The event tickets market is expected to grow by US$39.9 billion during 2020-2024, according to Technavio. The research group expects 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.
The introduction of 4G and 5G technologies has 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.
Technavio says the high utilization of social media will have a positive impact on the market and contribute to its growth significantly over the forecast period. 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, 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. Technavio says this ongoing trend is expected to have a positive impact on the growth of the global event tickets market during the forecast period.