Technavio estimates global secondary tickets market to surpass $15 billion by 2020

 

Secondary tickets: Key market research findings

  • Growing demand for live events
  • Increase in the prevalence of mobile ticket sales

Technavio has released a new market research report on the global secondary tickets market, which is expected to grow at a CAGR of more than 19% between 2016 and 2020. The recent increase in the number of sporting and live events across the globe is the major factor propelling demand for secondary tickets. The Americas dominate the global secondary tickets market, accounting for 45% of the total market share. The main reason for this region’s growth is increasing number of popular musicians, talent shows, DJs, and bands in this region.

The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.

“One of the key factors that drives this market’s growth is the growing infrastructure for live events. The construction and upgradation of stadiums to support live events is expected to bolster the prospects for growth in this market. Moreover, the increasing usage of live video screens along with personalized audio is predicted to enhance further this market’s growth prospects over the next four years,” says Soumya Mutsuddi, Lead Analyst, Media & Entertainment, Technavio Research.

Mobile ticket sales is gaining huge momentum in the global secondary tickets market. Mobile tickets enable customers to book tickets and venue for concerts, sporting events, or live performances by using the app. Individuals can book tickets as per their convenience and store them in their mobiles, which eliminates the need of any hard copy. Mobile ticket sales also help in in-app advertising, thereby reducing costs and generating more sales.

The key players in the global secondary tickets market include RazorGator, StubHub, Ticketmaster Entertainment, and TickPick. This market is extremely competitive due to the presence of multiple international and local vendors. Factors like intense competition, rapid advances in technology, and frequent changes in consumer preferences pose significant challenges for this market as they negatively impact the revenue generating capacity of the vendors. In this market, the vendors compete on the basis of benefits and pricing to gain a competitive edge over their rivals.

A more detailed analysis is available in the Technavio report, Global Secondary Tickets Market 2016-2020.

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