DUBLIN, May 10, 2023 /PRNewswire/ — The “K-pop Events Market by Type, Revenue Source, Gender: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.
The K-Pop events market was valued at $8.1 billion in 2021, and is estimated to reach $20 billion by 2031, growing at a CAGR of 7.3% from 2022 to 2031.
With rise in the number of K-pop, and live music concerts and gigs around the world, the K-pop events industry has gained rapid traction among consumers globally. According to Live Nation Entertainment, a leading player in the music event market, ticket sales are up by 45% and the concert pipeline is up by 30% in 2022. The burgeoning sales of live concerts are expected to drive the growth of the global K-pop events market during the forecast period.
The recent decline in recorded music sales has increased demand for live music performances, which has greatly aided the expansion of the worldwide music event sector such as K-pop events. Also, the rise in music tourism activities among spectators and artists has fueled the expansion of the K-pop event industry. The sponsorship income of music events is rising because of increased investments made by several startups and established large organizations to increase the visibility of their brands.
The market for K-pop events is expanding rapidly due to the popularity of numerous genres as well as rising stars in the world of music. The rise in youth employment, particularly among women, is increasing consumer disposable income, which is anticipated to be one of the key drivers of the K-pop event sector.
According to the top CXOs, the K-pop events will be one of the major drivers of the music event industry. Leading organizers are focusing on customer satisfaction and are coming up with various mobile applications to offer improved accessibility and convenience to the customers. Moreover, they are offering tickets along with the merchandise and accommodation to the consumers. Furthermore, event organizers are partnering with the online ticket providers as most of the youth are using their smartphones to book tickets for music events.
The key players analyzed in the report are Live Company Group plc., PK-UK Events Limited, SubKulture Entertainment, Filmmaster Group, CJ Co., Ltd., JYP Entertainment Co. Ltd, SM Entertainment Group, YG Entertainment Inc., Eventbrite, Inc., and HYBE Co., Ltd.
Key Market Insights
- By type, jazz segment accounted for the highest market share in 2021, growing at a CAGR of 7.2% from 2022 to 2031.
- By revenue source, tickets segment accounted for the highest market share in 2021, growing at a CAGR of 7.1% from 2022 to 2031.
- By gender, male accounted for the highest market share in 2021, growing at a CAGR of 6.8% from 2022 to 2031.
- By region, North America occupied the maximum share of the market in 2021 and is expected to be the dominating segment during the K-pop Events market forecast period.
- Growing interest of consumers toward live music
- Growing popularity of music tourism
- Government policies pertaining to data protection
- High operational cost
- Growth in m-commerce
- Growing infrastructural developments
- Live Company Group plc.
- PK-UK Events Limited
- SubKulture Entertainment
- Filmmaster Group
- CJ Co., Ltd.
- JYP Entertainment Co. Ltd
- SM Entertainment Group
- YG Entertainment Inc.
- Eventbrite, Inc.
- HYBE Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/b7vkqc
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SOURCE Research and Markets
Originally published at https://www.prnewswire.com/news-releases/global-20-billion-k-pop-events-market-to-2031-breakdown-by-music-genre-revenue-source-and-gender-301820881.html
Some images courtesy of https://pixabay.com
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