Global Online Event Ticketing Market Report 2021: Shutdown of Venues Due to Spread of COVID-19 Severely Restraining Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Online Event Ticketing Market - Growth, Trends, and Forecast (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The online event ticketing market is expected to register a CAGR of 5.2% during the forecast period (2021 - 2026). Entire process of event ticketing has witnessed a dramatic shift from traditional booking of tickets at event venue counters to purchasing tickets in advance from the comfort of one's home.

• Online ticketing has gained popularity due to proliferations of smartphones and mobile devices, which results in perceived ease and flexibility of the procedure. User-friendly and attractive mobile interfaces are also being developed by service providers, which makes the process of booking tickets easier and faster.
• In order to be relevant in the market, vendors secure long term contract with theatres, production houses, sports authorities, and local event organizers in order to ensure sustainability. Promotion of movies, sports tournaments and music concerts on the websites of service providers forms a sizeable portion of their revenue.
• The market is severely affected by the spread of novel corona virus, which is hampering the market growth. Due to nation-wide lockdown globally, all the event venues are closed and no audience is allowed in order to contain the virus. Entertainment industry as a whole has experienced negative growth since past four months.

Key Market Trends

Cinemas to Occupy Significant Market Share

• Online booking for cinemas and movies occupies the majority of share among all other events. This is due to vendors such as MovieTickets, fandango, bookmyshow and ticketnew, which are offering tickets at discounted rate.
• Moviegoers are more likely to purchase tickets online rather than buying at box office or self-serve kiosk, if the movie is likely to be sold out due to its popularity.
• Moreover, advanced technologies deployed to cinemas such as 3D screens adoption is increasing as people are preferring digital recording and projecting technology over analog movie screens.
• This segment was the worst hit due to outbreak of COVID-19. Some of the movies are now being released over OTT platforms instead of movie halls, since the halls are temporarily closed due to lockdown, which is hampering the growth of the market.
• However, as the movie halls open in future, the growth of market is anticipated more since customers would have to purchase tickets online or through an app ahead of arriving at the theater. Venues would look for ways to avoid physical interaction.

Asia-Pacific Anticipated for Fastest Growth

• The market in Asia-Pacific is the fastest growing since few years due to rise in disposable income, high penetration of smartphones, improving internet connectivity and increasing urbanization.
• As per MPAA, the number of digital 3D cinema screens in the region increased from 62608 in 2018 to 73314 in 2019, which is the highest globally. This represents the high level of technological advancements taking place in the region, which is aiding in market demand.
• Online event ticketing vendors are continuously growing in number. For instance, in November 2019, Amazon mobile app and amazon.in mobile website introduced a new 'movie ticket' option. The tech giant introduced the new ticketing feature only in India in partnership with BookMyShow.
• Government initiatives are also expected to augment the market demand. Thailand's 4.0 is a policy to steer the country's economy away from traditional industries and facilitate innovative, digital transformations. "Cashless society" is a major theme.
• Since China is recovering from COVID-19, it is taking measures to become first cashless society. In April 2020, the country rolled out its digital currency in four cities as a part of pilot project. he digital yuan is a currency that behaves much like normal cash, but exists only as code in a digital wallet, backed by the People's Bank of China. Such projects would further boost the adoption of online payments for various events.

Competitive Landscape

The market is dominated by few players who are in the industry since a long time, but startups are also proliferating which are challenging the existing vendors. Thus vendors are coming up with innovations and new features in order to remain relevant in the market.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.2.1 Proliferation of Smartphones and Mobile Devices

4.2.2 Rise in Internet Connectivity

4.3 Market Restraints

4.3.1 Shutdown of Venues Due to Spread of COVID-19

4.4 Porters Five Force Analysis

5 MARKET SEGMENTATION

5.1 By Application

5.1.1 Movies

5.1.2 Sports

5.1.3 Music Events

5.1.4 Others

5.2 By Geography

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

6.1.1 Atom Tickets LLC

6.1.2 Bigtree Entertainment Pvt Ltd

6.1.3 Cinemark Holding Inc

6.1.4 Kyazoonga

6.1.5 Ticketmaster Entertainment LLC

6.1.6 Fandango Inc

6.1.7 Razorgator Inc

6.1.8 TickPick LLC

6.1.9 AOL Inc

6.1.10 Ticketsauce.com Inc

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/e0c9rs