LONDON--(BUSINESS WIRE)--The event tickets market is expected to grow by USD 39.87 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The penetration of 4G and 5G technologies have enabled end-users to access high-speed internet. This is changing consumer preferences and is encouraging the adoption of mobile apps for ticket booking. Popular ticketing apps such as Eventbrite, Ticketbud, Paytm, and Eventbee have registered over a million downloads in various application stores. These apps help users to create, promote, and sell tickets for various events. Besides, some ticketing service providers are launching their own mobile apps to enable users to book tickets conveniently. All these factors are influencing the growth of the global event tickets market.
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As per Technavio, the high utilization of social media will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Event Tickets Market: High Utilization of Social Media
Vendors in the market are leveraging social media for branding, marketing, broad-based knowledge management initiatives, and ticket selling. Networking platforms such as Facebook, LinkedIn, and Twitter have enabled event organizers to explore new ways of marketing events and movies. These platforms also help them gain feedback and opinions and effectively target their audiences with customized offers. In addition, many ticket vendors are partnering with social media platforms to promote their business. For instance, SeatGeek Inc. (SeatGeek) signed up as a distribution partner with Facebook Inc. The alliance allowed SeatGeek Inc.’s customers to buy tickets directly through Facebook. Such developments are expected to foster the growth of the global event tickets market during the forecast period.
“Integration of analytics with online ticket platforms and the increasing popularity of e-sports tournaments will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Event Tickets Market: Segmentation Analysis
This market research report segments the event tickets market by Geographic Landscape (APAC, Europe, MEA, North America, and South America), and Type (Sporting events, Concerts, Performing arts, and Others).
The North American region led the event tickets market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, North America is expected to register the highest incremental growth due to the presence of popular musicians, talent shows, and DJs in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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