The Global Secondary Ticket Market was valued at US$ 1510.5 Million in 2020, and it is Expected to Reach US$ 2792.5 Million by 2027, with a CAGR of 9.3%, During the Forecast Period.
Secondary Ticket Market also referred to as the resale market, is a platform where tickets are resold in the market through legal or illegal means. These tickets are bought in bulk at the face value and resold at a much higher rate in the market before the event approaches. The events usually include concerts, theatres, and sporting games. This marketplace usually offers dynamic pricing for the tickets, i.e., when the demand for an event is high, the tickets are offered at a much higher rate than their original value whereas when the demand is low, the tickets are even sold at a lower price than its original price.
Over the last few years, the global secondary ticket market has gone through some unprecedented changes. Earlier, the resale used to be local, but the introduction of online ticket resale market platforms has changed the way tickets are resold globally. The rising usage of the internet has significantly contributed to the growth of the secondary ticket market. The use of laptops, tablets, and smartphones has made it flexible and user-friendly for customers to book tickets. Also, the additional benefits offered with online booking trigger the growth of the secondary ticket market.
Increasing consumer disposable income, changing lifestyle and rising spending on entertainment are the major drivers for the secondary ticket market According to the United States Bureau of Labour Statics, the average annual expenditure of an American on entertainment was USD 2,827 or 5.6% of the total expenditure. In addition, the promotion of sports tournaments, stand-up comedy shows, movies, and music concerts have also contributed in fuelling the market growth. Moreover, the high-profit returns have created major competitiveness in the secondary ticket market. This has increased the need among various service providers to form long-term contracts with production houses, sports authorities, theatres, and local event planners.
By Platform
By Event Type
By Regions
Based on the platform, the online platform has shown tremendous growth trends in the year 2020 and is expected to show similar trends during the forecast period.
Based on the platform, the global secondary ticket market is segmented as online and offline. Among which the online platform is expected to hold a prominent share in the secondary ticket market over the coming years. This could be attributed to the increasing use of the platform due to the convenience in booking tickets. For instance, ICC has launched its official resale ticket platform for Cricket World Cup 2019. It intended to provide a safe and secure way to buy and sell tickets. The platform was developed in collaboration with Ticketmaster, which is a ticketing service provider for the tournament.
Moreover, the platform is the only authorized resale website for the event. On this platform, the fans are allowed to sell unwanted tickets up to and throughout the tournament. Many additional benefits such as loyalty offers, rewards programs, discounts, and curated sports packages offered on these platforms are attracting customers and hence, boosting the market’s growth.
Based on event types, sporting events is expected to grow with a high growth rate during the forecast period
Based on event types, the secondary ticket market can be segmented as Sports Events, Concerts, Performing Arts, Movies and Others. However, the sporting events segment has accounted for the major shares of the secondary tickets market. Factors such as the rising fan base of games such as soccer, cricket, and tennis and growing passion of individuals for sports has contributed to the growth of this market. The rising popularity of sporting events like ICC Cricket World Cup, Olympic games, Super Bowl, FIFA World Cup, IPL and many more has resulted in an increase for overall ticket sales. Many sports events like Wimbledon, Formula 1, UEFA Champions League, the Rugby World Cup are followed by millions of fans and are the major source driving the growth of this market.
Based on Regions, the North America region is dominating the global Secondary Ticket market in the year 2020
Based on the regions, the global secondary ticket market has been segmented as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, North America has accounted for the major share in the secondary ticket market in the base year 2020 and is expected to show similar growth trends in the forecast year. It is due to the presence of the largest entertainment and media industry of the world. With the advent of technology, the country’s entertainment industry is expected to drive the attention of viewers and boost the box office collection. Membership discounts and various concession options to attract viewership are other factors supporting the regional market. Live events like stand-up comedy and music concerts are gaining a lot popularity in the region.
Moreover, Europe is expected to observe high revenue growth in the coming years. Sporting events are gaining traction due to rising passion for soccer among the Europeans. Additionally, increasing number of musicians has led to a rise in demand for live concerts. These services are extensively adopted for live events, movies, and sporting events. Sporting event holds a prominent share in the market.
Moreover, Asia-Pacific region is also experiencing a high growth trend in the global secondary ticket market with China as the major contributor, along with Japan, South Korea and India. Rapid improvement in the technology is attributing to the growth of the in this region. For example, rich graphics and animation, and precision techniques in Chinese movies are attracting more and more viewers. Additionally, growing popularity of K-pop (Korean popular music) concerts has also attributed to the growth of secondary ticket market in this region. Various international players such as Viagogo, Ticketmaster and StubHub have also expanded their operations in this region which is attributing to the market growth.
The report also provides in-depth analysis of market dynamics such as drivers, restraints opportunities and challenges
Drivers
Restraints
The report also provides an in-depth analysis of key market trends:
The report also provides in-depth analysis of recent News Developments and Investments:
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Table of Contents
Section 1: Introduction
Section 2: Research Methodology
Section 3: Executive Summary
Section 4: Premium Insights
Section 5: Market Overview & Competitive Landscape
Section 6: Market Size and Share Analysis
Section 7: Market Dynamics
Section 8: Future Forecast & Impact of COVID-19
Section 9: Regional Market Size and Share Analysis
Section 10: Company Profile
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