The global secondary ticket market is anticipated to expand steadily in the years to come due to rising consumer disposable income and high spending on entertainment. Increasing demand for online ticketing due to growing internet usage can drive the market. Use of smartphones and tablets has augmented in recent years due to their flexibility and user-friendliness. Additionally, intensifying competition in the ticketing industry has increased the need among service providers to form long-term contracts with production houses, sports authorities, theaters, and local event planners. Secondary ticketing plays a key role in economic growth as it connects those with spare tickets to those who want to buy them.
Promotion of music consorts, stand-up comedy shows, sport tournaments, and movies is anticipated to fuel market growth in the years to come. Major secondary ticket providers are focusing on the development of mobile applications and user-friendly websites to enable quick and easy transactions. Such applications help customers to access information about the event, seating layouts, ticket pricing, and other relevant information. Thus, increasing use of mobile apps is one of the key factors driving the market. Additionally, rising popularity of live concerts or sports events have encouraged numerous event organizers to form a contract with the online and offline primary and secondary ticket providers to reach out to customers.
Furthermore, growing popularity of Hollywood movies and analyzing behavior of customers using mobile ticketing apps are the key trends fueling market growth. Furthermore, digital movie screens are gaining traction due to their capability to provide high-quality audio-visual experience. These screens improve the experience of watching videos with high graphic content as well as 3D movies.
However, threats of illegal transactions and presence of strict regulatory framework are expected to hinder market growth.
The market can be segmented based on platform as online and offline. Online platform is expected to occupy a prominent share in the market. This could be attributed to increasing use of the platform due to convenience of booking tickets. Many additional benefits offered on these platforms to attract customers is also expected to boost the segment’s growth in the years to come. For instance, ICC launched its official resale ticket platform for Cricket World Cup2019. It is intended to provide a safe and secure way to buy and sell tickets. The platform has been developed, together with the ticketing service provider for the tournament, Ticketmaster. Moreover, the platform is the only authorized resale website for the event. Fans can now sell unwanted tickets up to and throughout the tournament.
Europe, Middle East, and Africa is expected to observe high revenue growth in the coming years. Sporting events are gaining traction due to rising passion for soccer among the Europeans. The sporting events market in the region is highly influenced by the soccer leagues in the European countries. Additionally, increasing number of musicians has led to a rise in demand for live concerts. These services are extensively adopted for live events, movies, and sporting events. Sporting event holds a prominent share in the market. Growing popularity of soccer, tennis, and cricket, along with increasing passion for sports among individuals, can boost the segment’s growth in future.
Some of the leading companies operating in the secondary ticket market are Ace Ticket Worldwide, Ticketmaster Entertainment, RazorGator, Coast to Coast Tickets, and Tickets.com. The market is highly competitive due to existence of numerous large and small service providers. Competition is expected to increase in terms of pricing, value-added benefits, and customer-friendly interfaces in the coming years. Moreover, companies are anticipated to develop new ideas and technologies to gain traction in the market.
Research Support Specialist, USA