Online Event Ticketing Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)
The Online Event Ticketing Market (hereafter referred to as the market studied) was valued at USD 28. 49 billion in 2021, and it is expected to reach USD 94. 92 billion by 2027, registering a CAGR of 7.
New York, March 18, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Online Event Ticketing Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” – http://www.reportlinker.com/p06246248/?utm_source=GNW
52% during the period of 2022-2027 (henceforth, referred to as the forecast period).
Key Highlights
Online ticketing gained popularity due to the proliferation of smartphones and mobile devices, which resulted in the perceived ease and flexibility of the procedure. User-friendly and attractive mobile interfaces are being developed by service providers, resulting in the easier and faster booking of tickets.
Ticketing platforms and event organizers can incorporate visitor screening and contact tracing into their event planning. By screening visitors who exhibit symptoms and collecting contact tracing information directly through the event registration systems and access control apps, ticketing platforms can meet local regulations and improve event safety.
Ticketing companies are trying to use this turbulent time to streamline their internal and external processes. One of the persistent themes at the Ticket Business Forum in 2021 and INTIX 2022 was a lively discussion about tapping into the ticketing data. For instance, sports teams are willing to explore the idea of new revenue streams through omnichannel experiences for patrons.
In the recent past year, online movie ticketing network Fandango expanded its global reach under a multi-year deal with leading theater chains in Latin America, adding more than 5,000 screens in 15 countries. It inked deals with Cinemark, Cinepolis, and Cinemex, allowing its subsidiary Fandango Latin America to significantly up its presence in Mexico, Colombia, Chile, Bolivia, and Peru. Fandango’s Brazil subsidiary Ingresso.com, Fandango’s total coverage in Latin America comprises more than half of all screens across the region. Such instances are driving the market’s growth.
According to Forbes, in the United States, similar to TV shows, the number of movies in 2020 dropped as studios moved release dates into 2021 (and beyond). The survey found only 338 theatrically released movies in 2020, a year-over-year decline of 66% from 987 movies in 2019. In 2020, an estimated number of movies that began production declined by 45% totaling 447.
As the number of films and movie attendance plunged during the pandemic, financially imperiling movie theaters, studios were seeking new ways to get the video entertainment into homes and grow revenue. This included the emergence of premium VOD (PVOD), which shortened the theater window for films to 17 days before becoming available for home video viewing at a premium cost.
The COVID-19 pandemic has been a disruptive force in the entertainment and performing arts. The theatre, which generates unique experiences because it forces the audience to gather together, was forced to become a mostly virtual and distanced art form to cope with the necessary safety measures precipitated by the pandemic.
Key Market Trends
Music Events to drive the Market Growth
The music events segment shares a prominent share in the online event ticketing market, as it includes lucrative sales for all music-related events, such as concerts, festivals, musicals, music shows, and operas. Ticketmaster’s, a global leading online ticketing platform, stated that music accounted for about 80% of their GTV growth in recent years.
With the rise of music aspirants, music talent shows, and music streaming services for artists, concerts are the primary source of income for online ticketing providers. As tickets become expensive, so do the costs of hosting a concert. Except for the constant price rise widespread fake and duplicate tickets, customers still pay more, as growing user numbers indicate. Also, the young generation with a passion for music gets attracted by international and national singers’ performances in the music events.
For instance, in February 2022, the Belgian EDM festival Tomorrowland announced its plans to go through with this year’s event after postponing the 2020 edition two times in a row due to the COVID-19 pandemic. Even though this news might be gazing for concertgoers in Europe, it’s hard to gauge whether attendance numbers will reach their previous high of 400,000 visitors in 2019. It will lead such concerts to raise demand for online ticketing of the upcoming concerts in 2022.
Moreover, according to Pollstar, the gross revenues accumulated with touring amounted to roughly USD 5.6 billion worldwide in 2019. This branch of the music industry, which heavily relies on social interaction and in-person gatherings, was hit the hardest by the impact of the pandemic. In 2020, live events worldwide only generated about USD 1.2 billion in revenues. The market is likely to observe revenues that will grow in 2022 as major events that haven’t happened during the pandemic will happen this year.
The online ticket platform, “Granted,”which was soft-launched in February 2021, aims to disrupt the ticketing industry in several ways. Beyond selling tickets to shows, the startup offers fans VIP experiences, such as meet-and-greets with artists and athletes, and hosts auctions that benefit a charity of a given talent’s choice. Granted also accepts cryptocurrency as payment and has minted NFTs, or non-fungible tokens, for athletes like NFL running back Saquon Barkley.
Asia Pacific Anticipated for Fastest Growth
Due to rising disposable income, high smartphone penetration, increased internet access, and expanding urbanization, the Asia Pacific market has been the fastest-growing in recent years. Customers, notably in the Asia Pacific, have shown a willingness to pay internet handling fees to bypass long lines, positively shaping the industry.
According to the China Film Administration, the number of movie screens in China climbed from 75,581 in 2020 to 82,248 in 2021, the highest in the world, owing to the country’s growing urban population and rising entertainment demand. Such developments are expected to propel the market in question in the region.
To reduce paper waste, an increasing number of theatres and exhibitors have begun to accept m-tickets and e-tickets. The barcodes or QR codes on these tickets are scanned by attendants to guarantee their legitimacy. Many service providers provide loyalty programs to subscribers through their mobile platforms to keep them for a longer period.
The number of online event tickets sellers is steadily increasing. A movie ticket option is available on Amazon’s mobile app and amazon.in, a mobile website in India. In collaboration with BookMyShow, the IT business debuted a unique ticketing function that is only available in India.
Government actions should also help to boost market demand. Thailand’s 4.0 policy aims to shift the economy away from traditional industries and toward creative, digital developments. A key theme is the “cashless society. ”
In a survey performed by the Japan Productivity Center (JPC) in September 2021, over 32% of respondents in Japan identified baseball (yakyu in Japanese) as their favorite sport to watch, compared to 23% who said they preferred soccer. Other studies revealed that this was true not only for TV viewing but also for real attendance at sporting events in gymnasiums or stadiums.
The surge in fascination towards online booking for movies and sports events will significantly drive market growth in the coming years.
Competitive Landscape
The online event ticket market comprises several global and regional players vying for attention in a fairly contested market space. Although the market poses moderately high barriers to entry for the new players, several new entrants have been able to gain traction.
February 2022 – Northampton Saints announced that from the beginning of the 2022-23 season, Ticketmaster Sport would become the Club’s new ticketing services provider. Ticketmaster will deliver sports ticketing technology solutions to Black, Green, and Gold men with a new long-term relationship. These supporters will be able to take advantage of a new, improved, and highly intuitive ticketing website, which will make it very easy to buy and receive tickets seamlessly.
September 2021 – The company announced the grand opening of its new Cinemark Jacksonville Atlantic North and XD theatre with the Atlantic North mall. This new theatre has 14 screens and is the third theatre in the Jacksonville area, offering an elevated experience to eastern communities.
Additional Benefits:
The market estimate (ME) sheet in Excel format
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