According to the report, the UK, US, India, Germany and South Korea are providing major growth opportunities for service providers
FMI says that the global music tourism market is expected to reach USD 14 billion by 2033, up from USD 5.91 billion in 2023, growing at a compounded annual growth rate (CAGR) of 9 pc for the next decade.
FMI says that music tourism excursion involves a trip to an area to watch a music performance, such as a festival or a show. It has become a way to not just provide travellers with a memorable cultural experience, but also boost economies for small cities with the recognition.
According to the report, the UK, US, India, Germany and South Korea are providing major growth opportunities for service providers. Music tourism in these countries are not just limited to logistics for various concerts. From recording to production, artists are leveraging the services of world label companies based in various countries.
Germany ranks first with 9.5 pc CAGR from 2023 to 2033. Various genres including rock, hip-hop and pop are attracting these artists, further fuelled by international music concerts.
India is poised to witness a CAGR of 8.8 pc in the said period, with around 1.5 million people expected to attend these festivals. Sunburn Festival in Goa saw 350,000 visitors last year.
The survey says music tourism is expected to grow at a healthy rate in the United Kingdom over the next few years. In India, diversity and cultural traditions is also positively contributing to this sector’s growth in the nation.
In the United States, which boasts of one of the largest music industries, music industry in the US was valued at USD 43 billion. American acts are leading the industry and is expected to grow at 9.2 pc CAGR.
The report says that South Korea industry, over the past decade, has become a ‘content powerhouse’ with the popularity of K-Wave dramas, music and films. Being the sixth largest music market in the world and largest in Asia after Japan, it’s USP is K-Pop. With this surging popularity, South Korea market is expected to bolster a 9 pc growth in the sector from 2023 to 2033.
The report says that diverse genres and festive cultures will likely generate economic growth in numerous regions. Among other contributing factors are the growing popularity of pop culture and technological advancements, along with social media trends and a rising number of artists and singers from different regions.
The report says a large portion of the money generated by music tourism is redirected to cities every year. Music festivals, live music venues and historical landmarks are all assets of a city’s tourism industry.
The report says major music festivals draw a large number of tourists. The Rock in the Park festival in Bogota, one of the largest in the world, hosted a record 87 brands attracting 400, 000 visitors. Millions of festivals lovers travel to attend festivals like Glastonbury, Coachella, Tomorrowland and Ultra Music Festival. Fans from all over the world travel to see diverse lineups and immersive experiences.
