NEW
YORK, July 3, 2024 /PRNewswire/ -- The
global secondary tickets market size is estimated to grow
by USD 132.1 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 34.25% during the forecast period. Rising popularity of sports
events is driving market growth, with a trend
towards adoption of dynamic pricing. However, growing
consumption of online content poses a challenge. Key market players
include Ace Ticket LLC, Anschutz Entertainment Group Inc., Citizen
Ticket Ltd., Coast To Coast Tickets LLC, CTS Eventim AG and Co.
KGaA, eBay Inc., Eventbee Inc., Eventbrite Inc., Face-value
Alliance Ticketing Ltd., Ideabud LLC, Live Nation Entertainment
Inc., PrimeSport LLC, SeatGeek Inc., Ticket City Inc.,
TicketNetwork Inc., TickPick LLC, TiqIQ LLC, Twickets Ltd., Viagogo
Entertainment Inc., and Vivid Seats Inc..
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Secondary Tickets
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
34.25%
|
Market growth
2024-2028
|
USD 132.1
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
26.97
|
Regional
analysis
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
44%
|
Key
countries
|
US, UK, Canada, China,
and Germany
|
Key companies
profiled
|
Ace Ticket LLC,
Anschutz Entertainment Group Inc., Citizen Ticket Ltd., Coast To
Coast Tickets LLC, CTS Eventim AG and Co. KGaA, eBay Inc., Eventbee
Inc., Eventbrite Inc., Face-value Alliance Ticketing Ltd., Ideabud
LLC, Live Nation Entertainment Inc., PrimeSport LLC, SeatGeek Inc.,
Ticket City Inc., TicketNetwork Inc., TickPick LLC, TiqIQ LLC,
Twickets Ltd., Viagogo Entertainment Inc., and Vivid Seats
Inc.
|
Market Driver
In the secondary tickets market, dynamic pricing is a popular
strategy used by teams and event organizers to set flexible prices
based on current demand. This approach allows ticket prices to
fluctuate based on factors such as holidays, injuries, team
records, day of the week, and weather forecasts. By implementing
dynamic pricing, these entities can recover revenue that would
otherwise go to scalpers or third-party vendors, reducing ticket
touting. Dynamic pricing also helps undercut secondary prices,
forcing scalpers to lower their own prices and bringing exchange
prices closer to face value. Although this strategy decreases
buying volume and profit margins in secondary markets, it
effectively combats fraudulent activities and overpricing. Notable
secondary ticket vendors employing dynamic pricing include Live
Nation Entertainment and TiqIQ.
The secondary ticket market continues to be a significant trend
in the events industry. With the increasing popularity of concerts,
sports, and other live events, the demand for secondary tickets has
grown. Companies offer various platforms for fans to buy and sell
tickets, providing convenience and flexibility. Events like the
Super Bowl, Coachella, and the World Cup generate high demand for
secondary tickets. The use of digital platforms and secure payment
methods has made the process more efficient and trustworthy.
However, concerns around ticket prices and authenticity remain.
Consumers must exercise caution and ensure they purchase tickets
from reputable sources. The market for event tickets is expected to
continue growing, offering opportunities for businesses to innovate
and provide better services to customers.
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Market Challenges
- The global secondary tickets market faces challenges due to the
rise of online content consumption. In 2021, a significant increase
in Internet speeds and affordable data plans led to a surge in
online streaming of live events and movies. In the US, over 70% of
adults watch weekly online videos, preferring long-form content.
Media companies partner with tech providers to expand their online
platforms, renewing and adding seasons to successful shows. This
trend negatively impacts the secondary tickets market, particularly
for sports events and movies, during the forecast period.
- In the secondary ticket market, one of the significant
challenges is the issue of authenticity and reliability. Fraudulent
tickets can be a major concern for both buyers and sellers. Another
challenge is the high demand for popular events, leading to
exorbitant prices for tickets. This can create a disparity between
the face value and the market price. Additionally, the lack of a
centralized platform for ticket sales can make it difficult to
ensure fair pricing and prevent price gouging. Furthermore, the
convenience of online ticket sales comes with its own set of risks,
such as cybersecurity threats and identity theft. Lastly, the time
difference in ticketing for international events can pose
challenges for buyers in different time zones. These issues require
constant attention and innovative solutions to ensure a secure and
transparent market for secondary tickets.
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challenges - Request a sample report!
Segment Overview
This secondary tickets market report extensively covers market
segmentation by
- Type
- 1.1 Sports events
- 1.2 Concerts
- 1.3 Performing arts
- 1.4 Movies
- Mode Of Booking
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Sports events- The secondary tickets market refers to
the sale of tickets for events that have already been purchased by
individuals but are now being resold. This market provides an
opportunity for fans to purchase tickets to sold-out events. It
operates through various platforms, including online marketplaces
and brokers. The demand for secondary tickets is driven by the
desire to attend popular events that may have limited ticket
availability. The market functions based on supply and demand
principles, with prices fluctuating according to the availability
and desirability of the tickets. It's essential to note that the
purchase of secondary tickets may come with additional fees and
potential risks, such as the possibility of counterfeit
tickets.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
The secondary tickets marketplace experiences significant demand
during sold-out concerts, big athletic events, and blockbuster
theatrical plays. This demand often leads to a spike in prices,
making tickets unaffordable for sincere fans. The resale of tickets
through unofficial channels and third-party platforms poses moral
concerns and risks, including fraudulent activities, unfair
competition, and deceptive advertising. Dishonest persons use
automated software and bots to buy tickets in restricted
quantities, leading to inflated prices and exorbitant costs.
Ethical considerations and customer trust are crucial in this
market, as fans seek convenience without falling victim to
fraudulent scalpers.
Market Research Overview
The Secondary Tickets Market refers to the sale and purchase of
tickets for events that have already been issued. This market
operates independently of the primary market, which sells tickets
directly from the event organizers or venues. The demand for
secondary tickets arises due to various reasons such as
unavailability of tickets in the primary market, high demand for
popular events, or the convenience of purchasing tickets closer to
the event date. The market for secondary tickets is regulated by
various laws and regulations to prevent fraudulent activities and
ensure fair pricing. The use of technology, such as mobile
applications and websites, has significantly increased the
accessibility and convenience of buying and selling secondary
tickets. The market for secondary tickets is a dynamic one, with
prices fluctuating based on various factors such as demand, supply,
and the proximity of the event date.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- Sports Events
- Concerts
- Performing Arts
- Movies
- Mode Of Booking
-
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio