Online Event Ticketing Market Outlook 2031
The global online event ticketing market size was valued at USD 74.03 Billion in 2022 and is projected to reach USD 111.64 Billion by 2031, expanding at a CAGR of 4.67% during the forecast period 2023 - 2031. The growth of the market is attributed to the growing proliferation of the Internet and the increasing trend of using mobile applications for booking movies, sports, and live event tickets online.
Event ticketing process has been transformed significantly over the recent years as consumers are fond of buying ticket online for various events including movies and live sports. Unlike the traditionally booking tickets systems, the online ticketing method allows customers to book events tickets from the comfort of their home without visiting event venue counters.
One key aspect for the rising popularity of the online ticket booking system is due to wide adoption of smart devices among consumers and high penetration of the Internet. Using devices such as tablets and smartphones for the online booking process have gained significant traction owing to the ease and flexibility of the procedure as well as the user-friendly mobile interfaces developed by the providers.
Internet-enabled smartphones and tablets offer easy access to purchasing tickets online, which reduce the overall time duration and efforts as compared to conventional methods. Prominent service providers are focusing on developing user-friendly apps for mobile devices supported by Android or iOS to ensure hassle-free purchasing of tickets.
Increasing disposable income of consumers and rising preference for spending on entertainment and leisure activities are key factors for the market development. Music concerts, sports events, stand-up comedy, and movies are considered to be the backbone of the entertainment industry.
Service providers are focusing on offering various deals and discounts coupled with special incentives such as additional discounts and pre-sales in the online event ticketing system. A large sum of money is being invested for the development of mobile applications and software as well as re-designing their websites to provide a user-friendly booking experience to their users.
Furthermore, the customers using the online booking method can avail certain advantages such as choosing preferred seats, easy means of digital payment using mobile tickets in the form of barcode, and easy cancellation process of the tickets. Additionally, the service providers usually ties up with banks to allow the use of mobile wallet from customers at the time of purchasing tickets from their portals.
Online Event Ticketing Market Drivers, Restraints, Trends, and Opportunities
- Various technological advancements in the online ticketing software and introduction of user-friendly applications are drawing the attention of more consumers towards purchasing event tickets online. This is projected to propel the market in the coming years.
- High penetration of the Internet and wide adoption of smart devices for booking tickets are expected to drive the online event ticketing market growth during the forecast period.
- Offering various deals and discounts using online ticketing platforms or services act as major drivers for the online event ticketing market growth.
- Customers can easily compare prices, service features, and after-sale services facilities of various online ticket booking platforms, which is further propelling for the adoption of the online event ticketing services.
- The emergence of COVID-19 pandemic has adversely affected the global online event ticketing market due to the restriction of movement and emergency shutdown. This has resulted in the sluggish ticketing business across the globe.
Scope of Online Event Ticketing Market Report
The report on the global online event ticketing market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Online Event Ticketing Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Platforms (Desktop and Mobile) and Event Types (Sports, Music & Other Live Shows, and Movies)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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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.
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Global Online Event Ticketing Market Segment Insights
Mobile segment is expected to represent a significant market share
On the basis of platforms, the online event ticketing market Share is bifurcated into desktops and mobiles. The mobile segment is expected to represent a significant market share during the forecast period owing to the wide usage of mobile phones for booking tickets online.
The mobile devices are more convenient for consumers in purchasing online tickets owing to the easy access to internet and increasing penetration of high-speed internet connectivity. Booking tickets through mobile devices is an easy task as compared to online booking via desktops.
Additionally, software developers are providing user-friendly interfaces and frequent updates of mobile applications to enhance the users’ experience. A large number of exhibitors and theaters are accepting e-tickets or m-tickets to avoid the wastage of paper.
These tickets have barcode or QR codes that are scanned by the attendants to ensure the authenticity of the tickets. Many service providers normally offer loyalty programs to retain their consumers for a longer period of time by encouraging the use of their mobile platforms.
Sports segment anticipated to constitute a large market share
Based on events types, the global online event ticketing market share is segmented into movies, sports, music, and other live shows. The sports segment is anticipated to constitute a large market share during the forecast period owing to easy availability of the online ticket sales for sport events.
Sports events such as the FIFA World Cup, the National Football League (NFL), ICC Cricket World Cup, the Olympics Games, and the Premier League (PL) have a huge fan following and booking tickets using online portals for these events is the best way to avoid the long-queue for tickets.
However, the movie ticketing segment is anticipated to expand at a high CAGR during the forecast period owing to increasing consumer spending on entertainment. Service providers are focusing on tie-ups with cinema halls to offer attractive discounts to customers and attract more consumer base, which are acting as key factors for the segment growth.
North America projected to hold a significant market share
In terms of regions, the online event ticketing market share is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is projected to hold a significant market share during the forecast period owing to high per capita income of a large number of population and growing penetration of high-speed internet in countries such as the US and Canada. Mobile-based online movie ticketing is a popular trend in the region since it is much convenient and easier for consumers to purchase movie tickets through mobile devices.
In the region, the US is projected to expand at a healthy CAGR during the forecast period owing to the large presence of tech-savvy population and the growing disposable incomes of consumer of the country. Further, Hollywood is a glamorous entertainment industry that is based in the US, thus, there is an increased demand for convenient modes of purchasing online tickets. On the other hand, the market in Asia Pacific is anticipated to register a high CAGR during the forecast period owing to rising popularity of live sport events and high spending for entertainment shows among consumers.
Segments
The global online event ticketing market has been segmented on the basis of
Platforms
Event Types
- Sports
- Music & Other Live Shows
- Movies
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Razorgato
- StubHub
- Ticketmaster
- Tickpick
- Fandango
- AOL Inc.
- Atom Tickets LLC
- Fandango
- Movietickets.com
- Big Cinemas
- Cinemark Holdings Inc.
Competitive Landscape
Some of the major players in the global online event ticketing market 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.
Several companies in the industry are focusing on establishing partnership with financial institutions such as banks to allow digital wallet service and provide additional offers to consumers, thereby, improving the traffic and financial transactions on the websites.
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