Online Event Ticketing Market Size, Share, Growth, And Industry Analysis By Type (Sports, Music & Other Live Shows, Movie, Fair and Festival, Others, Online Event Ticketing Segment by End User, 16-24 Years, 25-34 Years, 35-44 Years, 45-54 Years, Others) Regional Forecast to 2028

Report Overview

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The global Online Event Ticketing Market size was USD 58.590 billion in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with Online Event Ticketing Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach USD 73.280 billion in 2028, exhibiting a CAGR of 3.8% during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

A paradigm change from conventional event ticketing procedures was brought about by e-tickets for several events. Nowadays, the majority of venue counters encourage customers to buy tickets online in advance. Booking tickets using tablets, smartphones, or web applications has become a significant trend in the online event ticketing sector in recent 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 e-tickets on smartphones. They are also making their websites user-friendly with various advertising techniques, which attracts customers with simple ticketing transactions and discount/point benefits. Additionally, online event booking tools show all necessary information about the event, such as ticket prices, seating arrangements, and event locations.

COVID-19 Impact: COVID-19 Impacted Market Growth due to Strict Restrictions

The COVID-19 epidemic has caused disruptions in the performing and visual arts. In order to deal with the essential safety measures brought on by the epidemic, the theatre, which creates unique experiences because it compels the audience to congregate together, was forced to transform into a mostly virtual and disengaged art form. The three primary ways that COVID-19 can have an impact on the world economy are by directly altering supply and demand, by disrupting the market and supply chain, and by having an economic impact on businesses and financial markets. After the COVID-19 crisis, according to our analysts who are tracking the situation globally, the market will create lucrative opportunities for producers. The purpose of the report is to further illustrate the current situation, the slowdown in the economy, and the effects of COVID-19 on the industry as a whole. The COVID-19 pandemic outbreak has severely impacted the online ticket booking industry. Many hotels and theatres are shuttered as a result of lockdown measures adopted by governments to stop the spread of sickness, which threatens the ticketing industry.

Latest Trends

"Rise of Online Gaming to Support Growth"

Exhibitors can broaden their product offerings, including the exhibition of 3-D content and alternative entertainment, by combining digital projection with satellite transmission. Pre-recorded programming, live sporting events, concerts, the Metropolitan Opera, gaming events, and other special presentations are all examples of alternative entertainment. It is anticipated that new and improved programming options would broaden the industry's clientele and boost exhibitor revenue.

Segmentation

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•      By Type Analysis

According to type, the market can be segmented into Sports, Music & Other Live Shows, Movie, Fair and Festival, Others, Online Event Ticketing Segment. Sports is anticipated to be the dominating segment.

•      By Application Analysis

By End User, the market is divided into 16-24 Years, 25-34 Years, 35-44 Years, 45-54 Years, Others. the 16-24 years segment is projected to dominate the market share through 2028.

Driving Factors

"Use of online event ticketing propel the market growth"

The primary drivers driving growth of the online event ticketing market are the rise in usage of smartphones and personal computers, increase in disposable income, and growth in focus on paperless transactions. Lack of pricing regulation and ambiguity surrounding ticket prices, however, can impede market expansion. On the other hand, the expansion of internet and broadband services globally presents a potential opportunity for the online event ticketing business. As a result, the market demand for online event tickets has increased, driving the market expansion throughout the projection period. This is due to rising disposable income and public awareness.

"Music-Related Events Will Fuel Market Expansion"

The online event ticketing market has a significant portion of the music events segment, which includes successful sales for all music-related events like concerts, festivals, musicals, music shows, and operas. According to Ticketmaster, a well-known international online ticketing site, music has recently contributed to around 80% of their GTV growth.

Concerts are the main source of revenue for online ticket sellers 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 ongoing price increases brought on by the widespread usage of false and duplicate tickets. Additionally, the performances of local and foreign singers at music events draw in the younger generation who are passionate about music.

Restraining Factors

"Uncertainty Regarding Ticket Costs restricting the Market Growth"

Major online event ticketing platforms or applications are paid ones because they contain service fees. The majority of platforms levy a fee per ticket in addition to a portion of the ticket price. Due to their legacy architecture, many entertainment industries have to demand hefty fees just to stay in business. One must pay credit card processing fees in addition to fees from ticketing service providers, if applicable.

Additionally, the majority of ticketing platforms charge the purchaser of the ticket a convenience fee for the processing of their credit card. About 85% of event planners charge these fees to attendees. Most ticket buyers are currently required to pay the extra service cost.

Regional Insights

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"Asia Pacific region Is Anticipated to have Fastest Market Growth  "

The Asia Pacific market has been expanding at the highest rate in recent years due to rising disposable income, a high smartphone penetration rate, improved internet access, and growing urbanization. Customers have shown a willingness to pay internet handling fees to skip long lineups, especially in the Asia Pacific region, which has benefited the sector.

The China Film Administration reports that due to the country's expanding urban population and growing entertainment demand, the number of cinema screens in China increased from 75,581 in 2020 to 82,248 in 2021, making it the highest in the world. Such changes are anticipated to boost the relevant market in the area.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Live Nation Entertainment (U.S.)

• Anschutz Entertainment Group (U.S.)

• StubHub (U.S.)

• Fandango (U.S.)

• Razorgator (U.S.)

• Yapsody (U.S.)

• Atom Tickets LLC (U.S.)

• Ticketleap, Inc. (U.S.)

• SeatGeek (U.K.)

• Tickpick (U.S.)

• Bigtree Entertainment (India)

• Zoonga (India)

• Eventbrite (U.S.)

• Ticket Tailor (U.K.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.