The global online event ticketing market size was valued at USD 28.49 billion in 2021. It is expected to reach USD 52 billion by 2030, growing at a CAGR of 7.8% during the forecast period (2022–2030). E-tickets marked a paradigm change from traditional event ticketing procedures for various events. Nowadays, most venue counters encourage customers to buy tickets online in advance. The expanding millennial population, who prefer comfort to physically visiting the venue, has increased the importance of online event ticketing over the past several years. Most tickets for concerts, movies, and sporting events are purchased online. Online ticketing refers to the purchase of tickets for events through online channels, such as interactive voice response (IVR), kiosks, transaction pages, private labeled web pages, and any other online technology, as well as all features, functionalities, promotions, marketing, and advertising related to such sales and/or services provided by online channels. Additionally, online event booking tools show all necessary information about an event, such as ticket prices, seating arrangements, and event locations.
Booking tickets through a tablet, smartphone, or web application has become a significant trend in the online event ticketing market over the past few years. Due to its simplicity of use, flexibility in booking times, user-friendly interfaces, and many alluring engagement marketing methods created by service providers, this trend has become very popular. Many ticket sellers are concentrating on offering mobile ticketing apps that produce smartphone e-tickets. They are also making their websites user-friendly with various promotional techniques, which attract customers with simple ticketing transactions and discount/point benefits. Due to how convenient and flexible the procedure is, internet ticketing has grown in popularity due to the widespread usage of smartphones and other mobile devices. Service providers are creating appealing and user-friendly smartphone interfaces, making it simpler and quicker to order tickets.
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Surge in Music Events
The music events segment dominates the online event ticketing market, which comprises profitable sales for all music-related events, including concerts, festivals, musicals, music shows, and operas. According to Ticketmaster, a world-renowned online ticketing site, music has been responsible for nearly 80% of recent GTV growth. Online ticket dealers' principal source of revenue is concerts due to the development of aspiring musicians, music talent shows, and music streaming services for performers. The price of attending a concert rises along with ticket prices. Customers continue to pay more, as seen by the rising user numbers, despite the widespread usage of bogus and duplicate tickets and the ongoing price increase.
Additionally, the performances of worldwide and domestic singers at music events draw in the younger generation who are passionate about music. For instance, the Belgian EDM festival Tomorrowland declared in February 2022 that it would proceed with its annual event despite having to postpone the 2020 edition twice in a row owing to the pandemic. Even while concertgoers in Europe may be watching the news with interest, it's difficult to predict whether attendance will top the previous record of 400,000 attendees in 2019. Such events will increase interest in internet tickets for upcoming concerts in 2022.
In 2020, worldwide live events earned just roughly USD 1.2 billion in income. As significant events that have not occurred during the pandemic will soon happen, the market's revenues will be expected to increase in the following years. The online ticketing platform "Granted," which had a soft launch in 2021, seeks to upend the ticketing business in several ways. In addition to offering fans show tickets, the firm also organizes charity auctions and VIP experiences for fans, such as meet-and-greets with sports and artists. For sportsmen like NFL running back Saquon Barkley, Granted has created NFTs, or non-fungible tokens, which they take as payment. Such elements will support market expansion.
Impact of the Pandemic
The pandemic caused disruptions in the performing arts and entertainment industries. Due to the essential safety precautions prompted by the pandemic, the theatre, which creates unique experiences because it drives the audience to congregate, was compelled to transform into a largely virtual and disengaged art form. The pandemic forced the event and ticketing industry professionals to reconsider several customer journey elements. The number of American movies in 2020 decreased as studios pushed release dates to 2021, Forbes reports, mirroring the trend for television shows (and beyond).
According to the poll, there were just 338 theatrical releases in 2020, a 66% decrease from the 987 films released in 2019. Studios looked for innovative strategies to distribute video entertainment to homes and increase revenue as the number of movies and moviegoers fell during the epidemic, financially endangering cinema houses. Thus, the shift in platform to OTTs. The pandemic changed how consumers saw the OTT platform and slowed the market's expansion for a longer time.
Increasing Paperless Transaction
Governments worldwide are focusing on minimizing environmental pollution and deforestation due to the cumulative negative impacts of pollution on the ecosystem. This has forced governments worldwide to promote digital transactions to lessen the use of paper and save trees. Online platforms have been utilized by many banking institutions and telecom service providers for financial transactions. The growing use of paperless transactions will support the ability to create electronic tickets distributed via emails or text messages.
As a result of the internet's rising popularity, numerous businesses have worked carefully to develop innovative consumer interaction strategies. E-tickets are designed to have a variety of uses by service providers, from coupons for online shopping to tickets for entry into a concert or sporting event. The proliferation of e-tickets signifies a shift in how conventional tickets are bought.
The global online event ticketing market is classified into application, platform, and region.
Application-wise, the global online event ticketing market includes Movies, Sports, Music Events, and Others.
The Music Events section is expected to hold the largest market share, growing at a CAGR of 8.51% by 2030. There are various musical events, including operas, concerts, and live performances. As musicians become more well-known, there is an increase in the demand for music events, which draw sizable crowds and feature music from various genres, including jazz, rock, EDM, pop, etc. Different businesses sponsor music events, and online and physical tickets are available. The music events category dominates the market for online event tickets, which includes successful sales for all music-related events like concerts, festivals, musicals, music shows, and operas.
Due to the rise of music aspirants, talent shows, and music streaming services for performers, concerts are the primary source of income for online ticket vendors. The price of attending a concert rises along with ticket prices. Customers continue to pay more, as seen by the rising user numbers, despite the widespread usage of bogus and duplicate tickets and the ongoing price increase. Additionally, the performances of worldwide and domestic singers at music events draw in the younger generation who are passionate about music.
The Sports section will hold the second-largest market share. On a local and an international level, sporting activities are arranged. Numerous businesses provide sponsorship for these athletic events. High levels of interest and passion are required for these events to explore, analyze, and comprehend the games, strategy, and coordination of many teams participating in the games. The popularity of sports among people is expanding, and as a result, there are more sporting events and teams from many other nations. Rising events have also raised the demand for online sports event tickets worldwide. Online ticket sales by sports organizations can significantly improve event attendance, draw new fans, and encourage devoted followers to spread the word about their favorite sport.
Platform-wise, the global online event ticketing market includes Desktop and Mobile.
The Mobile section is projected to grow exponentially and hold the largest market share over the forecast period. Making a reservation using a mobile device appears less complicated than the more conventional method of making online reservations utilizing a desktop computer. Mobile device use as the preferred means of purchasing tickets has increased in popularity in recent years due to the declining cost of internet packs. The interfaces that software developers are developing are becoming more user-friendly and making improvements more frequently.
North America Dominates the Global Market
Region-wise, the global online event ticketing market is analyzed across North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
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North America will command the market, expanding at a CAGR of 7.5% over the forecast period. The region’s market expansion is majorly attributable to nations like the US and Canada. Due to the convenience and accessibility of buying movie tickets, mobile movie ticketing services are projected to become a significant revenue-generating business in North America throughout the forecast period. Event ticketing has experienced an effective transition from traditional ticketing at event venue counters to purchasing tickets in advance from the convenience of one's own home. Buying tickets using smartphones and tablets has increased over time due to the operation's apparent convenience and flexibility and the user-friendly mobile interfaces created by service providers.
Due to technical developments that have made buying event tickets online quick and easy, buying tickets over the phone or in person on the day of the event has become less popular. When the economy recovers, consumers will probably be more willing to spend money on sporting events and concerts, both of which have been more expensive recently. The continuous shift toward online transactions will also support the industry's long-term growth as more venues and customers adopt a fully internet-enabled digital ticketing experience. The use of mobile phones over the projection period in the region, especially with the introduction of mobile applications by travel booking firms, will probably enhance the market with more mobile bookings.
Europe is likely to generate USD 13 billion by 2030, growing at a CAGR of 7%. As disposable income rises, so does the discretionary spending on entertainment and recreation. Additionally, a sizable portion of the entertainment business comprises the movie sector, which might increase market demand in the upcoming years. With 1.4 movie admissions per person, Estonia had the highest rate in Europe in 2020. Denmark was in second place with 1.2 admissions per person. A massive increase in internet ticket sales has been one of the pandemic's most notable effects, with the great majority of Reel Cinemas tickets now being purchased in advance via a website or app.
Additionally, more theaters and exhibitors are starting to accept m-tickets and e-tickets to reduce paper waste. Attendants scan these tickets' barcodes or QR codes to confirm their validity. Many providers offer loyalty programs to subscribers through their mobile platforms to keep customers for a more extended period. As a result, there are ever more online vendors of event tickets.