The online event ticketing market is projected at USD 58.72 billion in 2023, and expected to reach USD 83.30 billion by 2029 growing at a CAGR of 6% CAGR during the forecast period.
The increased proliferation of the web and the growing trend of using mobile applications to book movies, sports, and live event tickets online are expected to impact growth. Customers, chiefly within the Asia Pacific, are willing to pay marginal Internet handling charges to avoid standing in long queues, which has positively shaped the market. Online event ticketing systems let you trade your event tickets on digital space. They're incredibly useful when organizing events that need ticket sales because they streamline the method and offer various tools in one place. Using ticketing software, you’ll be ready to generate a dedicated ticketing website/page for your event, select different ticket types to sell, set the ticket price and payment options, get real-time sales performance data, and much more.
Many technological developments have changed the way consumers buy services and products. Several companies have started using the web to cut marketing costs and remain ahead in a highly competitive market. Customers can compare prices, service features, and after-sale service facilities, boosting acceptance. The rapid climb of Internet users across the world has provided bright prospects for e-marketers.
Service providers offer deals and discounts alongside special incentives like pre-sales and extra discounts. They're re-designing their websites, developing mobile applications, and enhancing online event ticketing software to supply a user-friendly booking experience. Furthermore, offering seating preference to viewers, providing mobile tickets with the sort of a barcode, and portraying a view of the screen/stage/ground from viewers’ preferred seats are a number of the features offered to reinforce customer experience and their position within the market.
Vendors also specialize in providing combination deals to patrons. For example, they provide food at highly discounted prices at event locations in a bid to stay competitive. They also specialized in forming tie-ups with banks and mobile wallet providers to lure customers into buying tickets from their portals.
The online ticket booking business is extremely hampered by the outbreak of the coronavirus pandemic. As governments take lockdown measures to regulate the spread of disease, many hotels and theaters are closed, resulting in the downfall of the ticketing business.
The rise in adoption of smartphones and private computers, surge in income, and growth focused on paperless transactions are the main factors that drive the growth of the web event ticketing market. However, lack of price supervision and uncertainty over ticket prices can hinder market expansion. Defiantly, the evolution in penetration of internet and broadband services across the world is an opportunistic factor for the growth of the web event ticketing market.
Cumulative adverse effects of pollution on the environment have encouraged governments across the world to specialize in reducing environmental pollution and deforestation. This has compelled governments across the world to encourage digital transactions to scale back the utilization of paper and save trees. Numerous banking organizations and telecom service providers have accepted online platforms for monetary transactions. Thus, an upsurge in the adoption of paperless transactions will further support the web movie ticket booking service providers in getting e-tickets that are sent through emails or messages.
Major online event ticketing systems are paid platforms or applications as they comprise service charges. Utmost platforms charge a fee per ticket plus a percentage of the ticket price. Many entertainment industries have legacy architecture, which adds additional cost, and they charge high fees just to remain in business.
Severe promotion and advertising activities carried out by online ticketing services play a pivotal role in increasing the sale of tickets through their channels. Ease related to purchasing tickets through Internet-enabled smartphones and tablets has completely changed the dynamics of ticketing services. Prominent service providers are increasingly evolving user-friendly apps for Android and iOS to facilitate hassle-free ticket purchases. Rising consumer income, especially in emerging countries, is predicted to contribute considerably to promoting growth. This ultimately is increasing discretionary spending on entertainment and leisure services. Movies, music concerts, sports events, and stand-up comedy are often considered the backbone of the show business.
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2023 to 2029 |
|
Base Year |
2023 |
|
Forecast Period |
2024 to 2029 |
|
CAGR |
6% |
|
Segments Covered |
By Platform Outlook, Event Type Outlook, and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
|
Market Leaders Profiled |
Razorgato; StubHub; Ticketmaster; Tickpick; Fandango; AOL Inc.; Atom Tickets LLC; Fandango; Movietickets.com; Big Cinemas; Cinemark Holdings Inc.; BookMyShow.com; Vue Entertainment; Mtime; and Kyazoonga and Others. |
North America is estimated to account for the biggest market share over the forecast period because of higher per capita income and increased proliferation of the web in countries like the U.S. and Canada. Mobile movie ticketing services are projected to emerge as a crucial revenue-generating sector over the forecast period in North America because of consumer convenience and accessibility related to the purchase of movie tickets.
The U.S. is estimated to witness significant growth over the subsequent few years because of the greater presence of the tech-savvy population within the country with growing disposable incomes. Moreover, Hollywood is a highly touted show business within the U.S., and because of this, there's a better demand for convenient modes of buying tickets. This has elevated the demand for online ticketing within the country.
India is a lucrative marketplace for movie-ticketing service providers as new movie releases end in long queues at theaters for advanced bookings. While offering preferred seating choices to patrons is typically an optional service for providers within the U.S., it's a basic necessity in markets like India and China. BookMyShow, a strong player in India, apparently carries out over 35,000 transactions during a day and sells over 95,000 tickets within the country.
MEA is expected to witness significant growth over the forecast period. The fast acceptance of smartphones and tablets in countries like Qatar, Turkey, and UAE is anticipated to drive market growth. The 2022 FIFA World Cup is scheduled to be staged in Qatar; this is often likely to provide an impetus to service providers within the country.
Key companies within the industry are forming partnerships with financial institutions, like digital wallet service providers and banks, to provide additional offers to customers, thereby resulting in increased traffic and financial transactions on websites. Chief companies functioning within the marketplace include Razorgato, StubHub, Ticketmaster, Tickpick, Fandango, AOL Inc., Atom Tickets LLC, Fandango, Movietickets.com, Big Cinemas, Cinemark Holdings Inc., BookMyShow.com, Vue Entertainment, Mtime; and Kyazoonga.
By Platform Outlook
Desktop
Mobile
By Event Type Outlook
Sports
Music & Other Live Shows
Movies
Frequently Asked Questions
Advancements in technology, including AI-driven recommendation engines, mobile ticketing solutions, and blockchain-based ticketing platforms, are enhancing user experiences, streamlining ticket distribution, and reducing fraudulent activities globally.
Online event ticketing platforms are implementing measures such as dynamic pricing, identity verification, and blockchain technology to combat ticket scalping and fraud, thereby ensuring a fair and secure ticketing ecosystem for both event organizers and attendees.
Partnerships and collaborations between online event ticketing platforms, event organizers, venues, and payment service providers are essential for expanding market reach, improving ticket distribution channels, and offering integrated solutions that streamline the ticketing process for all stakeholders.
Regulatory frameworks governing online ticketing practices vary across regions, with factors such as consumer protection laws, antitrust regulations, and taxation policies influencing the operations and business models of online event ticketing platforms on a global scale.
Related Reports
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 1800
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region