Online Event Ticketing Market 2024 Increasing Product Demand and Future potential 2033
As per the current market research conducted by CMI Team, the global Online Event Ticketing Market size is expected to record a CAGR of 7.1% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 60,110.7 Million. By 2033, the valuation is anticipated to reach USD 111,444.1 Million.
Online Event Ticketing Market: Growth Factors and Dynamics
- Increasing Digitization and Internet Penetration: The proliferation of smartphones and widespread Internet access has led to a significant shift towards online ticket purchasing. Consumers increasingly prefer the convenience of buying event tickets from the comfort of their homes or on the go, driving the growth of the online event ticketing market.
- Rise in Event Diversity and Specialization: The diversity of events available for online ticketing has expanded significantly, ranging from concerts and sports events to conferences, workshops, and cultural festivals. This variety caters to a broad spectrum of interests and preferences, attracting a larger audience and driving market growth.
- Advancements in Technology and User Experience: Continuous advancements in ticketing platforms, including user-friendly interfaces, secure payment gateways, and mobile ticketing options, have enhanced the overall customer experience. Seamless integration with social media platforms and personalized recommendations further contribute to the growth of the online event ticketing market.
- Demand for Data Analytics and Insights: Online ticketing platforms leverage data analytics to gain valuable insights into customer preferences, purchasing behavior, and market trends. This data-driven approach enables targeted marketing strategies, dynamic pricing models, and personalized recommendations, enhancing customer engagement and driving revenue growth.
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Online Event Ticketing Market: Partnership and Acquisitions
- In 2023, Evvnt Inc. unveils its Mobile Box Office, revolutionizing event gate sales. The mobile app simplifies ticket selection, payments, and attendee check-ins, providing organizers and venues with a seamless and efficient solution. Its user-friendly interface caters to the dynamic needs of bustling events.
- In 2023, SeatGeek partnered with Major League Baseball (MLB), becoming its official ticket marketplace. The collaboration allows fans to resell MLB tickets on SeatGeek, while MLB gains access to SeatGeek’s analytics tools and event attendee database for targeted audience identification.
- In 2023, Yatra Online, Inc. introduced a Meta Search tool on its corporate travel booking platform, streamlining flight and hotel searches. This user-friendly tool simplifies the booking process for large corporations, allowing them to search across multiple vendors and view the best options on a single screen, enhancing convenience and cost savings for business travelers amidst India’s strong travel recovery.
Online Event Ticketing Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the Online Event Ticketing Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Cancellations and Postponements: The COVID-19 pandemic led to widespread cancellations and postponements of live events globally, resulting in a significant decline in ticket sales across all sectors. This sudden halt in events severely impacted the revenue streams of online event ticketing platforms, as they heavily rely on event ticket sales for their business.
- Shift to Virtual and Hybrid Events: To adapt to the restrictions imposed by the pandemic, event organizers swiftly transitioned to virtual and hybrid event formats. While this allowed some revenue generation to continue, virtual events typically command lower ticket prices than their in-person counterparts, impacting the overall revenue potential for online event ticketing platforms.
- Diversification of Offerings: Online event ticketing platforms are diversifying their offerings beyond traditional live events to include virtual experiences, webinars, workshops, and streaming services. By catering to a broader range of events and formats, these platforms can capture new revenue streams and mitigate the impact of future disruptions.
- Enhanced Safety Measures: As live events gradually resume, online ticketing platforms are implementing enhanced safety measures to reassure customers about attending in-person events. This includes measures such as contactless ticketing, digital health passes, and flexible refund policies to accommodate changing circumstances and consumer concerns.
List of the prominent players in the Online Event Ticketing Market:
- Ticketmaster (owned by Live Nation Entertainment)
- Eventbrite
- StubHub (owned by eBay)
- AXS
- Ticketek
- TicketIQ
- Vivid Seats
- SeatGeek
- TodayTix
- TicketLeap
- Ticketfly (owned by Eventbrite)
- Brown Paper Tickets
- Tixr
- Tiqets
- Universe (owned by Ticketmaster)
- Others
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