Live Music Market USD 17.35 billion by 2030: Analyzing Views and Position in Global Competition
Live Music Industry Prospective:
The global live music market size was worth around USD 11.48 billion in 2022 and is predicted to grow to around USD 17.35 billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.30% between 2023 and 2030.
Live Music Market: Overview
Live music refers to the creation and transmission of sound produced by musical instruments and performers in real time and mostly in front of a live audience. This form of music is supposed to be enjoyed on premises in the vicinity of the performing artist, unlike pre-recorded music. The latter form of art can be listened to at any time or place. However, live music is enjoyed only at a given time and place. The recordings of the live performance can be later sold in the form of recorded music or performance. Live music is considered more difficult since the performance takes place in an uncontrolled but organized environment.
For instance, in recorded music, a performer and musical instrument players have multiple chances to perform their best until they reach the desired output. In live music, such options are not available as the performance is live and any mistake during the entire set can lead to poor experience. In addition to this, the number of people involved in successful live music performances is relatively higher. The back-end production of live music starts multiple days before the live performance including setting up the right sound systems and managing other logistics. The demand for live music is projected to grow rapidly during the forecast period.
Key Insights:
- As per the analysis shared by our research analyst, the global live music market is estimated to grow annually at a CAGR of around 5.30% over the forecast period (2023–2030)
- In terms of revenue, the global live music market size was valued at around USD 11.48 billion in 2022 and is projected to reach USD 17.35 billion, by 2030.
- The live music market is projected to grow at a significant rate due to the increasing construction of new and technologically advanced music schools
- Based on application segmentation, concerts were predicted to show maximum market share in the year 2022
- Based on type segmentation, classical was the leading segment in 2022
- On the basis of region, North America was the leading revenue generator in 2022
Live Music Market: Growth Drivers
Increasing construction of new and technologically advanced music schools will drive market growth
The global live music market is projected to grow owing to the increasing investments in the construction and development of technologically-rich music schools across the globe. These institutes provide the necessary exposure to upcoming artists. It helps performers refine their skills and gain access to world music including recent trends and audience expectations. Furthermore, entertainment organizations worldwide have launched several scholarship programs for underprivileged aspiring artists to ensure that all potential performers and participants in live music production have access to required musical teachings.
In August 2023, the Traverse Symphony Orchestra announced the launch of a Community Music School located in Cherryland Center, Michigan, USA. The institute is expected to cater to students of all age groups including children and senior citizens. In the form of private grants and donations, the musical school has already garnered USD 1.5 million in funds. In September 2023, in a first move of its kind, the Ministry of Culture in Saudi Arabia announced the launch of the country’s first diploma course in music at the Music Home School of Art in Riyadh. These factors will act in the favor of the live music industry during the projection period.
Increasing advancements in live music technology to push market demand
The purpose of live music is to provide comprehensive entertainment to the audience. Modern-age live music deals with the latest technologies that help artists and their teams improve overall encounters by ensuring with the help of the latest sound technology. For instance, several concerts and stage programs are investing in holographic performances involving the use of a 3-dimensional holographic performer’s image.
In addition to this, new innovations can be witnessed in the launch of advanced gesture-controlled instruments, wireless technology, and digital mixing consoles. These advancements will help the global live music market reach new heights during the projection period.
Live Music Market: Restraints
Growing safety-related incidents in large-scale live music events will restrict market growth
The global live music industry is expected to be restricted due to increasing cases of safety threats and incidents. Fatalities have been reported in certain incidents. These cases have mostly been reported in large gatherings such as in which thousands of people are in attendance.
In October 2023, more than 200 people lost their lives while attending the Supernova music festival in Israel. As per official reports, the attack was carried out by Hamas fighters. Mismanagement of the audience is one of the leading reasons for stampede during concerts. Additionally, millions of women globally have reported that molestation and purposeful inappropriate physical contact by strangers is more common during such events thus putting attendee’s physical safety at risk.
Live Music Market: Opportunities
Increasing acceptance of art forms as a means of livelihood may generate growth opportunities
The global live music market is expected to benefit from the rising cultural perception of art forms including the music industry. For instance, until a few years ago, professional courses were considered an ideal means of earning a livelihood. Corporate professional job opportunities were more respected. However, in recent times, public awareness has improved resulting in greater acceptance of music apart from being just a hobby.
In October 2023, the UCLA Herb Alpert School of Music announced the launch of a new degree in the form of a Bachelor of Arts that began in the fall of 2023. Additionally, primary-level education institutes including colleges and schools are encouraging children to pursue extracurricular activities as a full-time interest. These factors will encourage more people to opt for the music industry thus encouraging the live music segment in the long run.
Changing lifestyle of the general population and social media influence may trigger higher demand
The modern generation is keener on exploring different aspects of recreational activities. Live music and band performances are a way for people to relax and enjoy creative moments with people with similar hobbies. The lifestyle priorities of the general population are changing as more people plan to move away from traditional lifestyles.
For instance, Era’s tour by popular artist Taylor Swift was estimated to be attended by more than 70,000 people per concert. Every event during the tour made nearly USD 13 million in ticket sales.
Live Music Market: Challenges
High cost of live music tickets may challenge market expansion
The global live music market will be challenged by the high cost of tickets for such events. It restricts the audience reach thus contributing to limited spectators. On the other hand, producing live music and performances is equally expensive as it deals with several costs and expenses. Managing the monetary factors in the current economically volatile market may challenge industry expansion.
Live Music Market: Segmentation
The global live music market is segmented based on application, type, and region.
Based on application, the global market segments are parties, concerts, and others. In 2022, the highest growth was witnessed in the concerts segment. After the COVID-19 lockdown impositions were slowly lifted in 2021, there has been a sharp increase in the number of musical tours conducted by top-selling artists across the globe. Additionally, several musical festivals have been held in the last few years inviting audiences and performers at an international scale. For instance, Coachella, an annual music festival held in the US, is frequented by more than 100,000 people every year.
Based on type, the global market is divided into metal, rock, classical, pop, blues, electronica, and others. All forms of music have a dedicated audience base. For instance, in 2022, the highest demand was witnessed in the classical segment. However, rock bands enjoy equal popularity. The Beatles, for instance, one of the world’s top-selling music bands, made an estimated sales of 600 million units during their active years.
Live Music Market: Regional Analysis
North America to witness the highest growth during the forecast period
The global live music market will be dominated by North America during the projection period. The US has an extensive infrastructure that supports the music industry. The country has been home to some of the world’s most famous and influential music artists in the world. Moreover, live music culture in the country is widely prevalent. Every year millions of people visit the US for the Coachella event which is generally attended by some of the world’s most popular celebrities. In addition to this, in 2023, the US witnessed one of the most historic musical tours in recent history in the form of Taylor Swift’s Eras tour. In 2022, the US music industry earned a total revenue of over USD 15 billion. As per the International Federation of the Phonographic Industry (IFPI), Canada’s music market ranks 8th in the global industry.
Europe is a prominent region for live music. European countries have a rich cultural heritage in terms of classical music. Italy, Vienna, and Paris are considered the leading regions to study musical science. Furthermore, live music can be regularly witnessed in smaller settings across the country including restaurants and cafes. Asia-Pacific is an emerging market. The growing acknowledgement of regional music especially Korean Pop may aid regional market growth rate.
Live Music Market: Competitive Analysis
The global live music market is led by players like:
- Ticketmaster
- Live Nation
- Eventbrite
- AEG Presents
- Songkick
- StubHub
- Sofar Sounds
- See Tickets
- CTS Eventim
- AXS
- Viagogo
- Bandsintown
- SeatGeek
- Pollstar
- Dice
The global live music market is segmented as follows:
By Application
- Party
- Concerts
- Others
By Type
- Metal
- Rock
- Classical
- Pop
- Blues
- Electronica
- Others
By Region
- North AmericaThe U.S.Canada
- EuropeFrance The UKSpainGermanyItalyRest of Europe
- Asia PacificChinaJapanIndiaSouth KoreaSoutheast AsiaRest of Asia Pacific
- Latin AmericaBrazilMexicoRest of Latin America
- Middle East & AfricaGCCSouth AfricaRest of Middle East & Africa
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