The global music tourism market to be appraised at US$ 11.3 Billion by 2032, up from US$ 5.5 Billion in 2022, advancing at a CAGR of 7% during the forecast period. The need for traveling with a purpose has risen the music tourism market share. Social media and constant uploading aids in creating hype which increases the demand for music tourism.
Jazz, EDM, Techno, Pop, and Rock, etc. are all genres offered by The Netherlands to attract crowds by organizing music fests. The adoption of music tourism encourages the meeting of new people and amalgamation of cultures. The music tourism industry adapts to developing global trends and lifestyles.
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What are the Key Factors that Drive the Music Tourism Market?
- Social media influencers and bloggers prefer travelling for leisure, entertainment and content, increasing the demand for music tourism.
- The love of music for musicians and music enthusiasts advents innovation thus expanding the music tourism market share.
- Improved loving standards and per capita income growth have influenced the adoption of music tourism.
- Consumers who are travellers increase the demand for music tourism as the thrill of crossing international borders is desirable.
- The scheduled performances of international and national musicians in different regions across the globe, expands the global music tourism market size.
- The growth of travel and tourism industry is consecutively contributing to the growth of the music tourism market share.
- Giveaways, competitions, lucky-draws, etc. pique the interest of consumers for music tours.
- The adoption of music tourism stems from the increasing number of national and international music events.
What are the factors that Hinder the Music Tourism Market?
- Events taking place overseas might hinder the growth of the music tourism market size on account of consumers reluctant to travel.
- Baby boomers unwilling to disburse from their budget bracket can curb the demand for music tourism.
- Restrictions on travelling and the social distance protocol during the pandemic obstructed the music tourism market share.
- Most events can be exorbitant to the general population, therefore hampering the global music tourism market size.
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What is the Scope of the Music Tourism Market?
- The demand for music tourism is expected to grow as travel products and facilities are better aligned with travelling and the events itself.
- Crowd handling arrangements should be supervised to improve capacity and thus, push the demand for music tourism.
- Representing best new artists unprecedentedly live on a platform can promote growth of music tourism market size.
- Consumers being offered a variety of services by international and domestic companies in roadways, airways and the seaways sectors increases adoption of music tourism.
- The adoption of music tourism in cities that have not received recognition and glamour from the media can increase the market growth.
- International and national celebrities collaborating with clubs and hotels can boost the growth of the music tourism market share.
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What are the Regional Insights of the Music Tourism Market?
North America is the leading region for music tourism.
World renowned music festivals like Coachella, Lollapalooza, etc. have expanded the market size, by introducing new artists.
The average music tourist spends a minimum of $300 on travel and accommodation in the US.
Europe is second in leading the market for music tourism.
Belgium, Italy, Portugal and The Netherlands are the most sought-after countries for music industries to organize festivals.
The Asia-Pacific is growing in the music tourism market with South Korea, India, Hong-Kong, Singapore, Malaysia, etc. sporadically houses music tours.
What is the Competitive Landscape of the Music Tourism Market?
Some of the key players of the music tourism market size are AEG Worldwide, LiveStyle, Live Nation Entertainment, Global Spectrum L.P, Venu Works Inc., ID&T Belgium, SFX Entertainment, Percept Ltd., Only Munch Louder, TAG Group, ACFEA Tour Consultants, etc.
Some of the recent developments in music tourism are:
- About 1.9 million tourists were drawn to be Ibiza and the neighbouring island of Formentera, which was more than half of the pre-pandemic numbers.
- In 2013, the Glastonbury Festival witnessed less on-site spending than that of off-site spending, having an overall £93 Mn economic impact on the event.
- For a post-pandemic world, San Francisco based “Flymachine” raised US$ 21 Mn to build a virtual concert platform.
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