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.Several dis Inct 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.
The K-pop events market is segmented into type, revenue source, gender, and region. By type, the market is divided into rock, jazz, pop, and others. Depending on the gender, it is divided into male and female. By revenue source, the market is divided into tickets, sponsorships, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report highlights numerous factors that influence the growth of the global music event market. This report further outlines the current trends and key areas of investment. In addition, it Includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key market players to Increase their market share and sustain intense competition in the industry.
The key players analyzed in the report are 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., and HYBE Co., Ltd.
The government's Increased investments in infrastructure development and connectivity are also anticipated to have a significant impact on the market for music events. 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.
K-pop Events Market Segments
LIVE COMPANY GROUP PLC.
YG ENTERTAINMENT Inc.
HYBE CO., LTD.
PK-UK EVENTS LIMITED
CJ CO., LTD.
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.
The K-pop events market is segmented into type, revenue source, gender, and region. By type, the market is divided into rock, jazz, pop, and others. Depending on the gender, it is divided into male and female. By revenue source, the market is divided into tickets, sponsorships, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report highlights numerous factors that influence the growth of the global music event market. This report further outlines the current trends and key areas of investment. In addition, it Includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key market players to Increase their market share and sustain intense competition in the industry.
The key players analyzed in the report are 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., and HYBE Co., Ltd.
The government's Increased investments in infrastructure development and connectivity are also anticipated to have a significant impact on the market for music events. 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.
K-pop Events Market Segments
By Type
Rock
Jazz
Pop
Others
By Revenue Source
Tickets
By Sub-typeOnline
Offline
Sponsorships
Others
By Gender
Male
Female
By Region
North America
U.S.Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Netherlands
Rest of Europe
Asia-PacificJapan
China
South Korea
India
Australia
Rest of Asia-PacificLAMEA
Brazil
Argentina
South Africa
Rest of LAMEA
KEY MARKET PLAYERS PROFILED IN THE REPORT
FILMMASTER GROUP
EVENTBRITE, Inc.LIVE COMPANY GROUP PLC.
SUBKULTURE ENTERTAINMENT
SM ENTERTAINMENT GROUP
JYP ENTERTAINMENT CO. LTDYG ENTERTAINMENT Inc.
HYBE CO., LTD.
PK-UK EVENTS LIMITED
CJ CO., LTD.
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.
Key Market Segments
By Type
- Rock
- Jazz
- Pop
- Others
By Revenue Source
- Tickets
- Sub-type
- Online
- Offline
- Sponserships
- Others
By Gender
- Male
- Female
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- Japan
- China
- South Korea
- India
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Argentina
- South Africa
- Rest of LAMEA
Key Market Players
- CJ Co., Ltd.
- Eventbrite, Inc.
- Filmmaster Group
- HYBE Co., Ltd.
- JYP Entertainment Co. Ltd
- Live Company Group plc.
- PK-UK Events Limited
- SM Entertainment Group
- SubKulture Entertainment
- YG Entertainment Inc.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: K-POP EVENTS MARKET, BY TYPE
CHAPTER 5: K-POP EVENTS MARKET, BY REVENUE SOURCE
CHAPTER 6: K-POP EVENTS MARKET, BY GENDER
CHAPTER 7: K-POP EVENTS MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'K-pop Events Market,' The k-pop events market was valued at $8.1 billion in 2021, and is estimated to reach $20 billion by 2031, growing at a CAGR of 7.3% from 2022 to 2031.Several distinct musical genres and aspects fall under the banner of K-pop. It also includes Korean rock, hip-hop, and electronic music and 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.
K-pop events have built a large fan base worldwide. The K-pop events companies are intensively focusing on marketing and creating interest among the consumers. K-pop event management companies dominate social media platforms such as YouTube, Instagram, Twitter, and Facebook. Moreover, strong economic growth in Europe and Asia-Pacific owing to rapid industrialization has resulted in a significant rise in personal disposable income of the consumers. High consumer spending on entertainment, especially among young consumers, is expected to boost the growth of the global K-pop events market.
The recent decline in recorded music sales has increased demand for live music performances, which has greatly aided the expansion of the worldwide music event sector such as K-pop events. Also, the rise in music tourism activities among spectators and artists has fueled the expansion of the K-pop event industry. The sponsorship income of music events is rising because of increased investments made by several startups and established large organizations to increase the visibility of their brands.
The desire for rock and pop music is also being fueled by the large youth population in developing nations and the growing impact of Western culture in these nations' economies. The market for K-pop events is expanding rapidly due to the popularity of numerous genres as well as rising stars in the world of music. The rise in youth employment, particularly among women, is increasing consumer disposable income, which is anticipated to be one of the key drivers of the K-pop event sector.
Live music is a multinational industry. According to the International Federation of the Phonographic Industry (IFPI), the live music industry was valued at around $28.0 billion in 2021. Live music has become very important for the livelihood of musicians and artists owing to the downturn in the sales of recorded music globally in the past few years. Therefore, artists and musicians are heavily relying on conducting live performances through music events.
Live performances of an artist further provide opportunity to various individuals in the value chain of live music such as artist managers, agent/promoters, ticket booking companies, and venue managers. With rise in the number of K-pop, and live music concerts and gigs around the world, the K-pop events industry has gained rapid traction among consumers globally. According to Live Nation Entertainment, a leading player in the music event market, ticket sales are up by 45% and the concert pipeline is up by 30% in 2022. The burgeoning sales of live concerts are expected to drive the growth of the global K-pop events market during the forecast period.
However, various government policy changes and reforms especially in developing economies may hamper the K-pop events business. For instance, demonetization and the introduction of new Goods and Services Tax (GST) policies hampered most of the businesses in India temporarily for a couple of years. Furthermore, the General Data Protection Regulation (GDPR) by the European Union came into force in May 2018. This EU directive is supported by the British Government and this law is expected to have a significant impact on the music event market, especially in Europe. This regulation is expected to change the decisions of the K-pop and other music event planners regarding the data that were collected previously from the attendees and make organizers more conscious regarding the attendees’ data security. Moreover, planners used the data collected from the attendees for marketing and personalization of their services. These event planners need to strictly comply with the new GDPR regulations failing which may cost them big fines. Therefore, increased focus on data privacy and data security pertaining to the GDPR law may present a challenge for the K-pop event organizers.
According to the top CXOs, the K-pop events will be one of the major drivers of the music event industry. Leading organizers are focusing on customer satisfaction and are coming up with various mobile applications to offer improved accessibility and convenience to the customers. Moreover, they are offering tickets along with the merchandise and accommodation to the consumers. Furthermore, event organizers are partnering with the online ticket providers as most of the youth are using their smartphones to book tickets for music events.
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.
The K-pop events market is segmented into type, revenue source, gender, and region. By type, the market is divided into rock, jazz, pop, and others. Depending on the gender, it is divided into male and female. By revenue source, the market is divided into tickets, sponsorships, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players analyzed in the report are 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., and HYBE Co., Ltd.
Key Market Insights
- By type, jazz segment accounted for the highest market share in 2021, growing at a CAGR of 7.2% from 2022 to 2031.
- By revenue source, tickets segment accounted for the highest market share in 2021, growing at a CAGR of 7.1% from 2022 to 2031.
- By gender, male accounted for the highest market share in 2021, growing at a CAGR of 6.8% from 2022 to 2031.
- By region, North America occupied the maximum share of the market in 2021 and is expected to be the dominating segment during the K-pop Events market forecast period.
Companies Mentioned
- CJ Co., Ltd.
- Eventbrite, Inc.
- Filmmaster Group
- HYBE Co., Ltd.
- JYP Entertainment Co. Ltd
- Live Company Group plc.
- PK-UK Events Limited
- SM Entertainment Group
- SubKulture Entertainment
- YG Entertainment Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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