• by Colin Kirkland , January 16, 2023

In the aftermath of COVID-19 lockdowns, music -- one of the pandemic’s hardest-hit industries -- is back at the center of live entertainment. Between now and 2026, the global live music market is expected to grow exponentially.

Based on a new report by technology research company Technavio, the size of the global live music market is estimated to increase by almost $10 billion between 2021 and 2026, with a compound annual growth rate (CAGR) of 6.85%.

Between 2021 and 2022, alone, Technavio measured a year-over-year increase of 5.5%.

The report claims that the primary and secondary sales of tickets will grow at a significant rate during the forecast period.

Because the global primary ticket market is driven by the box-office industry, primary ticket sources have expanded their services to all events and concerts -- factors that Technavio says will fuel market growth.

Based on geography, North America will account for 32% of the market's growth during the forecast period. Canada and the U.S. are key countries due to their large number of artists and sponsors in the industry.

The growing popularity of live events is a key driver in market growth, with an increased demand for live events featuring popular musicians and DJs, as is an increased interest in music among younger generations.

Furthermore, more unsuspecting venues––including hotels––have begun hosting live music events, especially with DJs.

While the industry experiences an increased demand, however, privacy and security concerns over online ticket booking platforms poses a challenge to market growth.

“The threat of phishing has increased with the growth in online platforms and applications,” Technavio states in the report, citing how service providers track cookies to collect data related to customers’ preferences, as well as rising fees and ticket prices, and recent debacles including Ticketmaster’s inability to process tickets during Taylor Swift's “Eras” tour.