Music Tourism Market Size, Share, Trends, Growth and Forecast 2032

Music Tourism Industry Prospective:

The global music tourism market size was worth around USD 6.35 billion in 2023 and is predicted to grow to around USD 11.19 billion by 2032 with a compound annual growth rate (CAGR) of roughly 6.50% between 2024 and 2032.

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Music Tourism Market: Overview

Music tourism is one of the fastest-growing trends in the travel industry. It refers to the process by which people visit other destinations to enjoy a musical event. This form of tourism deals with a region such as a town or a city hosting a musical get-together to attract domestic and international crowds. Music-based tourism is of different kinds.

For instance, cultural music-based tourism largely focuses on artists that perform cultural music and the audience gets to experience the regional cultural art form. On the other hand, certain musical festivals attract artists of several genres belonging to different countries with each artist showcasing their individual talent.

Furthermore, there is a growing trend of performing artists holding extensive tours and performance activities covering cities and continents. The music tourism industry is a flourishing sector. According to market analysis, music tourism can greatly impact the overall economy of the hosting region.

For instance, the audience in a music festival generally spends on other amenities as well such as accommodation and logistics further generating more revenue in the region. The industry for music tourism is projected to be impacted by a rising inflation rate, poor crowd management infrastructure, and a rising rate of crimes in a densely packed music event.

Key Insights:

• As per the analysis shared by our research analyst, the global music tourism market is estimated to grow annually at a CAGR of around 6.50% over the forecast period (2024-2032)
• In terms of revenue, the global music tourism market size was valued at around USD 6.35 billion in 2023 and is projected to reach USD 11.19 billion by 2032.
• The market is projected to grow at a significant rate due to the changing population lifestyle and increased disposable income.
• Based on the tourist type, the pay-to-visit segment is growing at a high rate and will continue to dominate the global market as per industry projections.
• Based on the music type, the international music segment is anticipated to command the largest market share.
• Based on region, North America is projected to dominate the global market during the forecast period.

Music Tourism Market: Growth Drivers

Changing population lifestyle and increased disposable income to generate a market growth rate

The global music tourism market is projected to grow due to the changing lifestyle of the common people. The increase in disposable income and spending capacity of people worldwide has helped create demand in the music industry. People are willing to save and invest their money in fun-filled entertainment programs unlike a few decades ago. The younger generation has been at the forefront of driving demand in the music tourism sector due to improved awareness as well as higher access to monetary means necessary for enjoying a domestic or international musical event. According to the latest findings, more than 50% of the Gen Z population is either self-employed or working.

By 2025, nearly 36% of the working population will comprise Gen Z. The increase in job opportunities, the emergence of non-conventional means of earning a livelihood, and access to financial schemes such as credit cards or equated monthly payments (EMIs) are some of the factors contributing to increased spending among the younger audience. Such positive statistics depicting the purchasing power of general consumers are likely to impact the demand for music tourism in the coming years.

Unique experiences and technological evolution in the music industry propel industry’s growth rate

Music-based tourism events traditionally offer several unique experiences. For certain individuals, these events are once-in-a-lifetime opportunities. The demand for culturally rich music events and festivals has surged over the years. June 2024 marked the official beginning of the East African Ocean Festival (TEAOF). The event hosted several media representatives, sponsors, ocean enthusiasts, and other stakeholders. The launch event included a display of regional Swahili music and dance along with local cuisine.

In November 2024, Thailand announced the launch of the Halfmoon Festival during the upcoming winter season. The festival will be held in Koh Phangan and will host more than 20-disc jockeys (DJs) from across the globe. Similarly, other countries are promoting cultural music to gain global attention. The industry for music tourism can further benefit from the growing rate of technology adoption such as the use of virtual reality (VR) and augmented reality (AR) to enhance viewer’s experience.

Music Tourism Market: Restraints

Unpredictability of revenue and audience turnover to limit the industry’s expansion rate

The global industry for music tourism is projected to be restricted by the unpredictability of revenue. For instance, music festivals or events do not guarantee a fully-packed stadium for all events. Factors such as economic environment, social-political tension, or geographical barriers are limitations to the number of attendees in a musical event. Such unpredictability in the industry could lead to dampened revenue in the long run.

Music Tourism Market: Opportunities

Government support to promote the music industry will generate growth opportunities

The global music tourism market is anticipated to generate growth opportunities due to the rising undertakings by regional governments to promote music-based events. This can be witnessed in the infrastructure development projects undertaken by regional official bodies for the proper execution of any musical event.

In October 2024, the Thailand Creative Economy Agency (CEA) in partnership with the National Soft Power Strategy Committee announced the launch of a new strategy called the ‘PUSH & PULL”. The revolutionary strategy is expected to assist in elevating Thailand's Music industry along with hosting world-famous music festivals and fostering talent development. The PUSH component will largely focus on promoting band and solo artists across music genres. On the other hand, the PULL strategy will place a higher emphasis on business matching and networking with international talent selectors and music festival organizers.

In June 2024, FPC Live, one of America's most prominent live entertainment and event promotion companies, began the construction of the company’s USD 60 million indoor venue in Milwaukee’s Deer District. The new facility has a capacity of 4500 spectators in a ballroom-style setting. The growing use of highly advanced music-enhancing technologies such as light shows, displays, and speakers will further improve the overall experience of the shows.

Music Tourism Market: Challenges

Poor crowd management and a surge in the number of accidents during shows are challenges for the market players

The global industry for music tourism is projected to be challenged by the lack of crowd management amenities and facilities especially in emerging economies. The rise in the number of serious accidents reported during music shows and events could impact the overall growth rate in the industry. In August 2024, performancer Sabrina Carpenter realty escaped a fatal accident during one of her live performances.

Music Tourism Market: Report Scope

Music Tourism Market: Segmentation

The global music tourism market is segmented based on tourist type, music type, and region.

Based on the tourist type, the global market segments are paid-to-visit and pay-to-visit. In 2023, the highest growth was listed in the pay-to-visit segment. It deals with music enthusiasts paying for experiencing an event or a festival through personal expenses. The surge in the number of world tours conducted by popular artists from across the globe has helped fuel segmental revenue in the last few years. The Eras tour by Taylor Swift, a popular US artist, witnessed her performing nearly 149 shows spanning 5 continents.

Based on the music type, the global market segments international music and local music. In 2023, the highest revenue was listed in the international music segment. An increasing number of band performances, higher partnerships and collaboration between artists of different music backgrounds and industries, and increased hosting of international performers helped the segment thrive. The average price of tickets for Adele's show is around USD 4500. Adele is a popular singer from the UK.

Music Tourism Market: Regional Analysis

North America to register the highest revenue during the projection period

The global music tourism market will be led by North America during the forecast period. According to regional market analysis, the US will lead the North American market growing at a CAGR of 5.71% during the projection period. The US is home to one of the world’s most influential music industries.

Performers emerging from the US including solo and band artists have gained global popularity over the years leaving behind unmatched legacy. At present times, the US hosts numerous music events and gatherings attracting millions of crowds. For instance, Taylor Swift-led Eras tour is known to have contributed nearly USD 1 billion to the country’s overall revenue.

Furthermore, the existence of a robust infrastructure that allows the management of dense crowds generally observed during music events further helps the regional industry flourish.

In June 2024, Live Nation Entertainment, a major American entertainment company announced its plans to construct a new indoor venue during a meeting with the Urban Development Authority. The facility is expected to become functional by 2026 with a total investment of USD 64 million.

Music Tourism Market: Competitive Analysis

The global music tourism market is led by players like:

• Ticketmaster
• Music Travel Consultants
• G Adventures (Music-Themed Tours)
• Live Nation Entertainment
• Contiki (Music & Festivals)
• AEG Presents
• Hard Rock International
• Eventbrite
• Viator (Music Event Tours)
• Festicket
• TUI Group (Music Tours)
• Songkick
• Rock ‘n’ Roll Marathon Series
• Bandsintown
• On Location Experiences.

The global music tourism market is segmented as follows:

By Tourist Type

• Get Paid to Visit
• Pay to Visit

By Music Type

• International Music
• Local Music

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa