The global music tourism market is expected to reach USD 5.91 billion in 2023. Forecasts indicate that the market will reach USD 14 billion by 2033, growing at a CAGR of 9%.
As an integral part of human culture, music has always been a part of our lives, with the first humans using their voices as instruments, as well as the development of technology that introduced the possibility of producing and utilizing various sounds.
Music has become a daily part of life throughout history, whether through enjoying specific genres, expressing individual artistic visions, or taking part in concerts or other musical events.
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As a sector of the global economy, tourism has seen rapid growth. Several factors have contributed to this unique success, particularly the influence of the music business. It is evident that music is interwoven throughout all sectors of the economy. Thus, its influence on tourism has been considerable, leaving behind a positive legacy.
Music has significantly affected tourism either directly or indirectly in a number of ways. Over the years, music has evolved significantly, leading to emerging trends in the music industry. All-in-one packages combining music experiences and travel arrangements might be available through travel agencies and online platforms in collaboration with music industry stakeholders. The package deal may include flight, accommodation, and event tickets.
The travel and tourism industry has expanded rapidly with the rise of globalization in recent decades. Cheap flight tickets and budget airlines transformed traveling from an exclusive privilege to an affordable hobby for a much wider audience. The program also contributes to the creation of local jobs and the development of local heritage, culture, and ethos.
Traveling to a festival destination primarily for music tourism can provide a rationale for travel. Music entertainment is considered to be the most appreciated part of festivals by Schwartz and Fouts (2003), and Holobrook (1995) argues that attending a live concert is more enjoyable than listening to a recorded performance.
Key Takeaways from the Market Study
- By 2032, the music tourism market is expected to reach US$ 11.3 billion.
- Concerts at international venues are expected to grow in demand over the next few years.
- Various social media influencers are likely to increase the demand for paying to attend concerts in the future.
- A CAGR of 9% is predicted for the market during the forecast period.
- Concerts will probably attract tourists from all over the globe due to improved economic conditions and scenic views.
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“Apps, social media promotions, discounts, luck withdrawals, and winner’s announcements are likely to grow the concert market. Technologies and VR facilities will expand the market’s growth over the next few years.,” says an FMI analyst.
Competitive Landscape
Music tourism market participants focus on new travel experiences, strategic partnerships, and using digital technology. Additionally, the company invests heavily in the development of new products and technologies to gain market share and launch advanced technologies.
- In April 2023, China’s tourism industry upgraded amid accelerated recovery. VR tours, robot guides, and intelligent wearables are stealing the spotlight at the expo, exploring their potential to become part of Chinese museums and scenic spots. A humanoid robot named Crinoid will be playing dulcimer at the expo. A musical score can be read, music composed, or performance can be staged with it.
- In June 2023, Amadeus Austrian Music Awards took place in a historic setting featuring GLP’s latest tech. Live and television audiences alike enjoyed the ceremony at the historical Volkstheater in Vienna, which had a lavish interior.
Know More about What the Music Tourism Market Report Covers
Future Market Insights offers an unbiased analysis of the global music tourism market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the music tourism market, the market is segmented based on type, tourist type, industry vertical and region.
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About Travel and Tourism at Future Market Insights
The travel and tourism team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
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 LP
- Venu Works Inc.
- ID&T Belgium
- SFX Entertainment
- Percept Ltd
- TAG Group
- ACFEA Tour Consultants
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.
Music Tourism Market by Category
By Type:
- Local Music
- International Music
By Tourist:
- Pay to Visit
- Get Paid to Visit
By Industry Vertical:
- Music Tourism
- Fashion Tourism
- Food Tourism
- Sports Tourism
- Medical Tourism
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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