Dhaka, June 7 -- The global value of music tourism is expected to grow by 18.8pc over the next five years, according to a new report that highlights increasing fan engagement in music travel and rising investment by governments and tourism authorities in festivals and concerts.

The Grand View Research report, which spans 110 pages, provides an in-depth analysis of major events companies such as AEG Presents, Glastonbury Festivals Ltd, Live Nation, Lollapalooza, Ticketmaster, and Tomorrowland. It estimates the current global music tourism market to be worth $96.78 billion (approximately €86 billion).

The impact of music events on local economies was illustrated recently by US megastar Taylor Swift, whose global Eras tour prompted t...