Press release
Digital Ticketing Market Set for Remarkable Growth, Expected to Surpass US$ 53.7 Billion by 2033 at 7.6% CAGR
The entertainment vertical is anticipated to be a major revenue driver for the digital ticketing market, with a projected compound annual growth rate (CAGR) exceeding 6.7% from 2023 to 2033.
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Social media platforms are increasingly influential in propelling the digital ticketing market forward, as more users turn to these platforms to discover, share, and purchase event tickets. A significant milestone occurred in November 2019 when Facebook unveiled a new feature, Facebook Pay (Meta Pay), enabling users to make payments directly within the platform. This integration potentially streamlines the ticket purchasing process, amplifying the role of social media in driving digital ticketing market growth.
Moreover, the trend towards consolidating travel-related services is gaining momentum, offering customers a seamless experience. Integration with other services provides transportation providers with a competitive edge by offering comprehensive and convenient travel solutions. For instance, during the 2021 Tokyo Olympics, a "ticket + travel" package was offered, bundling transportation, accommodation, and event tickets. Customers accessed these packages through digital ticketing systems, enhancing the booking experience.
Key Companies Profiled:
• Live Nation Entertainment
• Alibaba Group
• Anschutz Entertainment Group (AEG)
• Booking Holdings Inc.
• Viagogo
• Expedia Group
• Trip.com Group
• Cinemark Holding Inc.
• Vivendi
• CTS Eventim
• Events.com
• Paytm
• Vivid Seats Inc.
• Eventbrite
• Fandango Inc.
Recent developments in the Digital Ticketing Market include:
In April 2022, Expedia Group and Qtech Software expanded their partnership, granting travel agencies global access to Expedia Group's travel inventory.
In August 2021, Booking Holdings announced plans to bolster its presence in China through a strategic partnership with Meituan, a leading e-commerce and lifestyle services platform in the country. This collaboration aims to provide travel services to Meituan's vast user base of over 500 million.
In September 2020, Alibaba revealed intentions to invest $3.6 billion in Grab Holdings, a Southeast Asian ride-hailing company. This strategic investment enables Alibaba to extend its influence in the Southeast Asian market, recognized as a key growth opportunity.
In 2019, Cinemark launched a mobile app empowering customers to purchase tickets and concessions, access movie showtimes and trailers, and enroll in the Cinemark Movie Club loyalty program. The app also offers a virtual reality feature allowing users to explore the theater and select seats, enhancing the overall moviegoing experience.
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Competitive Landscape:
Companies are taking up the challenge and designing strategies to maintain the growth in the Digital Ticketing sector and therefore this will help the market to grow.
• In April 2023, Eventbrite, a US-based platform for ticketing, marketing, and experiences, announced a hiring drive for its India development office in response to the growing number of software layoffs. The plan is to increase the size of its events platform, which in 2022 handled more than 280 million ticket transactions for more than five million live shows in almost 180 nations globally.
• In April 2023, with the arrival of Ticketmaster in Brazil and Peru, the world's massive provider of live event tickets, Ticketmaster, continues its strategic development in Latin America. With a significant presence in the region, Ticketmaster recently expanded its services and advanced technologies to Chile, Mexico, and Argentina.
• In August 2022, SeatGeek announced that it has raised $238 million as part of a Series E fundraising round, which was headed by seasoned investor Accel and included participation from Ryan Smith, Wellington Management, and Arctos Sports Partners. With this fundraising, the company had ambitious goals for the future and was approaching corporate expansion with added precision, care, and a view toward long-term success.
• In November 2022, in order to improve the fan experience at America First Field, Real Salt Lake, and SeatGeek announced a brand-new and exciting partnership. With this strategic partnership, SeatGeek will serve as the club's official ticket supplier at the beginning of the 2023 Major League Soccer season.
Segmentation of the Global Digital Ticketing Market:
By Vertical :
Entertainment
Movie
Theatre
Concert
Sports
Music Events
Transportation
Daily Commute (Metro)
Flight Tickets
Other (long distance train)
Parking
By Frequency :
One time
Recurring
By Controller :
Host
Third Party Ticketing Agency
By Region:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
In conclusion, the digital ticketing market is experiencing rapid growth and transformation, driven by advancements in technology, changing consumer preferences, and the need for seamless and convenient ticketing solutions. With the rise of mobile devices and digital platforms, consumers increasingly prefer digital tickets for their convenience, flexibility, and sustainability benefits. Moreover, the COVID-19 pandemic has accelerated the adoption of digital ticketing solutions as venues and event organizers seek contactless and hygienic ticketing options.
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