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The report includes a comprehensive outlook on the market, offering forecasts for the industry segmented by Source, which comprises primary and secondary. Additionally, it categorizes Type into sporting events, movies, concerts, and performing arts, and covers Regions, including North America, Europe, APAC, South America, and Middle East and Africa. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments. The report covers market trends and analysis and also includes an in-depth analysis of the growing adoption of marketing strategies to increase ticket sales, the integration of analytics with online ticket platforms, and the rising instances of ticket counterfeiting
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Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Big Tree Entertainment Pvt. Ltd., Cinemark Holdings Inc., Citizen Ticket Ltd., Coast To Coast Tickets LLC, Comcast Corp., CTS Eventim AG and Co. KGaA, Cvent Holding Corp., eBay Inc., Eventbee Inc., Eventbrite Inc., Ideabud LLC, ITKTS Interactive Technologies Pvt. Ltd., Live Nation Entertainment Inc., Lyte Inc., One97 Communications Ltd., Softjourn Corp., TickPick LLC, Viagogo Entertainment Inc., and Anschutz Entertainment Group Inc.
Qualitative and quantitative analysis of market growth and trends of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified. Furthermore, market growth and forecasting it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
The growing adoption of marketing strategies to increase ticket sales is the key factor driving market growth. Ticket providers are using promotional strategies such as applying discount codes to tickets. Such strategies are targeted at budget-conscious consumers. Some of the marketing strategies followed by vendors include flash sales, early bird offers, access codes, and public discounts. The use of flash sales helps ticket providers control the total number of discounted tickets. Event organizers can use early bird offers to encourage attendees to register early by giving additional discounts. Access codes are used to give a special offer to a selected number of ticket buyers. Public discounts are discounts given to a specific audience, such as students.
Further, many market players provide additional services to customers to increase their sales. Moreover, many market players provide ticket exchange platforms to increase their market presence and retain their customer base. Thus, the growing adoption of marketing strategies by market players to increase ticket sales is expected to fuel the growth of the market during the forecast period.
The integration of analytics with online ticket platforms is the primary trend shaping market growth. The use of analytics tools helps vendors automate ticket services, which enhances back-office operations. This helps reduce extra costs, such as marketing costs. Ticketing platforms integrated with analytics enable vendors to gain insights into customer preferences, which helps them improve the decision-making process. It also offers real-time analysis to vendors about event spending. Event organizers can modify their future events according to their budgets. Analytics is used to track and monitor data related to consumer preferences. It is also used to collect and analyze information regarding the number of attendees, their travel itineraries, and their frequency of event attendance.
Moreover, analytics plays a pivotal role in determining the precise return on investment (ROI) for event organizers and filmmakers, facilitating improved planning, budgeting, and forecasting. The integration of advanced data analytics, blockchain, and artificial intelligence (AI) technologies enables market players to streamline business processes and tailor events and movies to align with consumer preferences effectively. Additionally, mobile ticketing is integral to this ecosystem, offering convenient and efficient booking options for consumers via smartphones. This seamless integration of analytics with online ticket platforms enhances the overall market dynamics, driving growth by optimizing operational efficiencies and enhancing customer experience. As mobile ticketing continues to evolve alongside technological advancements in analytics and AI, the market is poised for substantial expansion during the forecast period, catering to the increasing demand for streamlined, data-driven ticketing solutions in the entertainment and events industry.
The rising instances of ticket counterfeiting is a challenge that impedes the market growth. According to the National Football League (NFL), the number of counterfeit football tickets sold annually has increased. Other sports, such as hockey, baseball, cricket, and boxing, are also facing this challenge. Ticket counterfeiting is also prevalent in the sales of concert tickets and live events.
Additionally, although most ticket resale transactions are legitimate, some involve ticket scammers. Ticket fraud is a major illegal activity in the global ticket market. For instance, every year, more than 10% of the people who purchase concert tickets in the US get scammed. Such fraudulent activities lead to a rapid sale of high-profile concerts, and the tickets immediately appear at hiked-up prices on ticket websites. Thus, ticket counterfeiting is expected to impede market growth during the forecast period.
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The market share growth by the primary segment will be significant during the forecast period. Primary tickets can be sold through online and offline platforms by event organizers through their own platforms and third-party service providers. The growth of this segment is driven by the increasing number of movies that are being released every year. In addition, the increasing number of professional events, such as exhibitions, live music events, and sports events, is driving the growth of this segment. The primary segment was valued at USD 106.66 billion in 2018. The increasing adoption of mobile devices and the rising penetration of the Internet will also promote the growth of this segment as these factors enable a platform for online and mobile ticket booking. Online platforms, such as social media, have allowed organizers to increase awareness of their events. They also allow them to track cookies that gather data about customer preferences and use them for analytics. Thus, event organizers can reach out to their target audience by providing customized offerings. Thus, such an emerging trend is expected to drive the growth of the market through the primary segment during the forecast period.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Source
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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