Music Tourism Market Market (impact of COVID-19) with Top Players: Global Spectrum L.P, Venu Works Inc., ID&T Belgium, SFX Entertainment, Percept Ltd

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Music Tourism Market
Music Tourism Market

Over the years, the travel and tourism industry experienced a vast expansion. Traveling has become a lifestyle for a large portion of the population, especially the bloggers and Instagrammers. Traveling with a purpose has given rise to many different types of tourism. Tourism such as music tourism, fashion, sports, and food tourism is trending these days. The love for music and travel has together integrated into music tourism. Traveling from city to city, or state to state, or country to country or even crossing international borders to enjoy music concerts, makes the traveler a part of music tourism. It is a dynamic industry which is influenced by global trends and lifestyle. Every year, many music fests attract visitors from all around the world. The Netherlands is known to conduct a vast array of music fests attracting a huge crowd and offering music genres such as Jazz, Rock, EDM, Pop, Techno, and Rock. These cultural events have now become part of the global economy. Globalization has made this possible for the tourism industry to take advantage of prevailing music trends among people. Many companies have started offering extended services like organizing flights in Special Branded Planes, offering hotel accommodations, and much more, giving end-to-end experience to the clients. Meeting new people, learning new cultures – socializing has given impeccable success to the music tourism market. Various music tour options includes Tomorrow Land, NH 7 Bacardi, Lollapalooza, Levitation, Boston Calling, Sunburn, Wacken Music Festival, Bonnaroo, and many others.

Market scope and structure analysis:

                   Report Metric                                                Details
  Market size available for years   2020–2027
  Base year considered   2019
  Forecast period   2021–2027
  Forecast units   Value ($US)
  Segments covered   Type, Tourist, Industry Vertical, and Region
  Regions covered North America (U.S and Canada), Europe (Germany, UK, France, Italy, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Malaysia, Thailand, Indonesia, and Rest of Asia-Pacific), LAMEA (Middle East, Brazil, and Rest of LAMEA)
  Companies covered AEG Worldwide, LiveStyle, Live Nation Entertainment, Global Spectrum L.P, Venu Works Inc., ID&T Belgium, SFX Entertainment, Percept Ltd., Only Munch Louder, TAG Group, ACFEA Tour Consultants.

 

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COVID-19 Scenario Analysis: 

  • COVID-19 has given a massive blow to the music tourism market.
  • Stay at home orders implies that one cannot go out for travel or any other activity.
  • Numerous musical events, like live concerts, music fests, and concert tours have been canceled and postponed.
  • People who were solely dependent on music gigs have become unemployed.
  • Social distancing has severely hit both music and tourism worldwide.
  • Artists are in great loss financially.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

A rise in the number of national and international music events, concerts, festivals, carnivals all over the world is the key factor driving the growth of the music tourism industry. Mainly the tourism industry is growing tremendously, and when it gets integrated with music, it leaves a positive impact on the travelers. The millennial generation, who is the ideal audience for music and travel, gets attracted by the performances of national and international singers in these music festivals. An increase in per capita income and high living standards have also propelled the growth of the music tourism industry. Many other factors like lucky draws, coupons, free ticket, and much more also grab the attention of the customers for music tours.

Although music tourism is increasing at a significant rate, few factors slow down its growth and development. Many people feel that traveling for music is unnecessary and wastage of money. Furthermore, the Baby boomer generation who forms the major portion of travelers, in the tourism industry also gets uncomfortable and disinterested when it comes to travel for music concerts or fests.

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However, the music industry is going places all over the world, and so are the music directors, composers, and singers, drawing the attention of music lovers to various music fests. Musicians and celebrities can easily attract audiences to travel for music. With all this, music tourism also creates opportunities for key players in the travel and hotel industry like restaurants, tourist guides, travel agencies, clubs, domestic & international transportation services, and others.

Key Segments Covered:

               Segments                              Sub-segments
  Type
  • Local Music Tourism Fest
  • International Music Tourism Fest
  Tourist
  • Pay to Visit
  • Get Paid to Visit
  Industry Vertical
  • Music Tourism
  • Fashion Tourism
  • Food Tourism
  •  Sports Tourism
  • Medical Tourism
  • Others

 

Key Benefits of the Report:

  • This study presents the analytical depiction of the global music tourism industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global music tourism market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global music tourism market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global music tourism market analysis based on competitive intensity and how the competition will take shape in coming years.

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