New York, United States, Oct. 04, 2023 (GLOBE NEWSWIRE) -- E-tickets signified a radical change from conventional event ticketing practices for several events. The majority of venue counters today encourage clients to purchase tickets in advance online. “The Mobile section is projected to grow exponentially and hold the largest market share over the forecast period,” said by Research Manager at Straits Research P. Ltd.
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Rising Trends
The music events segment dominates the online event ticketing business, with profitable sales for all music-related events, including concerts, festivals, musicals, music shows, and operas. According to Ticketmaster, “a major online ticketing site, approximately 80% of recent GTV growth can be attributed to music”. Additionally, the younger generation who is enthusiastic about music is attracted to music events by the performances of domestic and international singers. For instance, after repeatedly postponing the 2020 edition due to the epidemic, the Belgian EDM festival Tomorrowland said in February 2022 that it will still hold its annual event. It is tough to forecast whether attendance will surpass the previous record of 400,000 spectators in 2019, even though concertgoers in Europe may be watching the news with curiosity. Such activities will raise the demand for online concert tickets in 2022.
In 2020, worldwide live events generated approximately USD 1.2 billion. Market revenues are expected to rise over the coming years since significant events that did not occur during the pandemic will shortly happen. The online ticketing platform "Granted," which had a preliminary launch in 2021, intends to revolutionize the ticketing industry in multiple ways. The company not only sells performance tickets to fans but also arranges charity auctions and VIP experiences for them, such as meet-and-greets with athletes and artists.
Growth Opportunities
Due to the cumulatively detrimental effects of pollution on the ecosystem, governments worldwide are concentrating on reducing environmental pollution and deforestation. This has led governments worldwide to encourage digital transactions to reduce paper use and save trees. Many banking institutions and telecom service providers use online platforms for financial transactions. The expanding use of paperless transactions will thus enable the capacity to create electronic tickets disseminated via emails or text messages.
Due to the increasing popularity of the internet, several companies have diligently developed cutting-edge consumer engagement tactics. Service providers can use e-tickets for various purposes, including coupons for online shopping and concert or sporting event tickets. The widespread use of e-tickets denotes a change in purchasing traditional tickets.
Regional Insights
North America will command the market, expanding at a CAGR of 7.5% over the forecast period. Market expansion in the region is mainly attributable to the United States and Canada. Due to the convenience and accessibility of purchasing movie tickets, mobile movie ticketing services are predicted to become a substantial source of revenue in North America throughout the forecast period. During the forecast period, the use of mobile phones in the region, especially with the development of mobile applications by travel booking companies, is likely to increase the number of mobile bookings.
Europe is likely to grow at a CAGR of 7% by 2031. As disposable income increases, so do discretionary entertainment and recreation expenditures. In addition, a substantial element of the entertainment industry is the film industry, which may enhance market demand in the coming years. Estonia had the highest rate in Europe in 2020, with 1.4 admissions per person. Denmark ranked second with 1.2 admissions per individual. The vast majority of Reel Cinemas tickets are now purchased in advance via a website or app, representing one of the most significant consequences of the epidemic. The barcodes or QR codes on these tickets are scanned to verify their validity.
Key Highlights
- The global online event ticketing market size is expected to reach USD 64.68 billion by 2031, growing at a CAGR of 7.20% during the forecast period (2023–2031).
- By application, the global online event ticketing market includes Movies, Sports, Music Events, and Others. The Music Events section is expected to hold the largest market share, growing at a CAGR of 8.51% by 2031.
- By platform, the global online event ticketing market includes Desktop and Mobile.
- By region, the global online event ticketing market is analyzed across North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America holds dominion over others.
Competitive Players in the Market
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- Bigtree Entertainment Pvt. Ltd
- Cinemark Holding Inc.
- Kyazoonga
- Ticketmaster Entertainment LLC
- Fandango Media LLC (Comcast Corporation)
- Viagogo Entertainment Inc.
- TickPick LLC
- Ticketek Pty Ltd
- Ticketsauce.com Inc.
Market News
- In 2022, major e-commerce company Flipkart is collaborating with online ticketing operator BookMyShow to expand the scope of its transactional offerings.
Global Online Event Ticketing Market: Segmentation
By Application
- Movies
- Sports
- Music Events
- Other Applications
By Platform
- Desktop
- Mobile
By Regions
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
About Straits Research Pvt. Ltd.
Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, specially designed and presented for decision making and ROI.
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