The global Secondary Ticket market size is projected to reach approximately $2.24 Billion by 2030, at a CAGR of 7.87% from 2022 to 2030. 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.
COVID-19 Impact Analysis
The COVID-19 outbreak on the global secondary ticket market has hurt the industry’s growth prospects for the forecast period. The secondary ticket market had been growing at a consistent pace in most developed countries, but aside from a few select markets, the outbreak in the U.S. and Europe has had a negative impact on the industry. Ticketing companies have been hit with lawsuits from customers who have contracted the disease from buying tickets from secondhand sites, as well as concerns from venue owners that the outbreak could hurt their future ticket sales.
The popularity of sporting events, the difficulties in getting refunds for primary tickets, and the use of blockchain for ticketing have pushed the Secondary Ticket market forward. The majority of customers use secondary ticket marketplaces to book tickets online rather than on the primary website. As a result of online secondary ticketing platforms gaining popularity, the Secondary market for tickets is expanding and is getting more competitive. However, an increase in the occurrence of fraudulent activities may stifle expansion.
⮚ Rising Popularity of Sports Events to Drive the Market Growth
There has been a significant rise in the popularity of various sports such events as the NFL, Fédération Internationale de Football Association (FIFA) World Cup, MLB, National Hockey League (NHL), National Collegiate Athletic Association (NCCA) league, and UEFA Champions League. Viewership of such events is driving sales of tickets among many organizations that run these sporting events including the ATP Tour which announced an exclusive partnership with AXS Group in June 2019 to put an end to unauthorized re-selling on secondary ticketing platforms for Nitto ATP Finals at The O2 in London following demand from both fans and players alike. Such positive news about how popular sources are working alongside authorities increases the sales of tickets for sports events therefore; this will drive the growth of this market over the coming years
- Concerts over Data Security and Risk of Fraudulent Activities
The rising popularity of using online platforms to buy and sell tickets for events such as concerts and sporting matches has raised more concerns regarding data security. Unfortunately, data security is a major concern among ticket sellers because of previous data breaches that have harmed several brands’ reputations by losing the loyal customers they worked hard to gain. The sensitive information required on these online platforms for buying or selling tickets like location and payment details increases the risk of data theft, which then hinders the global secondary ticket market. Although some companies are working on increasing their data security solutions, many products are being created to ensure that clients remain safe from vulnerabilities in these kinds of business models.
⮚ Increasing Adoption of Online Platforms to Buy Tickets
Due to the ever-growing adoption of smartphones, tablets, and more, the number of users of Online Secondary Ticketing Platforms is growing in tremendous numbers. These platforms increase allocative efficiency for buyers and sellers as they help to connect them easily with one another but also drive up demand and encourage users to invest their money in the secondary ticket sales market. Platforms used for Secondary Ticket Sales help buyers & sellers minimize expenses and time spent on resale processes by enabling streamlined communication between one another. In general, online platforms for secondary tickets offer various deals and discounts which are attracting more customers. Overall, the rising use and penetration of the Internet is fuelling the growth in the Global Secondary Tickets Market during the forecast period.
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.
Global Secondary Ticket Market Share, by Segmentation
Based on region, the global Secondary Ticket market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America is projected to dominate the use of the Secondary Ticket market followed by the Asia-Pacific and Europe regions.
North America Market
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.
The market comprises tier-1, tier-2, and local players. With their wide product portfolios, tier-1 and tier-2 players have a global reach. Because of their strategic innovations and broad regional presence, companies such as 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, lead the global Secondary Ticket business. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as growth, product releases, and alliances.
- 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
- Vivid Seats LLC
In December 2020, Seattle Sounders FC announced that Ticketmaster will be their official ticketing partner beginning in 2021. Seattle’s official main and resale ticketing platform, Ticketmaster, re-established a connection between the rave Green and the world’s largest ticketing site.
Scope of the Report
Global Secondary Ticket Market, by Type
- Offline Platform
- Online Platform
Global Secondary Ticket Market, by Application
- Sports Events
- Performing Arts
Global Secondary Ticket Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World
|Market Size||2030: $ 2.24 Billion|
|CAGR||7.87% CAGR (2022-2030)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Segmentations||Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, Latin America, Middle East, Africa|
|Key Vendors||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|
|Key Market Opportunities||Increasing Adoption of Online Platforms to Buy Tickets|
|Key Market Drivers||Rising Popularity of Sports events to Drive the Market Growth|
REPORT CONTENT BRIEF:
- High-level analysis of the current and future Secondary Ticket market trends and opportunities
- Detailed analysis of current market drivers, restraining factors, and opportunities in the future
- Secondary Ticket market historical market size for the year 2020, and forecast from 2021 to 2028
- Secondary Ticket market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
- To identify and understand the various factors involved in the global Secondary Ticket market affected by the pandemic
- To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Global Secondary Ticket Market FAQs
1. What is the study period of this market?
● The study period of the global Secondary Ticket market is 2020 – 2030
2. What is the growth rate of the global Secondary Ticket market?
● The global Secondary Ticket market is growing at a CAGR of ~ 7.87% over the next 7 years
3. Which region has the highest growth rate in the global Secondary Ticket market?
● Asia Pacific is expected to register the highest CAGR during 2022 – 2030
4. Which region has the largest share in the global Secondary Ticket market?
● North America holds the largest share in 2021
5. Who are 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 are the major companies operating in the global Secondary Ticket market.
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● Yes, we offer 16 hours of analyst support to solve the queries
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● Yes, we provide regional as well as country-level reports. Other than this we also provide a sectional report. Please get in contact with our sales representatives.