Music festivals together with Glastonbury and Coachella are driving a growth in music tourism, with the worldwide market forecast to succeed in US$400.5 billion by 2032, in line with new analysis
The worldwide music tourism market is anticipated to succeed in US$400.5 billion by 2032 because of the surge in demand for main festivals similar to Coachella and Glastonbury.
New figures counsel the market, at present valued at US$102 billion in 2024, will increase by 18.6 per cent yearly over the subsequent seven years.
Development is being fuelled by large-scale occasions similar to Coachella in California, Glastonbury within the UK and Tomorrowland in Belgium, which magnetize thousands and thousands of worldwide guests and create vital demand for journey and hospitality providers.
Rising disposable revenue amongst youthful shoppers can also be shifting spending in the direction of experiences somewhat than materials items, in line with analysis agency Credence Analysis.
Its world report, printed yesterday, reveals that North America and Europe stay the most important markets, whereas Asia-Pacific is rising because the fastest-growing area.
Tourism boards and governments are backing the development via cultural tourism methods, working with airways, lodges and native companies to enhance entry and affordability.
The India-based agency, which gives market intelligence and consulting providers, stated: “The trade advantages from the rising recognition of mega music festivals, cross-border journey for live shows, and digital platforms that enhance world visibility of stay occasions.
“Partnerships between tourism boards, occasion organizers, and hospitality suppliers are additional strengthening the ecosystem by providing bundled journey and occasion packages.
“The market’s growth can also be supported by rising disposable incomes and shopper desire for cultural experiences, making music tourism a central a part of lifestyle-driven journey spending worldwide.”
The report additionally identifies obstacles to progress, highlighting excessive journey and ticket prices in addition to security issues at mass gatherings. Organisers are below strain to put money into safety, medical response and digital ticketing to take care of confidence amongst travellers.
Expertise can also be reshaping the sector, with cell reserving platforms, augmented and digital actuality live performance experiences, and AI-driven suggestions broadening entry and engagement.
Sustainable practices, together with waste administration and renewable power at festivals, have gotten a differentiator for organisers searching for to attraction to youthful, environmentally aware audiences.
Credence Analysis described the aggressive panorama as fragmented, with progress led by competition organisers, journey businesses, hospitality suppliers and digital platforms.
North America accounted for the most important share of the market in 2024, led by occasions similar to Lollapalooza and Austin Metropolis Limits. Europe ranked second, supported by its community of main festivals and robust cross-border journey. Asia-Pacific is forecast to see the quickest progress as rising incomes and government-backed programmes increase worldwide occasions in Japan, South Korea, Thailand and India.
Dwell Nation Leisure, AEG Worldwide and ID&T Belgium are among the many largest gamers, with firms more and more targeted on sustainability, bundled journey packages and technology-driven engagement.
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