Large sport attractions such as the Super Bowl and the Cricket World Cup are contributing to a growth in global ticket sales.
The news comes as Research and Markets has announced the ‘Global Ticket Market 2017-2021’ in which they predict tickets to grow at a CAGR (compound annual growth rate) of 6.3% during this period.
Global Ticket Market 2017-2021 has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The passion for sports has led to the development of several sporting events. The Olympics Games, FIFA World Cup, Super Bowl, and Cricket World Cup are some of the most popular sports that are watched by billions of people across the world. The Super Bowl, which features the worlds biggest stars during the halftime show as well as being a prime time slot for advertisers is played annually and has millions of viewers. With the increasing interest and passion for sporting events among individuals, there is an increase in the number of tickets being sold each year. This is leading to the high growth of the global ticket market.
As the number of events is increasing every year, event managers and organisers are looking for an advanced and upgraded solution to offer maximum comfort and benefit to consumers. Online ticketing, which is one of the major platforms for booking tickets, allows users to book tickets using mobile apps. Customers can choose the event and venue using the app, users can book tickets at their convenience and store them on their mobile devices, eliminating the need for taking or carrying a hardcopy to the venue. Furthermore, mobile ticket sales will also support in-app advertising, which is cost effective compared with traditional advertising models.
The report also looks into how online streaming of live events is a ‘major barrier’ for revenue within the global ticket market, viewers are more inclined to watch shows online or download them to watch at their own convenience. They also mention, given the current economic climate and the price of tickets for high profile artists and events some individuals might be priced out. It is likely that major events that will be streamed online will become pay per view or feature ads to generate revenue, given that social media status is at an all time high it is unlikely people will stop going to events however organisers will want to harness the potential of online streaming while still maximising ticket sales.
Read our article about how a cricket ChatBot acquired investment from Facebook.
Deputy Editor & Social Media Specialist