Dublin, May 05, 2023 (GLOBE NEWSWIRE) -- The "K-pop Events Market by Type, Revenue Source, Gender: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global k-pop events market was valued at $8.1 billion in 2021, and is projected to reach $20 billion by 2031, growing at a CAGR of 7.3% from 2022 to 2031.
Key Market Players
- Live Company Group plc.
- PK-UK Events Limited
- SubKulture Entertainment
- Filmmaster Group
- CJ Co., Ltd.
- JYP Entertainment Co. Ltd
- SM Entertainment Group
- YG Entertainment Inc.
- Eventbrite, Inc.
- HYBE Co., Ltd.
Several distinct Korean musical genres and aspects fall under the banner of K-pop. It also includes Korean rock, hip-hop, and electronic music in addition to Korean pop music. K-pop is regarded as a relatively new genre of music. According to financial statistics released in 2021, well-known K-pop companies saw a strong increase in their overseas revenues in the first half of the year as the number and power of fans who are stationed abroad increased to the point where they may influence local music charts.
Any special event featuring Korean pop musical performances - including singing and playing instruments - is referred to as a "K-pop event." These events are typically themed around different musical genres, locations where the musicians are from, and nationalities. Popular examples of music events include music performances, concerts, and music festivals. The K-pop event market scope includes segmentation based on type, revenue source, gender, and region for analytical purposes.
The government's increased investments in infrastructure development and connectivity are also anticipated to have a significant impact on the market for K-pop concerts. The governments of the emerging nations in the Middle East, Africa, and Asia-Pacific are making investments in the construction of roads, trains, and other forms of connection. Also, when 5G technology becomes more widely used, more people will use digital platforms to purchase tickets, place food orders, and reserve hotel rooms at music events.
These developments will significantly boost music tourism and facilitate the overall development of the K-pop events industry. Music tourism is an upcoming trend in emerging markets such as Asia-Pacific. However, privacy and data security concerns associated with use of online platforms or online ticket vendors is a major challenge.
Organizing a K-pop event involves multiple expenses, which include on-site expenses, venue costs, event rentals, and production expenses. On-site expenditures involve fees and cost charged by the event venue, which incur more cost. In addition, venue cost includes security deposit, room rental, insurance coverage, and parking. Another major cost involved in organizing a K-pop event is the production cost, involving expense of organizing the event, management of administrative elements, and attracting attendees. Thus, high operational cost involved in organizing music events is a key factor that hampers the growth of the global K-pop event market.
Market Dynamics
Drivers
- Growing interest of consumers toward live music
- Growing popularity of music tourism
Restraints
- Government policies pertaining to data protection
- High operational cost
Opportunities
- Growth in m-commerce
- Growing infrastructural developments
Key Market Segments
By Type
- Rock
- Jazz
- Pop
- Others
By Revenue Source
- Tickets
- Sub-type
- Online
- Offline
- Sponsorships
- Others
By Gender
- Male
- Female
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the k-pop events market analysis from 2021 to 2031 to identify the prevailing k-pop events market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the k-pop events market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global k-pop events market trends, key players, market segments, application areas, and market growth strategies.
For more information about this report visit https://www.researchandmarkets.com/r/bayuzr
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
