Secondary Tickets Market Size, Share, Growth, and Industry Analysis by Type (Offline Platform and Online Platform) By Application (Sporting Events, Concerts, and Theaters) Regional Forecast (2022-2027)

REPORT OVERVIEW

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The global secondary tickets market size was USD 1502 million in 2020. The global COVID-19 pandemic has been unprecedented and staggering, with secondary tickets experiencing lower-than-anticipated/higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach USD 2755.5 million in 2027, exhibiting a CAGR of 9.1% 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. 

The secondary tickets market termed the resale market is a stage where tickets are resold in the market over legal or illegal resources. These tickets are bought in the majority at the surface value and resold at a greatly higher rate in the market before the event. The events frequently contain concerts, theatres, and sports.  This market generally offers active pricing for the tickets. When the demand for an occasion is high, the tickets are accessible at a much higher rate than their basic value however when the demand is low, the tickets are even sold at a low price than their basic price.

The growing development of secondary tickets platforms is one of the major elements motivating the growth of the secondary ticket market. For online booking of tickets, most consumers use secondary ticket platforms. 

COVID-19 Impact: Supply Chain Disruption to Impede Market Progress

The COVID-19 pandemic has considerably altered the availability and use of transport systems. The growing implementation of smarter payments has permitted harmless, unified travel for everybody. There has been a significant decrease in transportation actions owing to travel and public health limitations. The precipitate reduction in ridership throughout the crisis has affected community transportation. As the world is endlessly struggling with the quick spread of COVID-19, contactless transactions in transport applications are playing a very vital role in serving to protect the people and confirming to defend the vehicle operative from accumulating fares while evading close interaction with riders.

LATEST TRENDS

"Increasing Sports Activities to Boost Market Growth"

The growing popularity of sports tournaments will be motivating the development of the market. The increasing number of audiences for such tournaments is increasing the ticket sales for sports actions. The growing admiration of numerous events is driving many administrations of sports events to take straight tie-ups with secondary ticket providers. Moreover, the progression in online secondary ticketing stages and trouble in attaining refunds for primary tickets will provide enormous growth prospects. For example, in June 2019, ATP Tour declared that the resale of tabs for the 2019 and 2020 Nitto ATP Finals at The O2 in London would be done over a special partnership with AXS Group and its stage AXS Official Resale. Numerous such features are growing the sales of tickets, thus fueling the development of the market.

Segmentation

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• By Type Analysis

As per type, the market is classified into Offline Platform and Online Platform.

The online platform is the leading segment in the global market. This is due to the growing use of the platform owing to the accessibility in booking tickets. It planned to deliver a safe and secure method to buy and sell tickets. The stage was established in teamwork with Ticketmaster, which is a ticketing service provider for the event.

• By Application Analysis

Based on application, the market is categorized into Sporting Events, Concerts, and Theaters.

Sporting events are the leading segment in the global market. This is due to the increasing fan base of sports such as cricket, tennis, soccer, and rising desire of persons for sports has funded the development of this market.

DRIVING FACTORS

"Increasing Spending to Facilitate Market Development"

The growing altering lifestyle, disposable income, and increasing spending on showbiz are the foremost drivers for the secondary ticket market. The campaign for sports tournaments, stand-up comedy, cinemas, and music gigs has also funded in stimulated the secondary tickets market growth. Furthermore, the high-profit revenues have generated main affordability in the secondary ticket market. This has augmented the requirement among numerous facility suppliers to form long-term agreements with production companies, sports experts, auditoriums, and local event organizers.

"Increasing Adoption of Blockchain to Foster Industry Progress"

The growing progress of online secondary ticketing platforms is stimulating the progression of the secondary ticket market. The increasing admiration of sports events is another foremost element of the progress of the secondary ticket market. For these sports events, enthusiasts buy the tabs on secondary ticket platforms. Moreover, increasing the use of blockchain for ticketing is also enhancing the evolution of the secondary ticket market. This can stock info about vouchers in the blockchain system. Also, trouble in attaining refunds in primary ticketing platforms and growing technology are some other driving features for the advancement of the secondary ticket market. 

RESTRAINING FACTORS

"Disadvantages to Hinder Market Progress "

The increase in false actions, growing advantages amongst artists in contradiction of sales of secondary tickets, and implementation activities on secondary ticket sellers will encounter the growth of the market contributors.

REGIONAL INSIGHTS

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"Presence of Prominent Players to Propel Market Progress in North America"

North America held the largest secondary tickets market share. The increasing popularity of several sports events in the U.S. and Canada are the important markets for secondary tickets in the region. The presence of prominent players of secondary tickets and the increasing number of numerous diverse events and members in the region are crucial elements pushing the market during the forecast period.

Europe is anticipated to have a sizable secondary tickets market share. Sporting tournaments are gaining traction owing to the increasing desire for soccer amongst Europeans. Moreover, a number of musicians have headed to an increase in response to live concerts. These amenities are widely approved for live events, movies, and sporting events.

KEY INDUSTRY PLAYERS

"Incorporation of Research and Development Strategies to Improve their Brand Image"

Due to the existence of numerous local and foreign industry players, the secondary ticket market is fragmented and competitive. These players have employed a variety of measures to maintain their leadership positions and to meet the escalating demands of their prestigious clients, including alliances, partnerships, contracts, geographic expansions, the introduction of new products, joint ventures, and more. To improve their portfolios and establish a foothold in the market, major businesses are also investing heavily in research and development projects.

List of Market Players Profiled

• StubHub (U.S.)
• Ticketmaster (U.S.)
• Viagogo (Switzerland)
• Vivid Seats (U.S.)
• TicketIQ (U.S.)
• RazorGator (U.S.)
• TickPick (U.S.)
• SeatGeek (U.S.)
• Alliance Tickets (U.S.)
• Coast to Coast Tickets (U.S.)
• TicketCity (U.S.)
• TicketNetwork (U.S.)

REPORT COVERAGE

The report covers overall market aspects, including the market segmentation based on its type and application. The report depicts a diverse group of participants that includes the market and the potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.