Global Secondary Ticket Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027– Increasing growth of online secondary ticketing platforms, the rising popularity of sports events, and the use of blockchain for ticketing are the significant factors that are driving the growth of the Global Secondary Ticket Market.
Global Secondary Ticket Market is valued at USD 5240.1 Million in 2020 and is expected to reach USD 9702.8 Million by 2027 with a CAGR of 9.2% over the forecast period.
Secondary tickets are the tickets resold for various events such as; concerts, theaters, and sporting games. When customers buy tickets from a primary seller, this means they are original tickets and the price customers pay is set by the event provider and a secondary ticket market is where customer can buy tickets from brokers or other fans that can’t use their tickets anymore. The secondary ticket prices fluctuates far more than primary ticket prices. Tickets often fall below face value but if primary tickets are underpriced or hard to get, secondary tickets prices can cost more than face value. In this, the tickets are bought from licensed sellers and are then sold for a price determined by the individual or company in possession of tickets.
When the supply of tickets for a given event available through authorized tickets sellers is depleted, the event is considered “sold out”, generally increasing the market value for any tickets on offer through secondary sellers. It is common for sport events, musical events, concerts etc. Secondary tickets give benefits to both customer or fans and seller of tickets. The websites are also available to resell of tickets. In the 19th century, the term scalper was applied to railroad ticket brokers who sold tickets in a lower rate.
The COVID-19 outbreak has shown a negative impact on the growth of global secondary ticket market. The events like sports, movie, concerts, and musical events are completely postponed and cancelled due to lockdown conditions. Some sport events get started but these are in the absence of audiences.
Some major key players for global secondary ticket market report cover prominent players like
The secondary ticket market is divided into product types, applications, and region & country levels. On the basis of product type, the secondary ticket market is segmented into offline platforms and online platforms. On the basis of application, the market is divided into sports events, concerts, performing arts, movies, and others.
December 18th, 2020; Seattle sounders FC announced that the club is partnering with Ticketmaster, making the company the club’s official ticketing partner beginning in 2021. Seattle's official main and resale ticketing platform, Ticketmaster, has replaced SeatGeek, reinstating a connection between the rave Green and the world's largest ticketing site. Sounder’s FC and Ticketmaster were partners from 2009. Sounders FC EVP and Chief Officer Bart Wiley said that they are thrilled to return to Ticketmaster as Sounders FC’s official ticketing platform.
Increasing growth of online secondary ticketing platforms is one of the major factors driving the growth of secondary ticket market. For online booking of the tickets most of the customers use secondary ticket platforms. For instance, according to news in Chicago Daily Law Bulletin 2019, the sport fans spent $14billion in 2019 on mobile tickets and they estimated that sports fans will spend $23 billion on mobile tickets by 2023. So the Increasing growth of online secondary ticketing platforms is fueling the growth of secondary ticket market. In addition, rising popularity of sports events is another major factor for the growth of secondary ticket market. For these sports events fans buy the tickets on secondary ticket platforms. According to Association of Summer Olympic International Federations 2019, the sport sector has experienced strong growth and is estimated to be worth USD 169.4 billion by market value in 2019 which is 37% increase on the 2012 figure of USD 123.7 billion.
Furthermore, rising use of blockchain for ticketing is also supplementing the growth of secondary ticket market. For example; as per the International Journal of Engineering Science and Computing 2019, to solve the problems of ticket fraud, blockchain use in online ticketing system. This can store information about tickets in blockchain network. Also difficulty in obtaining refund in primary ticketing platform and increasing mobile apps & technology are some other driving factors for the growth of secondary ticket market. However, rise in fraudulent activities may hamper the growth of secondary ticket market. In spite of that, rapid increase in digitalization can offer many opportunities in secondary ticket market.
North America is expected to dominate the global secondary ticket market over the forecast period due to the rising frequency of sport events, presence of key players and early adoption of new technologies in this region. For instance; according to Sports tourism in Canada, 2019, Canada has a long history of hosting international sports events, including Olympics, Pan American and Commonwealth Games and multitude of single and multi-sport world championships. Sports tourism is a $3.6 billion segment of Canada’s tourism industry and is fastest growing tourism segment. The increasing frequency of sports events is promoting the secondary ticket market in North America. As per the news published on December 2020, New York-based ticket commercial centers TicketIQ and TickPick have united to work together on innovation and distribution.
Asia Pacific is expected to grow faster in global secondary ticket market due to increasing movie production and rising digitalization in this region. For instance; according to the International journal of Innovative Technology and Exploring Engineering (IJITEE) 2019, in India nearly 20,000 movies hit the theatres every year, making India largest movie producer worldwide. As use of mobile apps and other digital technologies, customers prefer secondary ticket platform to avoid long time in queue and refund issues.
Middle East and Africa
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2027|
|Market Size in 2020:||USD 5240.1 Million|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2027:||USD 9702.8 Million|
|Tables, Charts & Figures:||175|
|Key Players/Companies||TickPick, StubHub, Ticketmaster Entertainment, RazorGator, Ace Ticket Worldwide, Alliance Tickets, Coast to Coast Tickets, Tickets.com, Gotickets. Com, Viagogo, Vivid Seats, TicketCity, TicketIQ, eBay Tickets, Ideabud Tickets, and others|
|Segments Covered||By Product Type, By Application|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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