New Trends Promoting the Growth of the Music Event Industry

Over the past few years, the music event industry has been growing. Online ticket sales for all music-related events are part of the music events sector. Operas, musicals, music shows, festivals, and concerts all fall under this category. The sector also consists of the purchase of paper tickets that are available at collection points as well as the purchase of digital tickets with QR codes that are purchased online and posted to an address. Users are defined as "active ticket buyers," regardless of the number of tickets ordered in a single booking.  

According to Allied Market Research, the music event market is expected to show a notable CAGR from 2022 to 2031. Music event industry awareness has grown in recent years as a result of advancements and improvements in innovation. The growing popularity of music artists has also increased the demand for music events, which attract giant crowds and feature music from a variety of genres, including EDM, jazz, rock, and pop. 

The Use of Online Music Streaming Will Boost the Music Event Market-  

A recent PricewaterhouseCoopers (PwC) study predicts that the live concert business will expand significantly over the coming years. As predicted, streaming continues to exceed other methods of selling music. According to PwC, streaming music will be growing rapidly, which signifies significant growth. It won't, however, be as robust as the live music sector. Streaming frequently encourages audiences to attend live performances, so it is obvious that the two have become harmoniously entwined. PwC discovered that touring bands playing traditional music to this day make the most money. In 2019, Depeche Mode, Guns N' Roses, The Rolling Stones, U2, and Metallica claimed the top six positions. These online music streaming services are expected to fuel the growth of the music event market across the globe.

However, according to PwC, the growth of the live concert industry will continue to be bolstered by EDM music festivals. The popularity of electronic dance music (EDM) still seems to be high. These events are becoming more widespread internationally. The immensely popular Ultra Festival in Miami significantly expanded its international presence in 2019 and is now holding events in South Africa, Latin America, Europe, and Asia after the pandemic. The BPM Festival in Mexico is also actively growing; it introduced its genre to Portugal for the first time. The group says it will be scouting out more regions.  

Another trend is that online streaming services like Spotify, Apple Music, and YouTube Premium have become more popular over time. In the third quarter of this year, for instance, the biggest music streaming service in the world, Spotify, reported 195 million paid users, exceeding expectations and increasing from 188 million paid or premium customers in the second quarter.

It is predicted that the sales of music and streaming services will soon increase as a result of the rising popularity of smart devices and the widespread acclaim of numerous advanced digital platforms. Millennials are becoming much more engaged in podcasts, which is beneficial for the industry. This is due to the increase in podcasters trying to discuss unresolved global issues.  

Companies in the music event industry are forming large strategic alliances with leading online music streaming services and music recording players. According to Sky Wire Broadcast, video switchers, various PTZ camera series, and wireless video transmitters have all been released. In addition to Sky Wire Broadcast, the new option is already available. A streaming platform will provide companies with a range of solutions for download infrastructure, streaming music & media, rights management, applications, customer billing, business intelligence, and royalty administration.

YouTube is the second-most visited website worldwide. A key aspect of this is music streaming. The American musician Rema & Selena Gomez's "Calm Down" song received the most YouTube views, which boosted market growth and investment in the music event market, while the second most YouTube views were "Baby Shark Dance" by Pinkfong and "Despacito" by Luis Fonsi feat.

Impact of COVID-19 on the Music Event Market- 

COVID-19 had a significant impact on the music event market. Due to the lockdown, many social events and gatherings have been postponed. Many music events, such as live concerts and music festivals, were temporarily halted or canceled by the artist. As a result, more artists who rely solely on music gigs were indeed unemployed, which raised the unemployment rate. The global market had been severely impacted by the ban on travel and social gatherings. Financial difficulties also affected both businesses and artists.

Despite the COVID-19 pandemic's negative impact on the music event industry, it also saw a sharp rise in the popularity of music events like live concerts and music festivals. Moreover, on websites like YouTube and Instagram, live streaming also saw an increase in subscribers. As a result, the market for music event has gradually recovered.

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