Global Statistics Representing Secondary Tickets Market Scenario
Rising disposable income and high expenditure on entertainment are driving the demand for secondary tickets. The popularity of movies, sports tournaments, and live music concerts is anticipated to fuel market growth. The millennial population prefers attending live events, and their rate of attendance at music festivals has grown exponentially in the past few years. For instance, according to Billboard, over 32 million people in the U.S. attend live music concerts at least once a year. In 2016, Beyoncé ranked as the No. 1 artist in North America, selling 50 shows. Various secondary ticket vendors registered steady growth in the market; for instance, Gametime sold over 1 million concert tickets in 2016, whereas Ticketmaster’s monthly ticket processing rate was 75 million in the same year.
The global secondary tickets market is expected to grow at a CAGR of 13.59% during the forecast period, 2019–2026.
On the basis of events, the market is segmented into movies, theaters, live events, and sporting events. The movie industry holds a significant share for the market in the events segment. The movie industry in Asia-Pacific is witnessing phenomenal changes that are leading to the exponential growth of the region’s secondary tickets market, especially in entertainment-rich countries such as India and China. For instance, the box office collection in Asia-Pacific accounted for USD 14.9 billion in 2016, which was 5% higher than in 2015 due to the burgeoning popularity of watching movies on big screens. The movie industry supplies a large number of tickets, thereby considerably restricting the income of secondary tickets. However, blockbuster movies tend to create a massive demand for the global secondary tickets market. For instance, in April 2019, Avengers: Endgame recorded a box office collection of USD 1.2 billion in the first 11 days. According to eBay, the average price of the movie ticket was USD 9, and few tickets for the movie were sold for as high as USD 125, USD 200, and USD 500.
On the basis of platform, the market is segmented into online platform and offline platform. The online platform holds the largest share for the global secondary tickets market. Online secondary ticketing industry has witnessed tremendous changes over the last few years as a result of rapid growth in the internet penetration, rise in the smartphone users, and unparallel growth in the music industry concerning live music events. To attract consumers, online service providers are offering various deals and discounts on their online platform. For instance, TiketPick LLC offers secondary tickets with no service fees. The offline ticketing industry is also growing due to street-based ticket resellers, which are operating outside venues, buying tickets cheaply from people who had spares, and selling them to the last-minute buyers at a higher cost.
The U.S. holds the largest market share in North-America, backed by the largest media and entertainment industry in the world. The rapid adoption of technological advancements in the country’s entertainment industry is expected to attract the attention of viewers and subsequently, boost box office collection. Diversified concession options and membership discounts to attract viewership and brand-related merchandise are other factors supporting the regional market. Live events such as music concerts are gaining immense popularity in the region. According to the 2018 Music 360 report by Nielsen Statistics, 52% of the U.S. population attends live music events every year. Europe is projected to be the second-largest secondary tickets market during the forecast period (2014–2026) due to the increasing frequency of live events and extensive usage of mobile ticket apps; offering ample opportunities for the secondary tickets market in Europe.
Asia-Pacific is experiencing significant growth in the global secondary tickets market with China as the primary contributor, followed by India, Japan, and South Korea. Rapid technological advancements are boosting the growth of the movie industry in Asia-Pacific. For instance, rich animation and graphics, and precision techniques in Chinese movies are attracting more viewers than usual. Additionally, various international companies such as StubHub, Ticketmaster, and Viagogo have expanded their operations in the region.
South American countries such as Colombia and Argentina are investing in media and entertainment, which highlights the potential in the region’s secondary tickets market. The Middle East is building its own entertainment industry, which is expected to offer potential growth opportunities for the industry.
Some of the prominent players in the global secondary tickets market are TickPick LLC, Ace Ticket Worldwide, Inc., alliancetickets.com, Coast to Coast Tickets LLC, GO-tickets, Tickets.com, Inc., TicketCity, Inc., TiqIQ LLC, viagogo AG, Vivid Seats LLC, StubHub, and Ticketmaster.
Secondary Tickets Market Segmentation