Secondary Tickets Market

Market Overview

The global secondary tickets market size was valued at USD 2.6 billion in 2022. It is projected to reach USD 5.9 billion by 2031, growing at a CAGR of 9.7% during the forecast period (2023–2031).

Tickets may be resold on the secondary tickets market, also referred to as the resale market, using legitimate or illegitimate methods. Before the event, these tickets are bought at the original price and resold for a much higher price. Concerts plays, and sporting events are frequently included in the events. In this market, ticket costs vary according to how popular they are. Frequently, ticket prices rise when supply is insufficient to meet demand. Prices typically drop when there is a surplus of tickets compared to demand. The Internet is becoming more widely used in both developed and developing nations. As a result, more people are using secondary ticket platforms. Due to their facilitation of the connection between ticket buyers and sellers, these platforms improve allocative efficiency. Because these platforms make booking tickets convenient, their acceptance is growing. The time and money spent on the secondary tickets market are reduced by platforms that buyers and sellers use. Online platforms also provide a variety of discounts and deals, which draws in more clients. In turn, this is increasing demand for secondary tickets worldwide. During the forecast period, increasing Internet usage and penetration are anticipated to drive market growth for secondary tickets worldwide.

Market Dynamics

What Are the Driving Factors for Secondary Tickets?

Growing Interest in Sports Events

Numerous sporting events, including the National Football League (NFL), the FIFA World Cup, the Major League Baseball (MLB), the National Hockey League (NHL), the National Collegiate Athletic Association (NCCA) league, and the UEFA Champions League, have seen a marked increase in popularity. Following demand from fans and athletes, the ATP Tour announced an exclusive partnership with AXS Group to end unauthorized re-selling on secondary ticketing platforms for the Nitto ATP Finals at The O2 in London. Viewership of such events drives ticket sales among many organizations that host these sporting events, including the ATP Tour. Such encouraging news about how well-known sources collaborate with authorities boosts the demand for sports event tickets. Fans purchase tickets for these sporting events on marketplaces. Sponsorship spending is also anticipated to maintain its growth trajectory. Businesses also think sports sponsorship yields a relatively higher return on investment (ROI) than direct marketing and advertising spending.

Easy And Widespread Use of social media

Due to its ability to deliver immediate feedback about events through blogs and social networking sites, social media has become a significant data source for many organizations. Using social computing tools by sports event organizers for ticket sales, marketing, and general knowledge management initiatives will encourage audience collaborations that are both effective and economical. Vendors are looking into new ways to market their most recent sporting events by signing up on social networking sites like Twitter and Facebook to get better public feedback and opinions. Market vendors are encouraged to integrate social media into their business processes by the growing importance of sentiment analyses and developments in behavioral analytics. They can learn about people's personalities and past and present event attendance through these channels.

What Are the Main Obstacles to The Market Expansion for Secondary Tickets?

Concerts on the Risk of Fraudulent Activities and Data Security

More worries about data security have been raised due to the growing use of online platforms to buy and sell tickets for events like concerts and sporting events. Sadly, data security is a top concern for ticket sellers because of past data breaches that damaged the reputations of several brands by costing them the devoted customers they worked so hard to win. The need for sensitive data, such as location and payment information, on these online platforms for buying or selling tickets raises the possibility of data theft, which restricts the growth of the world’s market. Many products are being developed to ensure that customers are protected from vulnerabilities in these business models, even though some businesses are working to improve their data security solutions.

What Are the Future Opportunities for Secondary Tickets?

Increasing Use of Online Ticketing Platforms

The number of users of online secondary ticketing platforms is increasing dramatically due to the steadily increasing adoption of smartphones, tablets, and other mobile devices. These platforms make it easier for buyers and sellers to connect, raise demand, and persuade users to invest their money in the market, increasing the allocative efficiency for buyers and sellers. By facilitating streamlined communication between buyers and sellers, platforms used for secondary ticket sales help buyers and sellers reduce costs and time spent on resale processes. Online secondary tickets marketplaces typically provide a variety of promotions and discounts that draw more users. Overall, during the forecast period, the growth in the global market is driven by the increasing use and penetration of the Internet. Most customers use secondary ticket platforms to purchase tickets online. The growth of the market is fueled by the expansion of online secondary ticketing platforms.

Regional Analysis

The global secondary tickets market is bifurcated into four regions: North America, Europe, Asia-Pacific, and LAMEA.

North America Dominates the Global Market

North America is the most significant shareholder in the global market and is expected to grow at a CAGR of 9.2% during the forecast period. The U.S. and Canada are included in the analysis of the market in North America. With the support of the world's most extensive media and entertainment sector, the United States dominates the market in North America. It is anticipated that the swift adoption of technological advancements in the nation's entertainment sector will grab viewers' attention and increase box office receipts. Other elements supporting the regional market include concession options, membership discounts to draw viewers, and merchandise associated with a particular brand. Concerts and other live events are extremely popular in the area right now. 52% of Americans attend live music events annually, according to the Nielsen Statistics Music 360 report. The North American market is driven by significant providers of secondary tickets in the area and an increase in various events and participants. The Olympics, Pan American, Commonwealth Games, and numerous single- and multi-sport world championships have all previously been held in Canada. The fastest-growing sector of Canadian tourism, with a $3.6 billion market, is sports tourism.

Asia Pacific is expected to grow at a CAGR of 10.1% during the forecast period. China, India, Japan, Australia, and the rest of Asia-Pacific are all included in the analysis of the Asia-Pacific market. The movie industry is expanding quickly in Asia-Pacific, thanks to rapid technological advancements. For instance, Chinese movies draw in more viewers than usual due to their detailed animation, graphics, and precise editing. Additionally, several foreign businesses, including StubHub, Ticketmaster, and Viagogo, have increased their operations in the area. Asia Pacific is anticipated to experience faster growth in the global market than other regions because of rising digitalization and movie production in this region. For instance, the International Journal of Innovative Technology and Exploring Engineering (IJITEE) reports that every year, nearly 20,000 movies are released in India, making India the world's largest producer of motion pictures. Customers prefer secondary ticketing platforms due to mobile apps and other digital technologies, which help them avoid long waits in line and refund problems.

Segmental Analysis

The market is segmented by events and platforms.

Based on events, the global market is bifurcated into movies, theaters, live events, and sporting events.

The sporting events segment is the highest contributor to the market and is expected to grow at a CAGR of 9.4% during the forecast period. Around the world, sports events draw the largest crowds, which in turn fuels the industry's expansion. These events draw billions of attendees for major international, national, and regional events, drawing a sizable crowd. In nations like India, cricket is widespread, with a sizable fan base. China, the UAE, Australia, and the UK are a few other significant nations where sports sponsorship spending is rising. Due to the success of various sporting leagues worldwide, it is anticipated that spending on sports sponsorship will rise even more over the forecast period.

Based on platforms, the global market is bifurcated into online and Offline platforms.

The online platform segment is the highest contributor to the market and is expected to grow at a CAGR of 9.92% during the forecast period. The internet's rapid uptake, the rise of smartphone use, and the music industry's unmatched growth in live music events have significantly impacted the online secondary ticketing market over the past few years. Online service providers offer a variety of deals and discounts on their online platforms to draw customers. Ice-pick LLC provides secondary tickets without any service charges. Customers prefer to purchase second-hand tickets from online vendors because they guarantee the authenticity of the tickets, which supports the expansion of the online market. Additionally, one can benefit from appealing offers and discounts, and online ticket sellers guarantee refunds if something goes wrong. The street-based ticket resellers, who work outside of venues and purchase tickets at a discount from those who had extras before reselling them to last-minute buyers at a higher price, are also contributing to the expansion of the offline ticketing market.

Recent Developments

• April 2022, the EU agrees to more stringent digital regulations to enhance ticket resale. Facial Value The news that the EU has reached a provisional political agreement on the Digital Services Act, a rule intended to create a safer and more equitable online environment, including over-ticket resale abuses, has been welcomed by the European Alliance for Ticketing.
• March 2022, Beyond the Ticket, is a free online course where industry experts from Ticketmaster and important partners discuss how enhancing the fan experience can benefit everyone, from first-time event attendees to devoted season ticket holders. Topics covered include personalizing the fan journey, implementing data strategies, utilizing NFTs, and forging strong distribution partnerships.