The global Secondary Ticket market is estimated to record a CAGR of around 7.87% during the forecast period
Evolve Business Intelligence has published a half-cooked research report on the Global Secondary Ticket Market, 2021–2030. The global Secondary Ticket market is projected to exhibit a CAGR of around 7.87% during the forecast period of 2022 to 2030.
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 is projected to be valued at $2.24 Billion by 2030, recording a CAGR of around 7.87% during the forecast period. Secondary tickets are the tickets that are resold for a variety of events, including concerts, theaters, and sporting games. When customers buy tickets from a primary seller, they are legitimate tickets (as they were produced by the event’s organizer) and the price is set by the event’s organizers themselves. A secondary market is where customers can buy tickets from brokers or other similar workers who cannot use them for whatever unforeseen circumstance. Secondary ticket prices are highly opinion-driven and fluctuate wildly. They do not have unchangeable values like primary tickets.
The Secondary Ticket market is facing a hurdle in the form of the new security standards set by the COVID-19 virus and the efforts to combat its spread. This outbreak has already forced many businesses to shut their doors and some are still struggling to recover their losses. The biggest casualties are online ticketing agencies as these companies are unable to comply with the new security standards needed to address the infection and many consumers are wary of using these outlets even if they’re proven to be virus-free.
Segmental Analysis
The global Secondary Ticket market has been segmented based on the type, application, and region.
By Type, the Secondary Ticket market is segmented based on Offline platforms and Online platforms. The Online Platform segment dominates the market. People are booking tickets on these platforms because of the added convenience it offers and additional benefits like discounts. In just a few years these platforms have grown significantly and are expected to continue doing so in the future with increased traction. For instance, ICC has launched its official Cricket World Cup 2019 resale ticket platform in an attempt to provide a safe and secure way to buy and sell tickets.
Based on Application, the Secondary Ticket market is segmented based on Sports Events, Concerts, Performing Arts, and Movies. The Sports Events segment is anticipated to hold the largest market share and is anticipated to expand at a considerable CAGR during the forecast period. Sports events are among the most attended events around the globe, which in turn drives their increased popularity. The number of people at each sporting event is large and events draw billions of attendees for major international events, capturing the attention of a noticeable number of crowds for national competitions as well.
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Regional Analysis
The Secondary Ticket market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. The North American region is projected to dominate the global Secondary Ticket market. The presence of key players of secondary tickets in the region and the growing number of several different events and participants in the region are key factors propelling the market in North America during the forecast period. However, due to a rapid improvement in technology and the growing popularity of new genres of entertainment in developing countries like China and Japan, Asia-Pacific is expected to outstrip all other areas by clocking the highest CAGR. The Secondary Ticket business in Europe has been consistently growing due to the rising passion for sporting events such as soccer. Increasing disposable incomes and changing lifestyles of consumers are key factors responsible for the growth of the Secondary Ticket Market in the Middle East, Africa, and Latin American region.
