Pune, July 18, 2024 (GLOBE NEWSWIRE) -- Online Event Ticketing Market Size Analysis:
“According to SNS insider Research, The Online Event Ticketing Market size was escalated at US$ 69.4 Billion in 2023 & is projected to reach US$ 107.1 Billion by 2032 with a significant CAGR of 4.96% over the forecast period of 2024-2032.”
Market analysis
The market growing with the accelerated adoption of the internet and the rising popularity of mobile apps for booking movies, sports activities, and live show tickets are at the forefront. This trend is growing in Asia Pacific, in which clients are willing to pay more for online convenience and keep away from long queues. Furthermore, rigorous advertising campaigns and promotions using online ticketing offerings significantly contribute to improving ticket sales. The ease of purchasing tickets via smartphones and tablets has revolutionized the ticketing landscape. Major service providers are continuously developing user-friendly apps, similarly, streamlining the process. An increase in spending on entertainment and growing disposable income, in developing countries, is driving the market's expansion.
Mobile devices are the preferred preference for buying tickets due to decreased internet expenses and the significant presence of high-velocity networks like 4G and 5G. Mobile booking provides a simpler and more convenient opportunity to traditional online booking via computer systems. Software developers are constantly improving user interfaces and experience with frequent updates. This proliferation of mobile devices with user-friendly apps allows customers to browse events, purchase tickets, and manage them from their smartphones, disposing of the need for conventional ticketing systems.
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Major Players Analysis Listed in this Report are:
- Carnival Cinemas
- AOL Inc. (Yahoo)
- PVR LTD.
- Tickets Please
- Bigtree
- Ticketmaster
- StubHub
- Cinemark Holdings, Inc.
- KyaZoonga, Inc
- EasyMovies
- Cineplex Inc.
- VOX Cinemas
- TickPick LLC
- Other Players
Recent Developments
In April 2023, TicketRev, a client-targeted platform, launched its mobile app with a pre-seed investment of USD 1.1 million. It permits fans to specify favored pricing and seating choices, facilitating ticket sales and liquidation of inventory.
February 2023, SeatGeek secured a partnership with Major League Baseball (MLB) in North America, becoming the reputable price tag market for MLB occasions. This collaboration offers benefits for both parties, along with ticket resale integration for fans and access to valuable data for MLB and its teams.
Online Event Ticketing Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 69.4 billion |
| Market Size by 2032 | US$ 107.1 Billion |
| CAGR | CAGR of 4.96% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • Higher internet accessibility worldwide facilitates easier online ticket purchases. • A shift towards digital platforms across industries drives online ticket sales. |
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Segment Analysis
By Platform
The mobile segment held the largest revenue share 55% in 2023, projected to grow with the highest annual growth rate 4.99%. This dominance is attributed to the increasing affordability of internet data plans, widespread penetration of excessive speed 3G and 4G networks, and the user-friendly interfaces offered by mobile apps. The desktop is also expected to grow gradually because of benefits such as larger screen sizes for better browsing and improved safety functions, which improve confidence in users for online transactions.
By Event Type
The music segment accounted for the highest revenue contribution 37% in 2023 and is projected to grow with a CAGR of 5.01%. The increasing popularity of stay music events, coupled with the availability of user-friendly mobile apps and real-time updates on ticket availability, drives the boom in this segment.
The sports section is also predicted to witness a significant boom because of the growing popularity of high-profile sports events and government support in some regions. The movie ticketing segment is highly competitive, with providers offering discounts and tie-ups with leading cinema halls to attract customers.
Online Event Ticketing Market Key Segmentation:
By Platform
- Desktop
- Mobile
By Event Type
- Sports
- Music
- Movies
Regional Analysis
North America region dominated the market Due to the High internet access, disposable income, and thriving entertainment sector, and it also accounted for the revenue share of more than 36% in 2023. Mobile ticketing has become a major source of revenue due to its convenience. A tech-savvy population and a strong entertainment industry contribute to steady growth. Regulations like the STOP Act in the US aim to prohibit deceptive ticket-selling websites.
In 2023, the Asia Pacific region is growing with the fastest annual growth rate of 5.60%, Rising internet and smartphone penetration, economic growth, and a shift towards Western lifestyles drive the market. India and China are major countries in this region, with BookMyShow processing a massive volume of daily and selling more than 95,300 tickets in India.
Key Takeaways
- The online event ticketing market is growing due to the increasing adoption of mobile ticketing and the increasing demand for event experiences.
- Technological advancements, user-friendly apps, and various marketing strategies are shaping the future of online event ticketing.
- The market affords profitable opportunities throughout various segments, which include the music and sports sectors, especially in areas witnessing excessive internet and penetration of smartphones.
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Table of Contents - Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Online Event Ticketing Market Segmentation, By Platform
8. Online Event Ticketing Market Segmentation, By Event Type
9. Regional Analysis
10. Company Profiles
11. Competitive Landscape
12. USE Cases and Best Practices
13. Conclusion
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