Live Music Market | Increased Booking of Tickets by Mobile Apps to Boost the Market Growth | Technavio
The live music market size is poised to grow by USD 10.66 billion during 2020-2024, progressing at a CAGR of over 9% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Live Music Market 2020-2024 (Graphic: Business Wire)
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 growing usage of mobile devices and mobile applications has made it extremely convenient for individuals to book tickets as these apps also provide easy payment options and enable customers to select suitable seats. The growing preference for purchasing tickets using mobile applications will be a significant factor that will drive live music market growth.
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Increase in Service Offerings by Event Organizers will be a Key Market Trend
Key live music market trends, such as the increase in service offerings by event organizers, will also drive market growth. With focus on increasing customer satisfaction and revenue, event organizers in the live music market are on the lookout for innovative methods such as offering tickets with accommodation and merchandise. Additionally, vendors also offer early-bird discounts, free beverages, complimentary food, and providing goodies for kids. This will attract a large number of customers to book tickets online, which will fuel the growth of the live music market. As a result, the market will grow during the forecast period.
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Live Music Market 2020-2024: Key Highlights
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Five Forces Analysis
Market Segmentation by Revenue
Market Segmentation by Genre
Drivers, Challenges, and Trends
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