Due to this shift, variations in consumer interest have not affected online ticket sales as much as more traditional forms of ticket sales.
Melbourne, Australia (PRWEB) August 31, 2013
The Online Event Ticket Sales industry in Australia has benefited from a rapid shift towards the internet as a mainstream source of goods and services. According to IBISWorld industry analyst Craig Shulman, “the convenience of purchasing goods and services online has not been lost on ticket agencies, which have shifted operations heavily towards the online space over the past five years”. Smartphones have also emerged as an avenue to purchase tickets during the period. The attraction of the online space as a platform for selling tickets has been the main driver of growth over the past five years. Thus, most of the industry's growth has come at the expense of ticket revenue from more traditional methods of sale.
Due to this technological shift, variations in consumer interest in live entertainment and events has not affected online ticket sales as much as it has affected more traditional forms of ticket sales. Attendance rates have fluctuated over the past five years in response to unsteady consumer sentiment and the resulting interest in event attendance. “Over the past five years, rising ticket prices have also reduced the incentive for consumers to attend events, suppressing growth even in the online space,” says Shulman. Over the five years through 2013-14, revenue is estimated to increase at a compound annual rate of 7.8%. In 2013-14, revenue is expected to increase 8.8% to reach $163.2 million.
Competition in the Online Event Ticket Sales industry has been increasing over the past five years. Lower technology costs have enabled several venues to vertically integrate their operations with online ticket sales platforms. A number of these venues have chosen to expand their online ticket platforms to further service other venues. However, major players Nine Entertainment Co Holdings Pty Limited and Ticketmaster Australasia Pty Limited still hold significant market power within the highly concentrated industry, as they have secured long-term contracts with major sporting venues and other entertainment companies, which has made it difficult for smaller firms to make significant inroads into the industry. Most of these factors are not expected to change significantly over the next five years. However, as the online space becomes increasingly saturated, the impact of consumers switching to online ticket purchasing will diminish significantly, leading to consumer sentiment holding a stronger sway over the success of the industry.
For more information, visit IBISWorld’s Online Event Ticket Sales in Australia industry report page.
Follow IBISWorld on Twitter: http://twitter.com/#!/ibisworldau
IBISWorld industry Report Key Topics
This industry includes internet retailers that sell tickets to live events. Ticketed events include concerts, sporting events, live theatre, fairs and festivals. The industry also includes online ticket resellers. However, it does not include sales of tickets at bricks-and-mortar outlets.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Basis of Competition
Barriers to Entry
Technology & Systems
Regulation & Policy
About IBISWorld Inc.
Recognised as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every Australian industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Melbourne, IBISWorld serves a range of business, professional service and government organisations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com.au or call (03) 9655 3886.