Online Event Ticketing Market 2021 Technology Advancements and Research to 2025

Online Event Ticketing Market - Growth, Trends, and Forecast (2020 - 2025)

The report will make detailed analysis mainly on in-depth research on the development environment, Market size, development trend, operation situation and future development trend of Online Event Ticketing Market on the basis of stating current situation of the industry in 2021.

This is a latest report, covering the current COVID-19 impact on the market. The pandemic of Coronavirus (COVID-19) has affected every aspect of life globally. This has brought along several changes in market conditions. The rapidly changing market scenario and initial and future assessment of the impact is covered in the report. It offers critical information pertaining to the current and future growth of the market.

The online event ticketing market is expected to register a CAGR of 5.2% during the forecast period (2020 - 2025).

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Competitive Landscape

The market is dominated by few players who are in the industry since a long time, but startups are also proliferating which are challenging the existing vendors. Thus vendors are coming uo with innovations and new features in order to remain relevant in the market.
- December 2019 - A Memorandum of Understanding (MoU) for online ticketing of National Museum of Indian Cinema (NMIC) was signed between Films Division and BookMyShow (BMS). NMIC is the only museum in India dedicated to cinema. Under the MoU, BookMyShow will provide a technical solution for offline and online sale of NMIC.
- August 2019 - Atom Tickets partnered with global advertising technology pioneer, The Trade Desk. The partnership allows movie marketers to identify sales generated from their programmatic advertising spend, which is a first for the entire industry.
- August 2019 - TickPick, founded in 2011 raised institutional funding worth USD 40 million. TickPick started out as a secondary marketplace for ticket resellers, but it now sells tickets directly from partners like Firefly Music Festival and Riot Fest, the Big South and Western Athletic Conferences, Florida International, Georgia State and Santa Clara Universities, Ric Flair, Sports Illustrated Saturday Night Lights, Shaqs Fun House and the Maxim Pregame Experience.

Entire proces of event ticketing has witnessed a dramatic shift from traditional booking of tickets at event venue counters to purchasing tickets in advance from the comfort of one's home.
- Online ticketing has gained popularity due to proliferations of smartphones and mobile devices, which results in perceived ease and flexibility of the procedure. User-friendly and attractive mobile interfaces are also being developed by service providers, which makes the process of booking tickets easier and faster.
- In order to be relevant in the market, vendors secure long term contarct with theatres, production houses, sports authorities, and local event organizers in order to ensure sustainability. Promotion of movies, sports tournaments and music concerts on the websites of service providers forms a sizeable portion of their revenue.
- The market is severely affected by the spread of novel corona virus, which is hampering the market growth. Due to nation-wide lockdown globally, all the event venues are closed and no audience is allowed in order to contain the virus. Entertainment industry as a whole has experienced negative growth since past four months.

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Key Market Trends: 

Cinemas to Occupy Significant Market Share
- Online booking for cinemas and movies occupies the majority of share among all other events. This is due to vendors such as MovieTickets, fandango, bookmyshow and ticketnew, which are offering tickets at discounted rate.
- Moviegoers are more likely to purchase tickets online rather than buying at box office or sel-serve kisosk, if the movie is likely to be sold out due to its popularity.
- Moreover, advanced technologies deployed to cinemas such as 3D screens adoption is increasing as people are prefering digital recording and projecting technology over analog movie screens.
- This segment was the worst hit due to outbreak og COVID-19. Some of the movies are now being released over OTT platforms instead of movie halls, since the halls are temporarily closed due to lockdown, which is hampering the growth of the market.
- However, as the movie halls open in future, the growth of market is anticipated more since customers would have to purchase tickets online or through an app ahead of arriving at the theater. Venues would look for ways to avoid physical interaction.

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