Market Trends of Independent Artists Industry
Visual Arts Segment Dominated the Market
The two main market segments for independent artists are visual and performing arts. The visual arts market was the largest segment of independent artists. In the future, the visual arts market is expected to be the fastest growing segment in the independent artists and performing art companies market segmented by art type, at a CAGR of 10% during the forecasted period.
The visual arts market comprises ceramics, photography, drawing & painting, and other visual arts. Like visual art, music is universal and accessible to people of many languages and cultures. Many individuals hear music in their dreams, and some see colors when they hear music; this is a type of synesthesia. Visual art can elicit an emotional reaction. Artists produce works that elicit emotions but also change one's mood, evoke memories, and provide comfort and inspiration because they share aspects such as harmony, balance, rhythm, and repetition in visual art.
Moreover, visual and performing arts organizations collaborate with corporations, urban equality initiatives, and military and veteran organizations to address social challenges. By working together, they may accomplish their shared objectives of growing audiences, saving money, and resolving societal concerns like hunger, homelessness, etc.
Asia Pacific is the Largest Region in the Independent Artists Market
Asia Pacific was the largest region in the independent artists and performing art companies market, accounting for 35.0% of the total in the current year. Western Europe followed it, and then the other regions. In the future, the fastest-growing regions in the independent artists market will be South America and Africa, where growth will be at CAGRs of 12.5% and 11.5%Singapore concerts, respectively. Asia Pacific and the Middle East, where the markets are expected to grow at CAGRs of 11.5% and 11.3 %, respectively.
Events that took place in Asia Pacific in the current year are the Thai music festival series POW Fest was back in June, for a three-day affair featuring YONLAPA, Death Of Heather, Dog Whine, Folk 9, and more. Taiwanese pop and rock veteran Lo Ta You was slated to perform his first-ever on Father's Day in June. Korean hip-hop group Epik High headed to Singapore, Melbourne, Sydney, Bangkok, and Jakarta for the Epik High Is Here Tour. The tour kicked off in Singapore on July 9, then headed to Australia for stops in Melbourne (July 11) and Sydney (July 12). The group then returns to Southeast Asia to perform in Bangkok, Thailand, Singapore concerts, Jakarta, and Indonesia.
