Sports Events Tickets Industry Overview
The global Sports Events Tickets Market, valued at $15.47 billion in 2022, is anticipated to experience substantial growth, projecting a compound annual growth rate (CAGR) of 13.9% from 2023 to 2030. A key driver fueling this market expansion is the significant increase in the popularity of major sporting events, including the Olympics, the FIFA World Cup, and the NBA. The growing prominence of athletes, coupled with the increasing number of premier league competitions worldwide, further contributes to the overall growth of the sports event industry. Moreover, the widespread adoption of digital ticketing, alongside the rising penetration of smartphones globally, is expected to create significant opportunities for market growth. However, the fluctuating nature of ticket prices and the absence of consistent price management are anticipated to potentially restrain market growth during the forecast period.
The COVID-19 pandemic had a considerable impact on the sports events tickets market, with the cancellation and postponement of numerous sporting events globally in 2020. For instance, both the National Basketball Association (NBA) and the National Hockey League (NHL) suspended their seasons that year. Major League Soccer (MLS) and Major League Baseball (MLB) initially delayed or suspended their seasons for 2-4 weeks, and events of the Professional Golfers' Association (PGA) Tour were canceled. Many sports leagues adjusted their schedules in response to the pandemic. Consequently, these cancellations of sports events during the pandemic negatively affected the sales of sports event tickets worldwide.
Detailed Segmentation:
- Type Insights
The online printable tickets segment is forecast to expand with a significant CAGR of 15.2% from 2022 to 2028. The growing trend towards e-tickets coupled with the growing penetration of smartphones is further projected to provide ample growth opportunities to the market. A significant rise in the use of the internet and the growing trend of using mobile applications for booking live event tickets online are projected to support the segment’s growth. Consumers have shown an inclination toward digital tickets to avoid crowd standing in large queues, which further propels the market growth.
- Regional Insights
Asia Pacific is forecast to expand with the highest CAGR of 25.0% from 2022 to 2028. China and India are positively contributing to the growth of the market. The growing sports events industry, rising per capita income, the swelling middle-class population, and increasing disposable income are some of the factors contributing to the market growth in the region.
Moreover, significant growth in the popularity of international sports events such as the Cricket World Cup and Tokyo Olympics coupled with growing digitalization in China and India further propel the market growth. Moreover, the rising smartphone sales across China, India, and other emerging economies are further projected to provide ample growth opportunities.
Gather more insights about the market drivers, restraints, and growth of the Sports Events Tickets Market
Key Companies & Market Share Insights
The sports event ticket industry is always changing and updating. To stay head-on in the market, players tend to launch new strategies more frequently. Market players are focusing on increasing investments in R&D to innovate new and attractive solutions for consumers for ease of purchasing event tickets in the market. Moreover, major players are targeting new regions and demography to increase the sales of the products, by either entering the new market solely or by collaborating with local sports events companies across the globe.
- In October 2022, trivago, a leading global accommodation search platform, partnered with AXS Group LLC to encourage sports and live entertainment fans to purchase tickets through the trivago branded accommodation search engine ‘AXS.com’
- In October 2022, Events.com announced the acquisition of the assets of the global ticketing company Brown Paper Tickets (BPT), with customers in over 120 countries
Some prominent players in the global sports events tickets market include:
- Ace Ticket Worldwide, Inc.
- AXS Group LLC
- Big Tree Entertainment Pvt. Ltd
- StubHub
- Ticket Master (Live Nation Worldwide, Inc.)
- Brown Paper Tickets, LLC
- Ticketek Pty Ltd
- SeatGeek, Inc.
- Ticket City, Inc.
- Vivid Seats LLC
- TicketIQ, LLC
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