Online Event Ticketing market size is expected to reach USD 67.99 billion by 2025

The global online event ticketing market size is expected to reach USD 67.99 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a 4.8% CAGR during the forecast period. Growing demand for online ticketing can be attributed to increased Internet accessibility and overall hassle-free experience in booking processes.

Event ticketing processes have witnessed a paradigm shift from traditional booking of tickets at event venue counters to purchasing tickets in advance from the comfort of one's home. Over the years, booking of tickets through smartphones and tablets has gained immense popularity on account of the perceived ease and flexibility of the procedure and user-friendly, attractive mobile interfaces developed by service providers.

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Major ticketing vendors are focusing on providing mobile applications and making websites customer-friendly to facilitate quick and easy ticketing transactions. Such applications enable customers to access all types of information about the event, ticket pricing, seating layouts, and other relevant information.

On account of intensifying competition in the online ticketing industry, service providers are vying to secure long-term contracts with theatres, production houses, sports authorities, and local event organizers in order to ensure sustainability. Promotion of movies, sports tournaments, music concerts, and stand-up comedy shows on the websites of service providers forms a sizeable portion of their revenue.

Uncertainties associated with online booking of tickets are high as demand fluctuates based on the popularity of the event. In case of movies, the stage of lifecycle a movie has reached plays a pivotal role in demand for online booking. To elaborate, 2-3 weeks after a film's release, patrons prefer purchasing tickets at the counter instead of paying additional surcharge fees since movie halls are comparatively less crowded during that time.

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Further key findings from the report suggest:

• Mobile applications are expected to surpass the traditional Internet platform for online movie booking services by 2019, which can be attributed to increased penetration of smartphones and improved connectivity through affordable 3G and 4G LTE Internet packs

• Asia Pacific is expected to witness significant growth over the forecast period due to increasing penetration of Internet and smart devices

• Increased disposable income is resulting in a rise in discretionary spending on entertainment and leisure. Moreover, movies account for a major part of the entertainment sector, which may catapult demand over the coming years

• Increasing movie releases worldwide is also expected to drive online movie booking services

• Venue owners and concert organizers across the globe are selling VIP packages, including premium food and beverages, backstage access, preferred seats, and VIP restrooms, which is expected to increase market growth.

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