NEW YORK, Nov. 15, 2021 /PRNewswire/ -- According to the research report "Live Music Market - Forecast and Analysis Report 2021-2025", the market is expected to have a YOY growth rate of 3.14% in 2021 and is expected to grow at a CAGR of 6% between 2020 and 2025. The report segments the market by revenue (tickets, sponsorship, and merchandising), genre (pop, rock, hip-hop, EDM, and others), and geography (North America, Europe, APAC, South America, and MEA).

North America is the largest market for live music. Factors such as presence of a large number of music artists and sponsors and high spending capacity of the population, particularly in the US are creating significant growth opportunities for live music players and enthusiasts  in North America.

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Vendor Insights

The live music market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to cater to a larger audience. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market. 

Cvent Inc. - In January 2020, Cvent Inc. partnered with Hospitality Sales and Marketing Association International (HSMAI). Through this agreement, Cvent would provide its technology solutions for more than 75 events organized by the association across Europe. In February 2020, Cvent Europe was recognized as Centre of Excellence in Well-being.

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Ace Ticket Worldwide Inc.
• Alliance Tickets
• Bassett Events
• Berkeley City Club
• Brown Paper Tickets LLC
• Cvent Inc.
• Eventbrite Inc.
• RazorGator LLC
• Steinway Inc.
• Ticketmaster Entertainment Inc.

Find additional highlights on the growth strategies adopted by vendors and their product offerings. Read Sample Market Research Report.

Geographical Market Analysis

North America will provide maximum growth opportunities in the live music market during the forecast period. According to our research report, the region currently holds over 34% of the global market share and is expected to dominate the market through 2025. On the other hand, APAC is likely to emerge as the  fastest-growing regional segment with a contribution of 32% to the overall growth as the region is home to several major live music concerts across the world. Sunburn, which is as massive as Tomorrowland, is Asia's largest music festival that is held in Goa, India.

In addition, countries such as the US, Germany, UK, Canada, and France are expected to emerge as prominent markets for live music during the forecast period.

Key Segment Analysis

The tickets segment was the largest revenue-generating segment of live music market in 2020. This segment is likely to continue to dominate the market during the forecast period. It includes both primary and secondary sources of tickets. With the rise in the number of concerts and live performances, the number of fans has increased dramatically. This has led to an increase in the number of attendees at live events. These tickets are sold both online and offline given the rising inclination of music enthusiasts toward live music concerts.

The pop genre segment held the largest share in 2020 and will continue to retain the dominant position during the forecast period. pop music continues to hold strong traction among music enthusiasts worldwide. Bands such as Imagine Dragons and Maroon 5, as well as solo artists such as Adele, John Legend, Taylor Swift, Miley Cyrus, Sam Smith, and Bruno Mars, are immensely popular worldwide.

Know more about this market's geographical distribution along with the detailed analysis of the top regions. https://www.technavio.com/report/live-music-market-industry-analysis

Key Market Trends & Challenges:

The growing preference for purchasing tickets using mobile applications will be a significant factor that will drive the growth of the live music market size. The rising popularity of mobile apps is inducing service providers to develop mobile applications to provide ease of access and better convenience to customers. With the rise in live events and concerts, a large number of event organizers are focusing on collaborating with online and offline ticket providers to enhance their customer reach.

The report identifies the increase in service offerings by event organizers as one of the major trends likely to influence the market growth. Event organizers in the live music market are adopting innovative methods such as offering tickets with accommodation and merchandise with an aim t improve customer experience. Other benefits including early-bird discounts, free beverages, complimentary food, and goodies for kids are also being provided to encourage customers for booking online tickets of these show, in turn, influencing the market growth positively over the forecast period.

The privacy and security concerns over online ticket booking platforms are major challenges for the live music market growth. With the growth in online platforms and applications, the threat of phishing has increased. The service providers collect data related to customers' preferences, access information on customer profiling, customer behavior, and data mining. This further infringes customer privacy.

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Live Music Market Value Chain Analysis

The value chain of live music includes the following core components:

• Inputs
• Operations
• Marketing and sales
• Support activities
• Innovations

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