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Live Music Market size is set to grow by USD 35.56 billion from 2024-2028, growing demand for live music experiences to boost the market growth, Technavio

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NEW YORK, Nov. 25, 2024 /PRNewswire/ — The global live music market  size is estimated to grow by USD 35.56 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  17.38%  during the forecast period.

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 17.38%

Market growth 2024-2028

USD 35563.9 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

13.27

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 38%

Key countries

US, UK, Japan, Germany, and France, Canada, Australia, South Korea, Brazil, India

Key companies profiled

Alliance Tickets, Bassett Events Inc., Coast To Coast Tickets LLC, CTS Eventim AG and Co. KGaA, Eventbee Inc., Eventbrite Inc., Event.com Inc., Live Nation Entertainment Inc., Lyte Inc., SeatGeek Inc., Sunrise Records Ltd., The Ticketline Network Ltd., Ticket City Inc., TicketNetwork Inc., TickPick LLC, TiqIQ LLC, TodayTix Inc., Viagogo Entertainment Inc., Vivendi SE, and Vivid Seats Inc., SM Entertainment, YG Entertainment, Universal Music Group, Sony Music Entertainment, Warner Music Group

Market Driver

Live music market is a thriving industry that caters to the worldwide demand for authentic and great musical experiences. Trends in this sector include live music concerts, mobile apps, and the rise of DJs. Genres such as Blues, Pop, Rock, Metal, Electronica, and more continue to shape audience preferences. Industrial developments, urbanization, and technology adoption have led to the automation of production lines and the integration of technology in music events. Customer preferences drive emerging trends like local talent, interactive activities, and art installations at music festivals. Macroeconomic factors, disposable incomes, and social media influence ticket sales for B2C enterprises. Event organizers leverage user metrics, online purchase, and modeling approaches to optimize their operations. The live music market is a cornerstone of the entertainment sector, providing livelihoods for musicians, artists, agents, promoters, ticketing companies, contractors, record companies, music composers, corporate brands, and sponsors. The sector includes small clubs, theatre-sized venues, arena shows, and stadiums, featuring international stars and local talent. Festival dates, performance schedules, and promotional campaigns are crucial elements of successful live music events. Risk takers, fee negotiations, and show production are integral parts of the business. The future of the live music market is shaped by virtual online platforms, holograms, and fan bases. The sector continues to evolve, offering unique experiences for fans and like-minded individuals. 

The live music industry has experienced a notable increase in the utilization of virtual and hybrid events due to technological advancements and the impact of the COVID-19 pandemic. Artists and event organizers have responded to evolving circumstances by adopting innovative approaches, enabling them to deliver live music experiences to global audiences despite challenges posed by large-scale gatherings. Virtual and hybrid formats have gained popularity as a solution to the disruptions caused by the pandemic, allowing musicians and artists to continue engaging with their fan bases. 

Market Challenges

Live music market is a dynamic and ever-evolving industry, encompassing various elements such as concerts, mobile apps, DJs, artists, and genres like Blues, Pop, Rock, Metal, and Electronica. Challenges in this sector include urbanization, production lines, automation, and technology adoption. Industrial developments and macroeconomic factors influence music events worldwide. Customer preferences and emerging trends shape the landscape, with local special circumstances and social outlook also playing a role. Live music events offer unique experiences for consumers, bringing together like-minded individuals and passionate audiences. Younger generations value experiences over material possessions, driving growth in music festivals and virtual online platforms. Technology, such as holograms and social media, has transformed the industry, enabling B2C enterprises to reach wider audiences and increase Gross Merchandise Value. Event organizers face various challenges, including ticket sales, artist contracts, and production logistics. Collaboration between agents, promoters, ticketing companies, contractors, record companies, music composers, corporate brands, and sponsors is crucial. The live music market is a cornerstone of the entertainment sector, providing livelihoods for musicians, crew members, and industry professionals. As the industry continues to evolve, understanding consumer behavior, representing the social outlook, and adapting to technological advancements will be key to success. Goldman Sachs predicts continued growth in the sector over the next few decades. Ultimately, the live music market offers a unique blend of art, social interaction, and entertainment for fans and artists alike.In today’s digital marketplace, the music industry has seen a significant shift towards online platforms and applications. This transition brings new opportunities for live music market providers to reach their audience with customized offerings. However, it also poses new challenges, particularly in the area of data privacy. To effectively target customers, service providers collect data through cookies, which track customer preferences. This data is then utilized for customer profiling, behavior analysis, and data mining. While this information aids in delivering personalized services, indiscriminate use can infringe on customer privacy. Moreover, location-based services, which require geo-location information, raise privacy concerns. As the IT industry continues to create an open, competitive electronic marketplace, it is crucial to provide secure and reliable infrastructure for the seamless transfer and integration of critical information. Ensuring data privacy and security is essential to build trust and maintain customer loyalty.

Research report provides comprehensive data on impact of trend, driver and challenges – Request a sample report!

Segment Overview 

This live music market report extensively covers market segmentation by

Revenue 1.1 Tickets1.2 Sponsorship1.3 MerchandisingGenre 2.1 Pop2.2 Rock2.3 Hip-hop2.4 EDM2.5 Metal music and othersFormatEvent TypeGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Tickets-  The ticketing segment is a pivotal part of the global live music market, facilitating fan access to live music events through ticket sales and distribution. Online ticketing platforms, such as Ticketmaster and StubHub, have become popular due to their user-friendly interfaces and secure payment gateways. Mobile ticketing, featuring digital tickets accessible on smartphones, enhances the ticketing experience and reduces the risk of counterfeit tickets. Secondary ticketing platforms, like Viagogo and SeatGeek, offer fans an alternative to secure tickets for sold-out events. Data analytics and personalized marketing strategies are emerging trends, enabling ticketing companies to provide customized recommendations and targeted campaigns. These advancements are anticipated to boost the growth of the ticketing segment in the live music market.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022)  – Download a Sample Report

Research Analysis

Live music concerts continue to captivate audiences worldwide, bringing people together through the power of music. Mobile apps have revolutionized the industry, allowing fans to access tickets, merchandise, and real-time updates on their favorite artists. From Blues to Pop, Rock, Metal, Electronica, and beyond, music events cater to diverse customer preferences. Emerging trends include the integration of technology, such as holograms and virtual online platforms, into live performances. Local special circumstances and macroeconomic factors can impact the livelihood of musicians, influencing tours and festivals. Social interaction and the connection with like-minded individuals are cornerstones of the live music experience, spanning decades. The younger generation continues to discover new artists and genres, ensuring the industry’s longevity. Live music events offer more than just entertainment – they provide a unique experience for fans to engage with their favorite musicians and create memories that last a lifetime.

Market Research Overview

Live music concerts have seen a significant growth in popularity with the advent of mobile apps, allowing fans to easily discover and purchase tickets for their favorite artists and genres, including Blues, Pop, Rock, Metal, Electronica, and more. The live music scene is not just limited to concerts but also includes parties and music festivals, which offer unique experiences for like-minded individuals. Urbanization and industrial developments have led to the adoption of technology in music production lines and automation, transforming the way music is created and performed. Emerging trends such as virtual online platforms, holograms, and interactive activities have added new dimensions to live music events, catering to the younger generation’s preferences for experiences over material possessions. Music festivals have become a cornerstone of the live music industry, attracting passionate audiences from worldwide, with genres ranging from local talent to international stars. Event organizers leverage social media and ticket sales to reach consumers, while B2C enterprises focus on Gross Merchandise Value and user metrics to optimize their offerings. The live music industry is influenced by various macroeconomic factors, including disposable incomes, consumer behavior, and emerging trends. Representativeness, social outlook, and urban population play a crucial role in shaping the industry’s future, with Goldman Sachs predicting a decade-long livelihood for musicians, tours, and festivals. Live performance remains the heart of the industry, with artists, DJs, agents, promoters, ticketing companies, contractors, record companies, corporate brands, and sponsors all playing essential roles in bringing the music to the fans. From small clubs to arena shows and stadiums, the live music industry continues to evolve, offering unforgettable experiences for fans and artists alike.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

RevenueTicketsSponsorshipMerchandisingGenrePopRockHip-hopEDMMetal Music And OthersFormatEvent TypeGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Meta, Watsons Hong Kong, Hong Kong Life and OPTICAL 88 unlocked WhatsApp potential with Omnichat

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Create end-to-end customer journeys using WhatsApp Flows and ads that click to WhatsApp with Meta to accelerate business growthRedefine customer engagement with Omnichat’s WhatsApp membership system and enhance campaign tracking and optimisation through the Conversions APIWatsons Hong Kong integrated WhatsApp into the customer journey, from initial product discovery through to final purchase and payment, thereby offering customers a more convenient O+O experienceHong Kong Life revolutionised its interactions with customers by WhatsApp marketing, streamlining the acquisition of potential customers and elevating the overall customer experienceOPTICAL 88 leveraged WhatsApp’s direct messaging capabilities to create tailored, one-on-one conversations with customers, strengthening relationships and boosting satisfaction, resulting in an impressive 26% click-through rate on messages

HONG KONG, Nov. 26, 2024 /PRNewswire/ — Omnichat, an all-in-one omnichannel customer experience platform offering conversational commerce solutions, recently hosted a highly scalable conference titled “Unlocking Revenue Potential with Omnichannel Customer Experience”, which featured insights on delivering exceptional customer experiences via WhatsApp, with contributions from industry experts at the global social media giant Meta, international health and beauty retailer Watsons Hong Kong, the one-stop insurance and financial service provider Hong Kong Life, and the professional optical brand OPTICAL 88.

 

Omnichat, as the WhatsApp Business Solution Provider of Meta, introduced how its advanced omnichannel customer experience solutions empowered businesses to effortlessly drive customer loyalty and achieve personalisation through seamless journeys during the event. “Numerous businesses are seeking ways to streamline customer journeys, and WhatsApp Flows offers the perfect solution. Integrating WhatsApp Flows with marketing campaigns empowers businesses to design, build, and customise experiences. This provides customers a fast, simple way to complete tasks within a conversation, ultimately driving conversions and delivering better results,” said Alan Chan, Founder and CEO of Omnichat. The newly launched WhatsApp membership system offers brands and their customers a user-friendly loyalty solution by leveraging WhatsApp, the most popular messaging app in Hong Kong. “When constructing end-to-end customer journeys, loyalty is a crucial element that must not be overlooked. The WhatsApp membership system is designed to strengthen customer relationships through loyalty points, coupons, and membership cards, facilitating future re-engagement and encouraging potential repurchases.” Leveraging the power of Omni AI, auto-generated message content can be customised for various customer segments, enhancing efficiency in marketing and customer service while achieving personalisation. 

WhatsApp has the highest social media platform penetration rate of 79% in Hong Kong, according to the survey conducted by GWI. Driving engagement and growth across the customer lifecycle, the WhatsApp Business Platform plays a pivotal role in connecting with customers from discovery, consideration, purchase to re-engagement. “Meta has continually expanded the capabilities of business messaging to empower companies across various sectors to drive awareness, boost conversions, and create meaningful customer relationships for remarketing,” said Vicky Yiu, APAC Strategic Partnership Manager of Meta. “By creating a customised WhatsApp experience, WhatsApp Flows has achieved measurable results in generating more leads, appointments, and revenue directly within the platform, providing increased convenience for both businesses and their customers.” Meta also offers comprehensive tracking of the entire customer journey with the Conversions API. From the initial ads that lead to WhatsApp engagement, through subsequent WhatsApp interactions, to the final conversion, businesses can now generate actionable insights and fine-tune their advertising strategies with precision.

Prolog Leung, Online Business Director of Watsons Hong Kong also shared in the seminar, “Watsons Hong Kong has successfully integrated WhatsApp commerce into its innovative O+O (Offline plus Online) retail strategy by seamlessly implementing Omnichat’s conversational commerce solution, streamlining the checkout process and delivering an unparalleled shopping experience. It bridges the gap between digital convenience and personalised service. We are now handling tremendous customer enquiries monthly via WhatsApp, minimizing the waiting time of customers to answer their enquiries. Our ‘Watsons Here For You’ service offers one-on-one consultations with pharmacists, Chinese medicine practitioners, and dietitians via WhatsApp. This seamless integration of digital and physical retail spaces allows our customers to engage with our brand at their convenience, not only boosting online engagement and sales but also driving foot traffic to our physical stores.” 

Hong Kong Life has revolutionised its marketing and customer service strategies by leveraging WhatsApp and Omnichat’s advanced messaging solutions. Initially implemented to manage multi-channel enquiries on social media platforms, Hong Kong Life had quickly realised the transformative potential of WhatsApp for business growth and customer experience enhancement. “We have uncovered the limitless potential of WhatsApp in our marketing and customer service. The automated chatbot can now efficiently handle over 90% of simple enquiries, allowing our team to focus on marketing and nurturing deeper customer relationships,” said Jonathan Ko, Chief Marketing Officer of Hong Kong Life. “We have strategically implemented interactive Q&A games via WhatsApp chatbots, incentivising participation with exclusive coupons. This not only enhances customer engagement but also significantly expands our WhatsApp database. Leveraging this growing database to deliver targeted marketing broadcasts, our campaigns have recorded a remarkable 70% read rate, substantially boosting business conversions.” 

OPTICAL 88 has further solidified its reputation for exceptional customer service by leveraging the WhatsApp Business Platform. This strategic move has not only enhanced communication efficiency but also instilled a greater sense of trust and convenience among customers, thanks to the platform’s authorised blue tick verification. Andrea Chan, Digital Marketing Manager of OPTICAL 88 emphasised the significance of this digital transformation, “Maintaining a close, personal connection between our sales team and customers is a cornerstone of our brand values. We have observed that regardless of demographic, our customers overwhelmingly prefer the immediacy and interactivity of WhatsApp over traditional email communications, resulting in up to 26% click-through rate on our messages.” OPTICAL 88 has also broadened its tactical approach beyond one-to-one communications. Andrea further explained, “By integrating omnichannel chatbots with our social media strategy, particularly for Facebook comment auto-replies, we have facilitated engaging social media campaigns while effectively driving online traffic to our physical stores.”

By seamlessly integrating automated systems with personalised human interactions, the comprehensive chat commerce solutions are revolutionising the way businesses interact with their customers across WhatsApp Business Platform, Facebook Messenger and Instagram Direct, and setting new industry standards for customer experience excellence. 

About Omnichat:
Founded in 2017 with its headquarter in Hong Kong, Omnichat is an omnichannel chat commerce solution provider that centralises customers’ conversations from WhatsApp Business Platform, Facebook Messenger, Instagram, LINE, WeChat and website live chat into a single platform to enhance efficiency and productivity.

With a strong presence in the Asia Pacific region, the company has established a solid reputation for serving local and international retail and e-commerce brands. By offering an omnichannel social customer data platform, online-merge-offline(OMO) sales integration, marketing automation, chatbots as well as customer service platform, Omnichat strives to empower brands to deliver personalised customer journeys and drive digital transformation, ultimately converting visitors into customers through chats.

Website: https://www.omnichat.ai/
WhatsApp: https://wa.me/85291925071/?text=EnquiryForWhatsApp
LinkedIn: https://hk.linkedin.com/company/omnichat-easychat
Facebook: https://www.facebook.com/OmnichatAI

For media enquiries, please contact:
Omnichat Limited
Lily Yeung
Associate Director of Communications
Tel: (852) 9803 5977
Email: lily.yeung@omnichat.ai

Macy Chun
Communications Manager
Tel: (852) 6234 9555
Email: macy.chun@omnichat.ai

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SOURCE Omnichat Limited

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AccuRadio Shields Listeners from ‘The Little Drummer Boy’ in 2024 Challenge

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CHICAGO, Nov. 25, 2024 /PRNewswire/ — This holiday season, AccuRadio, one of the world’s leading online radio services, is stepping up to protect listeners from the ultimate seasonal pitfall: Hearing the song “The Little Drummer Boy.”

This Christmas, AccuRadio is helping music fans dodge the ultimate holiday pitfall: Hearing “The Little Drummer Boy”

“We have a foolproof plan to help our listeners stay safe from that song this holiday season,” announced Kurt Hanson, Founder and CEO of AccuRadio.

AccuRadio’s initiative supports the Little Drummer Boy Challenge — a playful annual game in which countless holiday music lovers aim to avoid hearing “The Little Drummer Boy” for as long as possible, from 12:01am local time on Black Friday through 11:59pm on December 23rd (per littledrummerboychallenge.com). The challenge, originally born in Silicon Valley tech circles, has become a cherished holiday tradition, uniting music fans across the globe.

To aid participants in their quest, AccuRadio is launching a set of “safe zone” Holiday Music channels that feature all the festive classics listeners love, with one notable exception: “The Little Drummer Boy” is completely off the playlist.

“We want holiday music fans to have a safe space to enjoy their favorite holiday songs without fear of losing the challenge,” Hanson said.

For those feeling mischievous, AccuRadio is also introducing a specially-disguised channel that will actually play nothing but dozens of versions of “The Little Drummer Boy,” perfect for pranking friends. “We call it getting drum-rolled,” explained Paul Maloney, AccuRadio’s VP/Programming.

Todd Manley, VP/Promotion at AccuRadio, emphasized the platform’s commitment to its listeners: “In a world where online safety can be challenging to find, we’re making it easy for holiday music fans to enjoy their season with true peace of mind.”

AccuRadio’s “safe zone” channels are a new addition this year to what is already the most extraordinary collection of holiday music channels available anywhere. AccuRadio offers over 125 curated (and personalizable) Christmas music channels focusing on specific genres, decades, regions, tempos, and themes—making it the ultimate destination for holiday music enthusiasts.

This amazing assortment of holiday music channels can be found on the web at www.accuradio.com/christmas-music and on AccuRadio’s iPhone and Android mobile apps.

About AccuRadio
Launched in 2000 (making it one of the earliest pioneers in online audio), AccuRadio offers over 1,400 human-curated music channels (spanning over 50 genres) to over a million adult, upscale, and loyal users each month.

View original content:https://www.prnewswire.com/news-releases/accuradio-shields-listeners-from-the-little-drummer-boy-in-2024-challenge-302315954.html

SOURCE AccuRadio

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UPS Class Action News: Robbins LLP Reminds Investors of Quickly Approaching Lead Plaintiff Deadline in the United Parcel Service, Inc. Class Action

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SAN DIEGO, Nov. 25, 2024 /PRNewswire/ — Robbins LLP reminds investors that a class action was filed on behalf of all persons and entities who purchased or otherwise acquired United Parcel Service, Inc. (NYSE: UPS) securities between January 30, 2024 and July 22, 2024. UPS is a multinational parcel delivery and supply chain management solutions company operating in more than 200 countries and territories.

For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.

The Allegations: Robbins LLP is Investigating Allegations that United Parcel Service, Inc. (UPS) Misled Investors Regarding its Business Prospects

According to the complaint, during the class period, defendants created the false impression that they possessed reliable information pertaining to the Company’s projected revenue outlook and anticipated growth while also minimizing risk from seasonality and macroeconomic fluctuations. In truth, UPS’ optimistic reports of growth, plans to handle volume variability, upcoming profit growth, and consistent claims that the first quarter would present the worst margins of the fiscal year fell short of reality; the Company was not truly equipped to handle a volume surge without causing a corresponding significant decline in their operating margin.

Plaintiff alleges that the truth emerged on July 23, 2024, when UPS announced its financial results for the second quarter of fiscal 2024, provided lower-than-expected guidance for the third quarter, and reduced its margin guidance for the full fiscal year 2024. The Company attributed its results and lowered guidance on the shift in “U.S. volume mix both in terms of product and customer segmentation . . . toward value products.”  On this news, the price of UPS common stock fell from $145.18 per share on July 22, 2024, to close at $127.68 per share on July 23, 2024, a decline of $17.50 per share, or about 12.05% according to the complaint.

What Now: You may be eligible to participate in the class action against United Parcel Service, Inc. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by December 9, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation.  You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses. 

About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002.  Since our inception, we have obtained over $1 billion for shareholders.

To be notified if a class action against United Parcel Service, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

Attorney Advertising.  Past results do not guarantee a similar outcome.  

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SOURCE Robbins LLP

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