Live music industry set to experience significant growth in the Asia-Pacific region
A new report on how the global live music industry will perform over the next three years has suggested that 32% of its growth will be in the Asia-Pacific (APAC) region.
Released by UK-based market research company Technavio, the Live Music Market by Revenue, Genre, and Geography - Forecast and Analysis 2021-2025 report details how the live music market is set to grow by US $2.83 billion, with Japan, Australia and India identified as key markets.
The report suggests that a steady rise in the number of concerts and events in the APAC region will aid the market’s growth until 2025.
Internationally, it suggests that a preference for purchasing tickets using mobile applications, along with the increase of offerings from event organisers, will continue to drive the growth of the market.
However, it cautioned that that privacy and security concerns over online ticket booking platforms could have a potentially negative effect on growth over the next few years.
The report, which was originally published in 2021 and details the growth possibilities between 2021 and 2025, said the rise in popularity of mobile apps means that organisers can provide ease and more convenience for customers and that organisers will continue to collaborate with online and offline ticket providers to expand their customer reach.
In addition, Technavio suggest that with a growing focus on increasing customer satisfaction and revenue, event organisers in the live music market will be on the lookout for innovative methods such as offering tickets with accommodation and merchandise and that vendors offer benefits such as early-bird discounts, free beverages and complimentary food.
This, the report says, will attract a large number of customers to book tickets online, which will fuel the growth of the live music market.
Despite the possible challenges, the report claimed that the global live music industry will progress at a Compound Annual Growth Rate (CAGR) of 6% until 2025.
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Images: Live music fans (top, credit: Ticketek) and chart from Technavio's Live Music Market by Revenue, Genre, and Geography - Forecast and Analysis 2021-2025 report (below, credit: Technavio).
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