Secondary Tickets Market size is set to grow by USD 132.1 billion from 2024-2028, Rising popularity of sports events boost the market, Technavio

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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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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Segment Overview 

This secondary tickets market report extensively covers market segmentation by

1. Type 
• 1.1 Sports events
• 1.2 Concerts
• 1.3 Performing arts
• 1.4 Movies
2. Mode Of Booking
• 2.1 Online
• 2.2 Offline
3. 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.

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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
• Online
• Offline
• 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

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Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio