Portland, OR, March 17, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the K-Pop Events Market was valued at $8.1 billion in 2021 and is estimated to reach $20 billion by 2031, exhibiting a CAGR of 7.3% from 2022 to 2031. The value chain, important market segments, the competitive climate, and the regional landscape are all examined in the analysis. This study provides comprehensive guidance on how to develop plans for long-term growth and gaining an advantage over rivals to industry leaders, financiers, shareholders, and start-ups.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $8.1 billion |
| Market Size in 2031 | $20 billion |
| CAGR | 7.3% |
| No. of Pages in Report | 419 |
| Segments covered | Type, Revenue Source, Gender, and Region |
| Drivers | Rise in the interest of consumers toward live music |
| Growing inclination toward music tourism | |
| Opportunities | Rise in m-commerce |
| Increase in infrastructural developments | |
| Restraints | Government policies pertaining to data protection |
Covid-19 Scenario:
- Due to the global Covid-19 pandemic, the market for K-Pop concerts was negatively impacted as people were hesitant to attend crowded events due to several safety concerns.
- Accordingly, the music tourism industry experienced a considerable drop in revenue due to the substantial decrease in both local and international travel. In addition, restrictions on public gatherings as a result of social distancing and lockdown measures resulted in the rescheduling of important K-pop events that were originally scheduled for 2020 and 2021.
- However, the market has now recouped slowly and steadily.
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The research provides detailed segmentation of the K-Pop events market based on type, revenue source, gender, and region. Using tables and figures, the report provides extensive insight on segments and their sub-segments. The segments of the market with the fastest growth and maximum revenue generation can be used by investors and market participants to develop their strategy.
By type, the jazz segment held the highest market share in 2021, accounting for more than one-fourth of the global K-Pop events market revenue. The pop segment, on the other hand, is expected to maintain the fastest CAGR of 7.6% from 2022 to 2031.
By revenue source, the tickets segment accounted for the highest share in 2021, holding nearly three-fourths of the global K-Pop events market revenue. The sponsorships segment, on the other hand, is expected to cite the fastest CAGR of 8.4% from 2022 to 2031.
By gender, the male segment accounted for the major share in 2021, garnering nearly three-fifths of the K-Pop events market revenue, and is expected to retain its domiance during the forecast period. The female segment, simultaneously, is estimated to grow at the fastest CAGR of more than 7.8% during the forecast period.
By region, the market across North America held the major share in 2021, garnering more than one-third of the global K-pop events market revenue. Asia-Pacific, on the other hand, would portray the fastest CAGR of 8.4% from 2022 to 2031. The other provinces discussed in the report include Europe and LAMEA.
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Leading market players of the K-Pop Events Market analyzed in the research include Live Company Group plc., PK-UK Events Limited, Filmmaster Group, CJ Co., Ltd., JYP Entertainment Co. Ltd, SM Entertainment Group, YG Entertainment Inc., Eventbrite, Inc., HYBE Co., Ltd., and SubKulture Entertainment. These market players have embraced several strategies including product launch, product development, collaboration, acquisition, and partnership to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
