Secondary Tickets Market Size Is Set To Grow By USD 132.1 Billion From 2024-2028, Rising Popularity Of Sports Events To Boost The Revenue- Technavio

NEW YORK, Nov. 25, 2024 /PRNewswire/ -- The global
secondary tickets market
size is estimated to grow by USD 132.1 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of
34.25%
during the forecast period.
Rising popularity of sports events
is driving market growth,
with a trend towards
adoption of dynamic pricing. However,
growing consumption of online content
poses a challenge. Key market players include Ace Ticket LLC, Anschutz Entertainment Group Inc., Citizen Ticket Ltd., Coast To Coast Tickets LLC, CTS Eventim AG and Co. KGaA, eBay Inc., Eventbee Inc., Eventbrite Inc., Face-value Alliance Ticketing Ltd., Ideabud LLC, Live Nation Entertainment Inc., PrimeSport LLC, SeatGeek Inc., Ticket City Inc., TicketNetwork Inc., TickPick LLC, TiqIQ LLC, Twickets Ltd., Viagogo Entertainment Inc., and Vivid Seats Inc., StubHub, Ticketmaster, Razorgator, TicketIQ, TicketNetwork, Gametime

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In the secondary tickets market, dynamic pricing is a popular strategy used by teams and event organizers to set flexible prices based on current demand. This approach allows ticket prices to fluctuate based on factors such as holidays, injuries, team records, day of the week, and weather forecasts. By implementing dynamic pricing, these entities can recover revenue that would otherwise go to scalpers or third-party vendors, reducing ticket touting. Dynamic pricing also helps undercut secondary prices, forcing scalpers to lower their own prices and bringing exchange prices closer to face value. Although this strategy decreases buying volume and profit margins in secondary markets, it effectively combats fraudulent activities and overpricing. Notable secondary ticket vendors employing dynamic pricing include Live Nation Entertainment and TiqIQ.

The secondary ticket market continues to be a significant trend in the events industry. With the increasing popularity of concerts, sports, and other live events, the demand for secondary tickets has grown. Companies offer various platforms for fans to buy and sell tickets, providing convenience and flexibility. Events like the Super Bowl, Coachella, and the World Cup generate high demand for secondary tickets. The use of digital platforms and secure payment methods has made the process more efficient and trustworthy. However, concerns around ticket prices and authenticity remain. Consumers must exercise caution and ensure they purchase tickets from reputable sources. The market for event tickets is expected to continue growing, offering opportunities for businesses to innovate and provide better services to customers.

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The global secondary tickets market faces challenges due to the rise of online content consumption. In 2021, a significant increase in Internet speeds and affordable data plans led to a growth in online streaming of live events and movies. In the US, over 70% of adults watch weekly online videos, preferring long-form content. Media companies partner with tech providers to expand their online platforms, renewing and adding seasons to successful shows. This trend negatively impacts the secondary tickets market, particularly for sports events and movies, during the forecast period.

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In the secondary ticket market, one of the significant challenges is the issue of authenticity and reliability. Fraudulent tickets can be a major concern for both buyers and sellers. Another challenge is the high demand for popular events, leading to exorbitant prices for tickets. This can create a disparity between the face value and the market price. Additionally, the lack of a centralized platform for ticket sales can make it difficult to ensure fair pricing and prevent price gouging. Furthermore, the convenience of online ticket sales comes with its own set of risks, such as cybersecurity threats and identity theft. Lastly, the time difference in ticketing for international events can pose challenges for buyers in different time zones. These issues require constant attention and innovative solutions to ensure a secure and transparent market for secondary tickets.

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This secondary tickets market report extensively covers market segmentation by