According to a new report available with Million Insights, the global sporting event ticket industry is expected to be driven by the significant increase in sporting events and activities such as the NBA, NHL, MLS and MLB around the world.
The Global sports event ticket market The size is expected to reach $18.79 billion by 2028 and is expected to grow at a CAGR of 16.5% from 2021 to 2028, according to a new report from Million Insights. Key factors driving the growth of the market include significant increase in sporting events and activities such as National Basketball Association (NBA), National Hockey League (NHL), Major League Soccer (MLS), and Major League Baseball ( MLB) across the globe. Additionally, increasing digitalization and access to online media platforms for booking sports tickets are the other factors propelling the growth of the market.
The market has seen a major drop due to the COVID-19 pandemic with the cancellation of different sporting events across the world. The market is primarily impacted by rapidly changing conditions that have compelled governments to ban all activities involving social gatherings and crowds. For example, the postponement of the Tokyo 2020 Olympics cost Japan a loss of billions. Cancellations, delays and suspensions of some other sports, including the cancellation of the SXSW Music Festival, Big 10 and Big 12, also impacted the growth of the sports event ticket market.
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The digital ticket segment is expected to register the highest CAGR of 17.3% over the forecast period from 2021 to 2028. The market is mainly driven by the growing demand for easy and convenient access to sporting events to avoid crowds . Additionally, increasing usage of mobile apps to obtain digital tickets and growing smartphone penetration across the globe are the factors contributing to the growth of the segment. Additionally, the ease of purchasing tickets through internet-connected smartphones and tablets is expected to contribute significantly to the growth of the industry.
Europe held a large market share of more than 20.0% in 2020. Well-developed countries such as Germany, UK, and France contribute positively to the market revenue. Europe’s high revenue share can be attributed to the strong presence of major sporting event companies and ticket providers in the region and the long-standing demand for online tickets. In addition, higher GDP, per capita income, and higher per capita spending on sporting events and cultural activities in European countries translates into strong event ticket sales in the region.
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Highlights of the Sports Event Tickets Market Report
• The digital ticket segment is expected to register a CAGR of 17.3% from 2021 to 2028. A significant increase in the number of smartphone users and the growing trend of e-tickets across the world are expected to contribute to the growth of the segment.
• The paper ticket segment held the largest revenue share of over 60% in 2020. A large portion of conventional paper tickets used in sporting event industries such as football and cricket supported the segment’s revenue growth .
• Europe held a revenue share of more than 20.0% in 2020, due to the strong and widespread presence of key players and the long-standing demand for online ticket booking for sporting events due to the high number of smartphone users in the region
Segmentation of the sports event ticket market
Million Insights has segmented the global sports event ticket market based on type and region:
- Sports Event Ticket Type Outlook (Revenue, USD Million, 2017 – 2028)
- Digital tickets
- Online printable tickets
- Paper tickets
- Sports Event Tickets Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- Central and South America
- Middle East and Africa
- North America
List of Key Players in Sports Event Tickets Market
- Ace Ticket Worldwide, Inc.
- AXS Group LLC
- Bigtree Entertainment Pvt Ltd
- Live Nation (ticket master)
- Brown Paper Notes, LLC
- Razorgator, LLC
- Ticketek Pty Ltd
- SeatGeek, Inc.
- Billet City, Inc.
- Vivid Seats LLC
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