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The Entertainment & Sporting Event Tickets Industry
The entertainment & sporting event tickets industry has a combined value of nearly $56 billion and includes tickets to the world’s biggest gigs, shows, and events. Music concerts make up the largest segment of the market with around $15 billion in sales.
Traditionally, acquiring tickets for any event meant going to the venue and purchasing them at an on-site kiosk, this involved no handling fees but was typically not convenient for the customer and could mean waiting in line for days for tickets to the most popular events. Luckily, the proliferation of technology and the explosion in e-commerce means that waiting in line for a physical ticket is mostly a distance memory – with exceptions like Star Wars: The Force Awakens, where people were waiting 12 days at TCL Chinese Theatre in Hollywood for a chance to get a ticket. In fact, major sporting events like the PGA Masters Tournament and the NFL’s Super Bowl offer provide their offerings exclusively online.
Companies are enjoying a market which is forecast to increase by roughly 10% year-on-year until 2021. Some of the biggest players in the industry are Ticketmaster – who hold more tickets than any other company, Viagogo, and Seetickets. Seetickets have designed a fan-to-fan platform for ethical ticket selling in response to the outcry caused by touts – who purchase large numbers of tickets, with no intention of going, then sell the tickets to actual fans for enormously inflated prices. Seetickets response to this follows an industry trend towards an increasingly customer focused outlook.
Technology has provided ticket companies with the capabilities to offer customers various deals, as well as incentives like pre-sales and additional discounts. Fortunately, customers now have access to mobile tickets via apps and the option to choose seating preference based on a digital portrayal of the screen or stage. Moving forward consumers can also come to expect improved security on purchases, worldwide delivery and even money back guarantees – things that are becoming commonplace offerings due to companies trying to fight off competition and establish their place in the market.