Market Trends of Online Event Ticketing Industry
Music Events to Witness Major Growth
- The rising number of music events and concerts contributes to the growth of the online event ticketing market by driving ticket sales, enhancing accessibility and convenience, integrating with music streaming platforms, and providing scalability and flexibility that enhances fan engagement. As the demand for live music experiences grows, online ticketing solutions drive ticket sales and maximize attendance at music events globally.
- For instance, Live Nation, the events company, organized more than 50,000 concerts and festival promotion events around the world in 2023, and Live Nation’s concert and ticketing revenue increased compared to the pandemic years as the industry began to recover from the pandemic effects and people started attending live events. In 2023, Live Nation recorded a total revenue of approximately USD 22.75 billion. This growth increases demand for ticketing services, necessitating online event ticketing.
- The online ticketing platforms are expected to increasingly integrate with music streaming platforms to offer ticket purchasing, enabling music fans to discover and purchase tickets directly from their favorite music platforms, enhancing the accessibility and visibility of music events, and driving ticket sales.
- The ongoing trends like “the Taylor Swift effect” have become apparent in recent years that large events directly impact consumers’ travel decisions. To benefit from this trend, travel businesses such as AirAsia capitalize on it, for which the company offers event ticket booking in its app, which is branded as AirAsia MOVE. In partnership with ticketing platform Coras, AirAsia’s app enabled users to access more than 10,000 global events and activities, which can be booked along with the necessary flights, hotels, and ground transportation.
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North America to Hold Significant Market Share
- As global economies rebound from geopolitical challenges and sluggish growth, music enthusiasts in the US are increasingly favoring live music concerts in stadiums and arenas. This trend has led to record-breaking revenues for both the live music industry and online event ticketing platforms.
- A survey by Variety Intelligence Platform and UTA IQ, encompassing 4,000 US consumers and 1,500 live musicgoers aged 15 to 69, revealed that 38% of respondents expressed a willingness to attend live music concerts in the United States. Consequently, the music application segment is poised to be a significant driver of market growth.
- The recently enacted STOP Act prohibits deceptive websites from misleading ticket buyers. It also restricts online ticket providers from using domain names or subdomains that feature specific team, league, venue, performance, or artist names without authorization.
- Additionally, ticket sellers are now required to disclose their refund policies prominently. These measures have bolstered transparency in online event ticketing platforms and are expected to boost online ticket bookings across various applications, thereby driving market growth.
- Canada has witnessed a notable uptick in live shows and events post-pandemic, bolstering the demand for online event ticketing. Notably, Statistics Canada reported a staggering 217% revenue growth in 2022 for performing arts, including musical theater and opera companies.
- Government support for sports events is poised to increase their numbers, potentially boosting ticket demand. This, in turn, could amplify traffic on online ticketing platforms, translating into increased revenue. In British Columbia alone, around 140 sports organizations received a combined USD 1 million in support from the provincial government for hosting events, which drew visitors and allowed local athletes to compete on home turf.
- With increased funding for sports events, music festivals, and concerts, Canada is likely to witness a surge in the number of events, driving more traffic to online ticketing platforms. This convergence of government support, industry innovation, and rising consumer demand bodes well for the growth of the Canadian online event ticketing market in the coming years.
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