Prevalence of the internet, an increasing number of smartphone users, and expansion of the music industry in terms of live music events are altogether bolstering the online secondary ticketing sector.
Increasing Use of Mobile Apps
Competition in the ticketing industry has intensified; chief secondary ticket providers are focusing on developing user-friendly websites and apps to increase their market shares. Mobile apps help customers access relevant information about the event, ticket pricing, seating layout, and other information. Further, they are user-friendly and enable quick and easy transactions. With growing smartphone penetration and the increasing use of mobile apps, the demand for secondary tickets is expanding.
Stringent Regulatory Framework
The presence of a stringent regulatory framework and the threat of illegal transactions are expected to hinder the growth of the market to an extent. For instance, in April 2019, Members of the European Parliament (MEPs) banned the use of bots for bulk-buying of online tickets, allowing EU member states to strengthen the current legislation and protect consumers’ rights.
Customer Inclination Towards Offline Ticketing to Evade Service Charges
The offline platform is expanding due to the growing number of street-based ticket resellers that operate outside venues. They buy tickets from people who have spare ones at a cheaper rate and sell them to last-minute buyers at a higher cost. Various brokers such as Ace Ticket and Alliance Tickets offer secondary tickets through the offline platform. To avoid extra hidden charges and service fees, consumers prefer to buy tickets through the offline platform, which drives the demand for secondary tickets in this segment.
Media & Entertainment Industry, followed by Sports Industry, to Drive Market Growth in North America
North America’s media and entertainment (M&E) industry is vast and diversified.
Got questions about your regional growth of
Secondary Tickets Market?
Just drop us a line or call on +1 646 480 7505
Deloitte consumer trends demonstrated the M&E industry’s exponential growth in the coming years, thereby driving the regional secondary tickets market. Most of the players in the secondary ticket market are investing and taking efforts for enhancing their concert advertising approach and have started including open platform and identity-based marketing. For instance, Ticketmaster has partnered with Facebook and Spotify to release its public-facing APIs and SDKs that will allow the third-party developers to incorporate concert discovery, purchasing, and management services into their apps. Additionally, media rights, sponsorships, gambling, and merchandising are pushing North America’s sports market to the next level. According to PricewaterhouseCoopers, ticket sales are the second-most revenue generator for the sports industry. Therefore, the rapidly growing sports industry is further expected to boost the secondary tickets market growth.
Art Festivals, Sports Events, and Other Live Events to Drive Market Growth in Europe
Secondary ticket sales in Europe is growing due to live events, which ranges from the movie visits to attending music and art festivals, sports events, and live tours of TV shows. For instance, the attendance rate at football matches in Europe exceeded 170 million in 2015-2016 and witnessed the growth of 2.6 million attendees a year. According to the Live Nation U.K, in 2017, the secondary ticket industry experienced an increase of 44% in the number of shows for which it sold tickets.
Rapid technological advancements have already boosted the growth of the movie industry in Asia-Pacific. For instance, rich quality animation, graphics, and precision techniques in Chinese movies have become successful in attracting more viewers than usual. Additionally, various international companies such as StubHub, Ticketmaster, and Viagogo have expanded their operation.
Secondary Ticket Market Segmentation
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now