Smart Advisor Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

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Entire proces of event ticketing has witnessed a dramatic shift from traditional booking of tickets at event venue counters to purchasing tickets in advance from the comfort of one's home.

- Online ticketing has gained popularity due to proliferations of smartphones and mobile devices, which results in perceived ease and flexibility of the procedure. User-friendly and attractive mobile interfaces are also being developed by service providers, which makes the process of booking tickets easier and faster.

- In order to be relevant in the market, vendors secure long term contarct with theatres, production houses, sports authorities, and local event organizers in order to ensure sustainability. Promotion of movies, sports tournaments and music concerts on the websites of service providers forms a sizeable portion of their revenue.

- The market is severely affected by the spread of novel corona virus, which is hampering the market growth. Due to nation-wide lockdown globally, all the event venues are closed and no audience is allowed in order to contain the virus. Entertainment industry as a whole has experienced ...
... negative growth since past four months.

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Key Market Trends

Cinemas to Occupy Significant Market Share

- Online booking for cinemas and movies occupies the majority of share among all other events. This is due to vendors such as MovieTickets, fandango, bookmyshow and ticketnew, which are offering tickets at discounted rate.

- Moviegoers are more likely to purchase tickets online rather than buying at box office or sel-serve kisosk, if the movie is likely to be sold out due to its popularity.

- Moreover, advanced technologies deployed to cinemas such as 3D screens adoption is increasing as people are prefering digital recording and projecting technology over analog movie screens.

- This segment was the worst hit due to outbreak og COVID-19. Some of the movies are now being released over OTT platforms instead of movie halls, since the halls are temporarily closed due to lockdown, which is hampering the growth of the market.

- However, as the movie halls open in future, the growth of market is anticipated more since customers would have to purchase tickets online or through an app ahead of arriving at the theater. Venues would look for ways to avoid physical interaction.

Asia-Pacific Anticipated for Fastest Growth

- The market in Asia-Pacific is the fastest growing since few years due to rise in disposable income, high penetration of smartphones, improving internet connectivity and increasing urbanization.

- As per MPAA, the number of digital 3D cinema screens in the region increased from 62608 in 2018 to 73314 in 2019, which is the highest globally. This represents the high level of technological advancements taking place in the region, which is aiding in market demand.

- Online event ticketing vendors are continosuly growing in number. For instance, in November 2019, Amazon mobile app and amazon.in mobile website introduced a new 'movie ticket' option. The tech giant introduced the new ticketing feature only in India in partnership with BookMyShow.

- Government initaitives are also expected to augment the market demand. Thailand's 4.0 is a policy to steer the country's economy away from traditional industries and facilitate
innovative, digital transformations. Cashless society is a major theme.

- Since China is recovering from COVID-19, it is taking measures to become first cashless society. In April 2020, the country rolled out its digital currency in four cities as a part of pilot project. he digital yuan is a currency that behaves much like normal cash, but exists only as code in a digital wallet, backed by the People's Bank of China. Such projects would futher boost the adoption of online payments for various events.

Competitive Landscape

The market is dominated by few players who are in the industry since a long time, but startups are also proliferating which are challenging the existing vendors. Thus vendors are coming uo with innovations and new features in order to remain relevant in the market.

- December 2019 - A Memorandum of Understanding (MoU) for online ticketing of National Museum of Indian Cinema (NMIC) was signed between Films Division and BookMyShow (BMS). NMIC is the only museum in India dedicated to cinema. Under the MoU, BookMyShow will provide a technical solution for offline and online sale of NMIC.

- August 2019 - Atom Tickets partnered with global advertising technology pioneer, The Trade Desk. The partnership allows movie marketers to identify sales generated from their programmatic advertising spend, which is a first for the entire industry.

- August 2019 - TickPick, founded in 2011 raised institutional funding worth USD 40 million. TickPick started out as a secondary marketplace for ticket resellers, but it now sells tickets directly from partners like Firefly Music Festival and Riot Fest, the Big South and Western Athletic Conferences, Florida International, Georgia State and Santa Clara Universities, Ric Flair, Sports Illustrated Saturday Night Lights, Shaq's Fun House and the Maxim Pregame Experience.

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