COVID-19: Significant Shift in Strategy - Event Tickets Market 2020-2024 | Use of Mobile Apps for Booking Tickets to Boost Market Growth | Technavio
The event tickets market is expected to grow by USD 39.87 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters - with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Event Tickets Market 2020-2024 (Graphic: Business Wire)
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The introduction of 4G and 5G technologies have enabled end-users to access high-speed internet. This is changing consumer preferences and has also propelled the adoption of mobile apps for ticket booking. Some of the popular ticketing apps such as Eventbrite, Ticketbud, Paytm, and Eventbee have registered over a million downloads in various application stores. These apps help users to create, promote, and sell tickets for various events. Also, many ticketing service providers are developing and launching their mobile apps to enable their customers to easily login from any place to make bookings online. Many such factors are fueling the growth of the global event tickets market.
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As per Technavio, the high utilization of social media will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Event Tickets Market: High Utilization of Social Media
Players in the market are increasing the use of social media tools for branding, marketing, broad-based knowledge management initiatives, and ticket selling. Networking platforms such as Facebook (News - Alert), LinkedIn, and Twitter help event organizers to explore new ways of marketing their events and movies and gain public feedback and opinions. This helps vendors to target their audiences with customized offers. Also, many ticket vendors are partnering with social media platforms to promote their business. For instance, SeatGeek Inc. (SeatGeek) signed up as a distribution partner with Facebook Inc. This allowed the company's customers to buy tickets directly through Facebook. This ongoing trend is expected to have a positive impact on the growth of the global event tickets market during the forecast period.
"Integration of analytics with online ticket platforms and the increasing popularity of e-sports tournaments will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Event Tickets Market: Segmentation Analysis
This market research report segments the event tickets market by sources (primary and secondary), event types (sporting events, concerts, Performing arts, and Others), and Geographic Landscape (APAC, Europe, MEA, North America, and South America).
The North America region led the event tickets market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, North America is expected to register the highest incremental growth due to the increasing demand for live performances and concerts in the region.
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Some of the key topics covered in the report include:
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