wiseguyreports January 14, 2021

Market Highlights

Global Karaoke Market is Estimated to be valued at USD 5,733.77 Million by 2024 and is expected to register a CAGR of 2.52% during the forecast period. The recordings of popular songs are played without the words by karaoke machines, so the user can sing along. The widespread popularity of music across the globe is driving the growth of the global karaoke market.  

Japan was the largest market for karaoke in 2018 and the regional market is expected to maintain its dominance during the review period. Karaoke is a popular activity in Japan and usually takes place in private rooms at restaurants and bars with the complete set-up for users. The increasing demand for karaoke systems, for household and commercial use is driving the growth of the market in the region. Europe also held a significant market share and was the second-largest market for karaoke in 2018.     

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The increasing number of karaoke competitions across the world is contributing to the growth of the market. The Karaoke World Championship is among the notable karaoke contests active since 2003. The adoption of karaoke as a pastime and corporate entertainment to showcase talent is boosting the growth of the market. Moreover, karaoke provides the opportunity to expatriates to sing, perform, and enjoy songs in their native/regional languages. Thus, growing expat communities across the globe are expected to offer market players lucrative opportunities for growth in the coming years.  

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