The U.S. online ticketing market size was valued at USD 4.87 billion in 2017 and is expected to grow further over the forecast period. Increasing number of music and sports events coupled with growing penetration of mobile ticketing apps is projected to drive the industry in the coming years. Quick adoption of latest technologies in ticket booking systems is also likely to serve as one of the major driver for the market over the next coming years.
U.S. online ticketing market revenue split, by type, 2017 (% share)
Rapidly increasing number of laptop and mobile phone users is also anticipated to spur the online ticketing market demand. These two devices have become popular platforms for online shopping and communications, which boosts the growth. Consumers are finding online medium as the most convenient and beneficial method for shopping. This has resulted in a downfall of offline sales channels, which is also fuelling the online ticketing industry development.
The general ticket market for movies and events have a fixed extend for its sales units, as a result, saturation can lead to limitation of volume growth. Movie ticket booking segment held the largest share of the overall market followed by music ticket booking segment. Rapidly expanding entertainment and sports sector in US is also anticipated to boost the industry growth in the country.
U.S. was the leading regional market globally followed by United Kingdom, China, and Germany. Furthermore, expansion of payment channels through virtual currency and plastic money, such as debit and credit cards, is expected to spur the market development. A lot of companies in the U.S. online ticketing market are allowing users to make payments using cryptocurrency. For instance, MovieTickets.com, integrated bitcoin payments in 2015 allowing its customers to make payments through virtual currency modes.
Moreover, advantages of online ticketing systems over offline modes, such as cost-efficiency, user convenience, and various discounts, are also estimated to drive the market.
Segmentation by Type, 2015 - 2025
• Music Concerts and Events
• Sports Events
The market is segregated into three main categories comprising of music concerts and events, sports events, and others. The others segment, which consists of movies and other recreational activities, led the overall market owing to rapid growth in the entertainment sector.
The development of mobile-commerce platforms using smartphone applications, social media networks, and instant messaging (IM) bots is a popular trend in the market. People can buy tickets from their mobiles and organizers/sellers can track their sales using the database available online. Increasing number of sports events and music concerts in the country is projected to provide tremendous growth opportunities for the industry. Rising consumer disposable income is also boosting the entertainment industry, which, in turn, is driving growth.
Some of the prominent companies in the U.S. online ticketing industry are Ticketmaster Entertainment, Inc.; Live Nation Worldwide, Inc.; StubHub; MovieTickets.com, LLC.; and RazorGator. Currently, Ticketmaster is engaged in selling tickets for many top venues across the country.
Companies in the market are trying new approaches for business development. They are concentrating on development of online ticketing booking applications with enhanced performance and ease of use to provide users with better experience.
Research Support Specialist, USA