The global secondary tickets market is predicted to grow at phenomenal CAGR during the forecast period (2018 to 2025), according to a report available on Radiant Insights, Inc. Growing number of sports events and live concerts globally are anticipated to propel demand for secondary tickets. These tickets are likely to be sold at high prices to consumers passionate enough to attend specific sports events and concerts at any cost.
Increasing use of mobile applications to purchase secondary tickets for various leisure activities can influence growth of market. Service providers are likely to develop mobile applications to deliver ease of access and use to consumers. In addition, these applications can provide easy payment options to consumers and allow them to select seats according to their requirement. Rising number of partnerships between event organizers and secondary ticket providers to reach maximum consumers can augment market growth in the forthcoming years. Increasing affordability of high-priced tickets attributed to increasing disposable income in developing countries can fuel growth of market. This, in turn is likely to encourage consumers to spend more on leisure activities.
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Live streaming of sports events and musical concerts can pose barrier in revenue inflow for this market over the forecast period.
To cater to rising demand for secondary tickets, most companies involved are likely to develop advanced techniques and platforms to deliver better services. For instance, AXS is likely to launch its new ticketing solution to take on scalpers and provide fair route for resale. This platform is expected to enable consumers to buy and sell tickets and cap prices at more than 10 percent above face value. In addition, it can also offer built in controls to allow promoters and artists manage restrictions on resale of tickets.
The secondary tickets market can be segregated on the basis of application and region. Based on application, the market can be categorized into theaters, sporting events, and concerts. Sporting events segment is anticipated to dominate the market and accounted for largest share during the forecast period. Growing popularity of games such as cricket, soccer, and tennis globally coupled with rising interest among individuals for sports can augment growth of market segment during the forecast period.
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Regional segmentation includes Japan, India, China, Europe, United States, and Southeast Asia. In Europe, the market is expected to witness significant growth owing to increasing number of sports events in the region. Growing passion among Europeans for soccer is likely to impel growth of market during the forecast period. In addition, increasing number of musicians demanding live performances can further augment market growth in the region.
In United States, the market is estimated to grow well during the forecast period owing to economic recovery in the region. Better economic conditions are likely to enhance income level of consumers. Hence, majority of population can afford high-priced tickets to different leisure activities such as sports events and concerts.
In China, the market is predicted to do well during the forecast period owing to economic recovery.
Some of the leading companies offering secondary tickets are StubHub, Ticketmaster Entertainment, Ace Ticket Worldwide, Alliance Tickets, and Tickets.com. The market is expected to be highly competitive in nature attributed to high prevalence of event organizers and ticket service providers globally. In addition, companies involved in secondary ticketing are expected to perform strategic actions based on service portfolios, user-friendly interfaces, value-added benefits, and pricing to gain traction among consumers. In addition, companies are likely to develop new ideas and technologies to survive competition and stay updated regarding emerging games, advanced technologies, and licensing procedures that can fuel growth of market.
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