By Claire Moraa
- 56% of Gen Zs and 60% of millennials plan to travel for an out-of-town music festival in 2024
- Beyonce’s last Renaissance tour sparked a rise in hotel and restaurant prices by 3.3%
If your favorite artist was in a town near you, would you travel to see them perform live? If yes, then you’ve successfully contributed to the rise in music tourism. Travelling to attend music-related events, such as concerts, festivals, or tours not only provides a boost to the local economy but also helps promote cultural exchange and appreciation of music. To put it into perspective, the U.S. alone had a 31% increase in international visitors in 2023 bringing the total to 66.5 million visitors.
Why This Matters: As die-hard fans traverse across continents, they are injecting substantial revenue into local economies. Various industries such as hospitality, transportation, and retail stand to benefit from this migration. Currently, the market size is worth $6.6 billion but is projected to grow to $13.8 billion in 2032. And while local economies benefit from the influx in music visitors, it’s not just the economies racking the big bucks. Top artists are increasing their net worth. Beyonce’s Renaissance tour saw her reach highs of $2 billion.
Luckily, the industry is not slowing down any time soon. This year, 56% of Gen Zs and 60% of millennials plan to travel for a music-related out-of-town event. However you look at it, it’s a win-win situation for everyone. Hotels and restaurants benefit from accommodations and dining, hailing apps benefit from transportation, and others from various merchandise sales. It’s a full circle moment creating job opportunities. Local artists also get platforms to showcase their talent to a wider audience. This exposure can help emerging artists gain recognition and expand their fan base.
Situational Awareness: There is a growing emphasis on promoting sustainable practices within the tourism industry, including music tourism. This involves minimizing the environmental impact of events, supporting local communities, and ensuring the long-term viability of music tourism destinations. And even though there are potential threats to this industry such as virtual concerts, music tourism is not limited to mainstream concerts and festivals. As the industry continues to grow, we can expect to see a more diverse range of offerings, including niche music events, cultural performances, and interactive music experiences.
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