Secondary Ticket Market Grows: 9.68% CAGR

Evolve Business Intelligence has published a research report on the Global Secondary Ticket Market, 2021–2034. The Global Secondary Ticket market is projected to exhibit a CAGR of around 9.68%during the forecast period of 2021 to 2034.

Evolve Business Intelligence has recognized the following companies as the key players in the Global Secondary Ticket Market: Coast To Coast Tickets LLC, CTS Eventim AG, and Co. KGaA, Ideabud Inc., Live Nation Entertainment Inc., SeatGeek Inc., Ticket City Inc., TickPick LLC, TiqIQ LLC, Viagogo AG, and Vivid Seats LLC.

Market Highlights

The Global Secondary Ticket Market size accounted for USD 2.86 Billion in 2023 and is estimated to account for 3.21 Billion in 2024. The Market is expected to reach USD 6.45 Billion by 2034 growing at a compound annual growth rate (CAGR) of 9.68% from 2024 to 2034. The Secondary Ticket market is also known as a resale market allows tickets to be resold through legal or illegal means. These tickets are purchased at their original price and then sold for a much higher rate ahead of the event. The events usually include concerts, theatres, and sporting games.  In this marketplace, there is a fluctuating price for tickets dependent on the demand they get. Commonly, when demand surpasses supply, ticket prices increase. When ticket supplies outweigh demand, prices typically decrease.

Segmental Analysis

The global Global Secondary Ticket market has been segmented based on Type,  Application

Based on the Type, the Secondary Ticket market is segmented based on Offline platforms and Online platforms. The Online segment is expected to have a significant market share and expand at a substantial CAGR during the forecast period. Buyers increasingly prefer buying secondary tickets online because the sites offer authentic tickets, which leads to the growth in online sales. Online ticket vendors offer attractive deals and discounts, and in case something goes wrong, they even refund the amount paid.

Based on Application, the global Secondary Ticket market has been divided into Sports Events, Concerts, Performing Arts, and Movies. The Sports Event segment is expected to hold the largest market share. In recent years, the expansion of the gaming industry, with games like soccer, cricket, and tennis among others, has helped fuel the growth in sports. Market factors such as an increase in fan base for certain games and individuals’ passion for these sports are also contributing to this phenomenon. The popularity of sporting events like ICC Cricket World Cup, Olympic games, Super Bowl, FIFA World Cup, IPL, and many more have increased overall ticket sales. As the number of fans increases in sports, major events like Wimbledon and Formula 1 serve as the main source of driving growth.

Regional Analysis

The Global Secondary Ticket market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. North America is expected to dominate the global Secondary Ticket Market over the forecast period due to the rising frequency of sports events, presence of key players, and early adoption of new technologies. For instance, Canada has a long history of hosting international sports events, including the Olympics, Pan American and Commonwealth Games, and a multitude of single and multi-sport world championships. Sports tourism is a $3.6 billion segment of Canada’s tourism industry and is the fastest-growing tourism segment. The increasing frequency of sports events is promoting the secondary ticket market in North America. As per the news published in December 2018, New York-based ticket commercial centers TicketIQ and TickPick have united to work together on innovation and distribution. The Asia-Pacific (APAC) region is experiencing the highest growth trend in the global Secondary Ticket market with China as the major contributor, along with Japan, South Korea, and India. Rapid improvement in technology is attributed to the growth of APAC’s secondary ticket market – in the past decade, rich graphics and animation in Chinese movies have attracted huge audiences nationwide. Additionally, the growing popularity of K-pop (Korean popular music), drawing audiences far beyond Korea’s borders into neighboring countries, has also attributed to this high growth trend. High-profile brands such as Viagogo, Ticketmaster, and Stubhub have all expanded their bases into APAC which contributes significantly to this growth of their region’s Secondary Ticket market over others worldwide.