Event Tickets Market Size, Share, Growth, and Industry Analysis, By Type (Paper Tickets and Electronic Tickets), By Application (Sporting Events, Concerts and Theaters) and Regional Forecast to 2032

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EVENT TICKETS MARKET REPORT OVERVIEW

The Event Tickets Market Size was US$ 57440 Mn in 2023 and is projected to touch US$ 96558.52 Mn By 2032, Exhibiting a CAGR of 5.3% During the Forecast Period.

The Event Tickets Market is rapidly developing owing to high demand for live events such as concerts, sport events, theater plays and festivals. And increased disposable income and increase in entertainment and leisure has added towards the demand side. Advancements on ticketing systems through the use of artificial intelligence and the blockchain for secure transactions have also led to an increase in the market. The development of internet ticketing systems and availability of mobile applications has improved the market availability of tickets thus increasing customer satisfaction.

Nevertheless, there are some threats, among which the challenging epidemiological situation influenced by the COVID-19 virus, which affected the demand due to cancelling the events. However, recovery from such disasters is fast, and the return of huge events has escalated the ticket sales all over again. Moreover, the trends such as virtual and hybrid events include new prospects to the market and expand audience coverage. Several players in the market are adopting customization strategies, flexible pricing, and analytical tools to sustain their competitiveness and respond to the customers’ needs.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Event Cancellations and Postponements

The global COVID-19 pandemic has been unprecedented and staggering; with the Event Tickets Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Live performances including concerts, sports events, theatre performances, and festivals were affected leading to major ticket sales to be affected with most of them being either canceled or postponed due to the pandemic. SMEs that were event organizers and those who used ticketing platforms lost a lot of money as most of the tickets were returned for refund making cash flow a critical challenge. The overall growth of the Event Tickets Market also declined in the highest point of the pandemic hit in the year 2020 as events of all sorts were ceased across the world.

Consumers’ confidence was first impacted as people were wary of purchasing tickets as the dates of events remained uncertain along with the risk that the events they attend pose to their health. Governments put measures which included limits on the number of people that could be allowed to attend an event and this impacted ticket sales and revenue. The market is anticipated to boost the Event Tickets Market growth following the pandemic.

LATEST TRENDS

"Rise of Virtual and Hybrid Events to Drive Market Growth"

Popular during the pandemic, virtual events have paved the way to events where the audience can attend the event physically and virtually. This trend can also enable an organizer to take the event farther and provide different ticket types that can suit different customers’ tastes. New tools are being added to virtual events and virtual event tools have become upgraded with tools such as virtual reality and augmented reality. The demand for ticketing through mobile and the use of Contactless has increased due to people’s demand for convenience and safety. Today barcode channels including QR codes and NFC (Near Field Communication) technologies are applied for ticket validation and entry access with minimization of contact. These latest developments are anticipated to boost the Event Tickets Market share.

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EVENT TICKETS MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Paper Tickets and Electronic Tickets.

• Paper Tickets: The standard hard-copy barcode tickets are the physical ticket in as much as they are written papers printed and usually issued at check out points or provided via mail. Some people consider paper tickets as mementoes particularly in special events or occasion of their choice, thus, it remains the choice of most persons.

• Electronic Tickets: Nowadays, sending tickets as a PDF file or through email or any mobile application insures a fast and easy way of purchasing and obtaining the event ticket. These tickets have improved security compared to paper tickets, in one can use codes like QR codes or barcodes, the tickets can also be transferred or updated hence they are hard to be lost or counterfeited.

By Application

Based on application the global market can be categorized into Sporting Events, Concerts and Theaters.

• Sporting Events: There is usually high demand for tickets to sporting events due to huge fan base that is accorded to most sporting events. There are events like pro sports which are long term and many of them take place periodically giving people constant grounds to visit ticket sellers for. The famous sports games tend to have V.I.P or premium tickets sales which usually offer the buyers a different level of indulgence and therefore more adequate revenue pullers.

• Concerts: Concerts constitute the bulk of the Event Tickets with the market demand rising and falling with artist prominence and concert schedules. The most popular tickets are the concert tickets where fans would be willing to attend their favorite artists concerts, this is usually accompanied by fan club memberships or pre-sale tickets.
• Theaters: Theaters, including plays, musicals, and opera, attract a culturally inclined audience, with tickets often being purchased well in advance for popular shows. Theater tickets can range from affordable to premium, especially for renowned productions or limited engagements, making pricing a key factor in sales.

DRIVING FACTORS

"Increasing Popularity of Live Events to Boost the Market"

The market of Event Tickets is driven by factors such as the raising demand for live entertainment which includes music concerts, sport events, theatre shows, and festivals. Due to increased globalization, people want to stand out thus being able to pay for tickets for events they want to attend. Tickets for mega-events including Olympics, World Cup, music festivals, awards shows are sold across the globe because it’s a dream for the fans to participate in such big platforms.

"Growth of Hybrid and Virtual Events to Expand the Market"

The Increase in hybrid event attendance as people are able to both attend events and host or participate virtually, has helped extend the market. This model also enables organizers to sell tickets to both participants who will be attending the event physically and those who will be attending through an online platform thus expanding the revenue streams. The availability of virtual events exposed during COVID-19 is enough to prove their functionality and thereby enable attendees to attend events they cannot physically get to. Such a trend persists to increase the need for adopting digital ticket solutions. These factors are anticipated to drive the Event Tickets Market share.

RESTRAINING FACTOR

"Economic Uncertainty and Recession to Potentially Impede Market Growth"

Curtailment of disposable income via, for instance, economic downturn or financial turmoil may hamper people’s ability to spend their money on non-essential items such as entertainment and live events. This, in turn, leads to change in ticket sales depending on factors such as increase or decrease and speed of administering such change. Price sensitivity normally rises during such periods and this negatively impacts sales of tickets to high profile events as consumers are willing to pay excessively for special and luxurious experience. Free or inexpensive digital products like streamings services and online entertainment affect consumers’ willingness to pay for live event tickets especially in virtual events. The factors are anticipated to hinder the growth of the Event Tickets Market growth.

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EVENT TICKETS MARKET REGIONAL INSIGHTS

North America Dominating the Market with Advanced Digital Infrastructure and Major Sports and Entertainment Hubs

"The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa."

The North America has standard internet and mobile ticketing solutions that has further enhanced the easy purchase of tickets by consumers. It has also embraced other technologies which include; Mobile ticketing, blockchain, and digital wallets which improves the ticket purchasing process. The use of internet and Smartphone ownership high around the world make digital ticket easy to be purchased and planted to be used in the various events. Today North America can boast of possessing several of the world’s most popular sports leagues including the NFL, NBA, MLB, NHL, etc. These leagues have several occasions that bring many people, therefore, creating high demand for tickets. Hollywood, the actual city in the U. S., New York and even Las Vegas is the entertainment capital of the world today. A stable presence of such events as the major music festivals and Broadway shows as well as the continual presence of other entertainment events speaks for a solid market share of the region.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

The Event Tickets Market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, materials, and smart features in event tickets, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

LIST OF MARKET PLAYERS PROFILED

• Razorgator [U.S.]
• StubHub [U.S.]
• Ticketmaster [U.S.]
• TickPick [U.S.]
• Fandango [U.S.]

INDUSTRIAL DEVELOPMENT

October 2021: To prevent the spread of COVID-19, Ticketmaster launched SmartEvent which is a collection of features that will assist event promoters in enforcing physical distancing, admission at a given time, and contactless transactions. It makes it possible to produce safe live event experiences while, at the same time, managing ticketing logistics as the world continues to battle Covid-19.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.