Growth in consumer spending power will strengthen online ticket sales.
New York, NY (PRWEB) May 16, 2014
The Online Event Ticket Sales industry has reacted to the ebb and flow of the US economy. Consumer sentiment and per capita disposable income levels have determined consumers' ability and willingness to attend events. Since the recession, personal disposable incomes have recovered and consumer sentiment has improved, leading to strong industry growth. Furthermore, the number of internet transactions has underpinned online ticket sales growth over the long term, with industry revenue growing at an annualized rate of 3.9% over the five years to 2014. IBISWorld anticipates the Online Event Ticket Sales industry will continue to thrive in 2014, with revenue growing 2.4% to $3.8 billion by the end of the year.
According to IBISWord Industry Analyst Andy Brennan, “The growing popularity of the internet has boded well for the size and profitability of the Online Event Ticket Sales industry.” The rise of smartphones has also helped the industry, as consumers are now more comfortable than ever making purchases on the go through seamless smartphone applications. Over the five years to 2014, IBISWorld estimates that 27 new ticketing websites will enter the market, to total 274 sellers. While many of the existing participants are expanding their product and service offerings and extending their reach, new entrants are catering to niche audiences and clients. These trends are hallmark indicators of an industry in the mature stage of its life cycle.
“As the economy continues to rebound and consumers start to loosen their purse strings over the five years to 2019, demand for online tickets will mount even faster,” says Brennan. Spending power is expected to drive industry revenue up at an average annual rate of 3.1% to $4.5 billion over the period. Industry players will increasingly add customization and personalization to their products and services, targeting fans' specific tastes and locations. Revenue is forecast to increase, but the entrance of new companies is forecast to bring increased competition to the industry and limit revenue growth of individual companies.
For more information, visit IBISWorld’s Online Ticket Event Sales in the US industry report page.
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IBISWorld industry Report Key Topics
The Online Ticket Event Sales industry includes internet retailers that sell tickets to live events. Ticketed events include concerts, sporting events, live theater, fairs and festivals. This industry also includes online ticket resellers; however, it does not include sales of tickets at brick-and-mortar outlets.
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About IBISWorld Inc.
Recognized 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 US 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 Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.