A report has revealed how 32% of the live music industry’s growth over the next three years will originate in the Asia-Pacific (APAC) region.
Technavio, a market research company based in London, released a report that details how the live music market is set to grow by $2.83bn (£2.16bn/€2.58bn) by 2025, noting that Japan, Australia and India were key markets.
The report, titled Live Music Market by Revenue, Genre, and Geography – Forecast and Analysis 2021-2025, referenced how a steady rise in the number of concerts and events in the APAC region will aid the market’s growth until 2025.
Internationally, the report said 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.
It also said 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. Organisers will continue to collaborate with online and offline ticket providers to expand their customer reach.
Event organisers and venues will also continue to entice customers with early-bird discounts, and complimentary food and beverage offerings.
However, with the growth of online sales, the report outlined how customers may also be wary of submitting personal information and how it could affect their privacy.
Despite the possible concerns, the report claimed that the live music industry will progress at a Compound Annual Growth Rate (CAGR) of 6% until 2025.
Image: Roger Harris on Unsplash