Rise in adoption of smartphones and personal computers, surge in disposable income, and growth in focus on paperless transactions are the major factors that drive growth of the Online Event Ticketing Market. However, lack of price supervision and uncertainty over ticket prices can hinder the growth of market. Contrarily, growth in penetration of internet and broadband services across the globe is an opportunistic factor for growth of the online event ticketing market.
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Popularity of internet has increased significantly and as a result, many organizations have worked diligently to develop new techniques for interfacing with customers. E-tickets are developed to provide wide range of applications by provider services, which include coupons for e-shopping to tickets for entrance into a concert or sporting event. Proliferation of e-tickets represents a change in the way that traditional ticket purchasing occurs. E-tickets seem to provide a number of advantages to agencies, including lower costs and increased operational efficiency. It is projected that the use of e-tickets would continue to increase during the forecast period.
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Major online event ticketing systems are paid platforms or applications as they include service charges. Most platforms charge fee per ticket plus a percentage of the ticket price. As many entertainment industries have legacy architecture, which adds additional cost, make them charge high fees just to stay in business. In addition to fees from ticketing providers, one also needs to pay credit card processing fees, if used. some of key player in this market are include Brown Paper Tickets, Cvent Inc, Eventbee Inc., Eventbrite Inc., Eventzilla, moshtix Pty Ltd, Razorgator LLC, StubHub Inc., Thundex Tix, and Ticketek Pty Ltd.
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COVID-19 Scenario Analysis:
- Online ticket booking business is extremely hampered after the outbreak of COVID-19 pandemic. As lockdown measures are being taken by governments to control the spread of disease, many hotels and theaters are closed, leading to downfall of the ticketing business.
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