Global Live Music Market 2017-2021
About Live Music
Live music includes live concerts performed by artists in public places. Such concerts are organized by an event management team. The passion and love for music have led to the formation of numerous musical bands. This has also resulted in an increase in the number of concerts by various musical bands. During the forecast period, the global live music market is likely to experience growth because of the increased interest of the younger population in music. Concerts and live performances give individuals a chance to watch their favorite artists perform on stage. This creates high enthusiasm and interest among individuals to attend such events.
Technavio’s analysts forecast the global live music market to grow at a CAGR of 7.98% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global live music market for 2017-2021. To calculate the market size, the report considers the revenue generated from the following revenue sources of live music:
Technavio Announces the Publication of its Research Report – Global Live Music Market 2017-2021
Technavio recognizes the following companies as the key players in the global live music market: Bassett Events, Cvent, RazorGator, and Ticketmaster.
Other Prominent Vendors in the market are: Ace Ticket Worldwide, Alliance Tickets, Berkeley City Club, Brown Paper Tickets, Eventbrite, Only Much Louder (OML), Ticketek, TickPick, and XING Events.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is analyzing consumer behavior via mobile ticketing apps. Several types of events are launched every year. To stay competitive, event organizers have to come up with effective and innovative ways to track customer behavior and purchase patterns. Mobile applications help event organizers understand the preferences of buyers in terms of budget, venue, event type, day, and time. This helps event organizers post user-specific ads to draw the maximum attention during the live streaming of an event. Such ads attract customers to buy event tickets, which helps in increasing the revenue inflow of the live event tickets market.”
According to the report, one of the major drivers for this market is growing affordability for high-priced event tickets. The disposable income of the people in developing countries has increased in line with their economic growth. This has encouraged consumers to increase their spending on different kinds of leisure activities. The economic recovery worldwide, especially in countries such as the US, the UK, and Germany, is driving the global live music market. With better economic conditions, the income levels of consumers have increased. The spending on leisure activities has become more affordable for a greater proportion of the population.
Further, the report states that one of the major factors hindering the growth of this market is short life cycle of entertainment services. To draw the attention of individuals, event organizers and sponsors invest heavily in marketing and promoting their concerts and shows. The investments are used for venues, posters, banners, and audio and video ads. Vendors are continuously putting in efforts to update advertisements with every change in shows and events. The easy availability of broadcast services, such as YouTube, prevents a large number of viewers from attending events.
Bassett Events, Cvent, RazorGator, Ticketmaster, Ace Ticket Worldwide, Alliance Tickets, Berkeley City Club, Brown Paper Tickets, Eventbrite, Only Much Louder (OML), Ticketek, TickPick, and XING Events.