets Market Segmentation
Million Insights has segmented the global music event tickets market based on type and region:
- Music Events Tickets Type Outlook (Revenue, USD Million, 2017 – 2028)
- Digital Tickets
- Online Printable Tickets
- Paper Tickets
- Music Events Tickets Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- U.S.
- Europe
- Germany
- France
- U.K.
- Asia Pacific
- China
- India
- Japan
- Central & South America
- Brazil
- Middle East & Africa
- South Africa
List of Key Players of Music Events Tickets Market
- Ace Ticket Worldwide, Inc.
- AXS Group LLC
- Bigtree Entertainment Pvt. Ltd.
- StubHub
- Live Nation (Ticket Master)
- RED ROCKS
- Brown Paper Tickets, LLC
- Eventbrite
- Razorgator, LLC
- Ticketek Pty Ltd.
- SeatGeek, Inc.
- Ticket City, Inc.
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