MUSIC TOURISM MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The music tourism market is estimated to be valued at USD 7.17 Bn in 2024, growing at a compound annual growth rate (CAGR) of 8.6% from 2024 to 2031. Music tourism is a growing market where people travel to various locations that are inspired by or related to music. It allows tourists to experience the cultural heritage, history, and artists associated with those places. Some of the most popular music tourism destinations include Graceland in Memphis for Elvis Presley fans, Abbey Road in London known for the Beatles and Nashville, Tennessee which hosts many country music attractions. Music has a powerful ability to evoke memories and emotions in people. Music tourism leverages this connection to offer tourists a unique and authentic experience at places directly linked to their favorite musical artists or genres. This immersive experience helps reinforce the legacy of the artists and also provides economic benefits to local communities.

 Market Dynamics:

The global music tourism market is driven by growing interest of people in artist-centric experiences and visiting locations associated with famous bands and singers. Rising disposable incomes and growing availability of budget travel options have made music tourism more accessible over time. Various destinations are also promoting their musical heritage and building infrastructure like museums, studios, and guided tours to cash in on this lucrative sector. However, seasonality affects visitor arrivals at many destinations and high implementation costs pose challenges for new entrants. The market also faces risks due to socio-political instability in some regions. On the positive side, the development of virtual and augmented reality technologies can help extend the appeal of music tours beyond physical locations. Music festivals are also opening up opportunities to attract tourists for extended stays.

 Key Features of the Study:

• This report provides an in-depth analysis of the global music tourism market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global music tourism market based on the following parameters company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include LiveStyle, Live Nation Entertainment, Global Spectrum LP, Venu Works Inc., ID&T Belgium, SFX Entertainment, Percept Ltd, TAG Group, ACFEA Tour Consultants, AEG Worldwide, BToS , BCD Travel, Music Travel, Love Music Travel Ltd, and Club Europe Group Travel
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global music tourism market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global music tourism market

Market Segmentation

• By Type:
• • Local Music Tourism Fest
  • International Music Tourism Fest
• By Tourist:
• • Pay to Visit
  • Get Paid to Visit
• By Regional:
• • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles:
• • LiveStyle
  • Live Nation Entertainment
  • Global Spectrum LP
  • Venu Works Inc.
  • ID&T Belgium
  • SFX Entertainment
  • Percept Ltd
  • TAG Group
  • ACFEA Tour Consultants
  • AEG Worldwide
  • BToS 
  • BCD Travel
  • Music Travel
  • Love Music Travel Ltd
  • Club Europe Group Travel