The global online event ticketing market size is expected to reach USD 287.91 billion by 2030, according to a new study by Polaris Market Research. The report “Online Event Ticketing Market Share, Size, Trends, Industry Analysis Report, By Platform (Desktop, and Mobile); By Event Type (Sports, Music & Other Live Shows, and Movies); By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The entire event ticketing process has undergone a significant transition from traditional ticketing at the venue counter to purchase tickets in advance from the comfort of one's own home. Due to the obvious widespread use of smartphones and mobile devices, online ticketing has grown in popularity, attributable to the procedure's apparent convenience and flexibility. Service providers are also developing user-friendly and creative mobile interfaces to make the process of booking tickets easier and faster.
Further, vendors must establish long-term relationships with theatres, sports authorities, and organizers to remain relevant in the online ticketing industry. Movie promotions, sporting events, and live concerts on service providers' websites account for a significant amount of their earnings. However, the spread of the novel coronavirus has had a significant impact on the online ticketing industry, restricting its growth. All event locations are closed to contain the epidemic, and no audience is allowed due to a worldwide lockdown. For some months, the entertainment business as a whole has suffered negative growth.
Based on the platform, the mobile segment accounted for the leading share in the market, in 2021. Over the projected period, ticket transactions via smartphones and tablets are expected to increase. Mobile devices have grown in popularity as the preferred medium for purchasing tickets, thanks to falling Internet pack rates and rising adoption of high-speed 3G and 4G access among the general public. Compared to regular online booking using computers, mobile booking is a simpler procedure. To reduce paper waste, an increasing number of theatres and exhibitors have begun to accept m-tickets and e-tickets. The online ticketing market is likely to benefit greatly from the growing Internet trend for bookings and reservations. The entire procedure has become simple, dependable, quick, and secure. Furthermore, the easy-to-use online booking and transaction process benefits both consumers and service providers. These services save time and money when purchasing movie and event tickets.
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The way people buy services and products has changed due to technological improvements. Several businesses have begun to use the Internet to reduce marketing expenditures to stay competitive in a highly competitive industry. Customers may evaluate costs, service features, and after-sale service options, which will help drive adoption even higher. E-marketers have great prospects owing to the growing growth of Internet users worldwide. Various deals and discounts are offered by service providers and specific incentives such as pre-sales and additional discounts. To provide a user-friendly booking experience, they redesign their websites, build mobile applications, and improve online ticketing software. Offering viewers seating preference, delivering mobile tickets in the form of a barcode, and showing a view of the screen/stage/ground from viewers' selected seats are just a few of the options available to improve customer experience and market position.
Market players such as Atom Tickets LLC, Kyazoonga, Razorgator Inc.,AOL Inc., Cvent Inc., StubHub, Inc., moshtix Pty Ltd., Bigtree Entertainment Pvt Ltd.,Ticketmaster Entertainment LLC, Ticketsauce.com Inc, Cinemark Holding Inc.,Fandango Inc., and TickPick LLC are some key players operating in the global market. In September 2021, NuArca Labs, has collaborated with the Miami Crypto Experience to provide a direct-to-consumer ticketing platform. With an incorporated digital wallet for fast, secure, and flawless access, this solution may be used for in-person and online events.
Polaris Market Research has segmented the online event ticketing market report based on platform, event type, and region:
Online Event Ticketing, Platform Outlook (Revenue - USD Billion, 2018 - 2030)
Online Event Ticketing, Event Type Outlook (Revenue - USD Billion, 2018 - 2030)
Online Event Ticketing, Regional Outlook (Revenue - USD Billion, 2018 - 2030)