New York, NY (Top40 Charts) Technavio's latest report on the global secondary tickets market provides an analysis of the key trends expected to impact the global secondary tickets market through 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global secondary tickets market is projected to exceed USD 15 billion by 2020, growing at a CAGR of over 19% and is expected to experience significant growth during the forecast period, owing to the growth in sporting events and live performances. A large segment of the population is passionate about sporting events such as Super Bowl, Cricket World Cup, FIFA, and the Olympic games.
"There is a global increase in the number of concerts and live performances by musicians and bands. This enables people who are passionate about such cultural activities to witness live performances which in turn fosters the growth of the global secondary tickets market," says Soumya Mutsuddi, lead research analyst at Technavio for media and entertainment services.
The top three emerging trends influencing the global secondary tickets market according to Technavio's media and entertainment research analysts are:
Increasing number of sporting events
The passion for sports has led to the development of several sporting events. The Olympics, FIFA, Super Bowl, and Cricket World Cup are some of the most popular sporting events that are watched by millions of people across the world.
Super Bowl, which is an American football game, is played annually and has millions of viewers. Whereas, Cricket World Cup and FIFA are played in four-year gaps. On the other hand, games such as UEFA Champions League, Rugby World Cup,
Formula One Racing, and Wimbledon Tennis are some of the other games with the highest individual traction.
Therefore, with increasing interest and passion for sports among individuals, there is an increase in the number of tickets being sold each year, leading to high growth prospects in the global secondary tickets market.
Evolution of mobile ticket sales
As the number of events are multiplying every year, event managers and organizers are continuously putting in efforts to come up with advanced solutions to offer the maximum comfort and benefit to consumers.
Mobile ticket sales are one of the major upcoming trends in the global secondary tickets market.
Mobile tickets enable users to choose the event and a suitable venue using the app.
Mobile tickets are available for all events be it concerts, sporting events, or live performances.
"Mobile tickets enable individuals to book tickets at their convenience and store them in their device thus eliminating the need for taking or carrying a hardcopy to the venue. Further, mobile ticket sales will also help in in-app advertising, which is cost effective when compared to traditional modes of advertising," says Soumya.
Finding new revenue streams
There are several types of new events being launched every year. To keep a track of an individual's preference, event organizers have to come up with an innovative way of tracking the behavior and purchase pattern of an individual. With the help of mobile apps, it is easier for the event organizers to understand the preferences of a buyer in terms of venue, event type, day, and time.
This helps the event organizers post user-specific ads and target individual consumers based on their preferences. The user-specific ads attract customers to buy such event tickets, which helps in the revenue inflow for the secondary tickets market.
Some of the top vendors in the global secondary tickets market, as researched by Technavio analysts are:
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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