The landscape of event ticket sales has undergone a significant transformation in the past decade, thanks to the rise of online marketplaces. What key factors should you take into account when contemplating your entry into this evolving market?
From paper tickets & at-home printing, selling event tickets online has turned into a digitalized mobile experience. Today, event attendees no longer require physical printed tickets for entry when they purchase tickets online. As per Statista, the worldwide event ticket sales market was projected to reach approximately $33.8 billion in 2018, with nearly $12 billion in revenue generated from the United States alone.
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With the development of E-commerce, electroniс money, built-in fingerprint scanners, & QR codes, consumers can safely buy tickets with a couple of taps. The industry’s evolution has been advantageous for both resellers and customers alike. As promising new technologies continue to emerge, ticket selling is poised to become even more secure and dependable, further fueling the growth of this sector. Statista’s projections indicate an estimated average annual growth rate of 11% in the event ticket industry over the next four years, potentially leading to global revenues of approximately $51.3 billion by 2022.
Despite the relatively higher costs of music and sports event tickets when compared to cinema tickets, the cinema ticket segment is set to retain its position as the largest within the event ticket selling industry. By the conclusion of 2018, its market value is projected to reach $14.4 billion in the United States. Therefore, for entrepreneurs seeking entry into this highly competitive market, it’s crucial to study and gain insights from existing successful projects.
While online ticket sales are increasingly shifting towards mobile platforms, there remains substantial room for improvement in existing online services. Some platforms still necessitate the printing of purchased tickets for entry. Therefore, if you are contemplating the development of an online ticket selling platform, it’s imperative to stay ahead of the curve by allowing users to present their tickets for scanning at the gate instead of requiring them to print them at home. Much like the approach adopted by Gametime, all aspects of the purchasing process, including event discovery, seat selection, and ticket booking, should seamlessly occur on a mobile device. Customers should have the convenience of simply displaying their tickets within your app and having them scanned at the venue.
Furthermore, your service should incorporate a distinctive concept that sets it apart from competitors. Take, for instance, Gametime’s emphasis on last-minute ticket sales with discounts offered just before sporting events. This approach allows you to sell tickets right before the event commences, enabling users to purchase them at a reduced cost without the necessity of planning weeks in advance.
In May 2022, Gametime successfully raised an impressive $30 million in funding from a distinguished group of investors. This group included Nimble Partners, whose members include John Burbank, the owner of the Golden State Warriors, along with Maven Ventures, Accel, GV, and several others. This substantial investment underscores the company’s potential and serves as a strong vote of confidence in Gametime’s future growth and its prospects for success in the market.
How Gametime Works
After a user chooses an event, the online ticket booking app presents the top fifty search results. Moreover, each seat description is accompanied by a high-resolution image showcasing the panoramic view from the corresponding stadium section. A comprehensive seat map empowers users to compare prices across various seats and view real-time availability options.
When users select a seat, they can effortlessly make a purchase with just two taps. After completing the purchase, the mobile app promptly delivers the ticket to their device, allowing for instant sharing with other users or easy resale with a single tap. Additionally, users have the option to resell physical paper tickets by simply taking a photo using the Gametime mobile app.
Unlike Gametime, StubHub has expanded its offerings by allowing customers to browse concert tickets directly through Apple TV, offering a convenient option for ticket selection. StubHub stands out as one of the premier platforms for selling tickets. Furthermore, StubHub provides users with the ability to preview the panoramic view from their selected section through high-resolution images, enabling them to assess their view even before attending the event. However, for the final ticket purchase, users will still need to utilize their smartphone or tablet.
StubHub has innovatively leveraged Apple TV to enhance the conventional concept of providing users with detailed seat maps. The panoramic view images undoubtedly appear more impressive on a large TV screen compared to a smaller smartphone display. This approach is worth considering when developing a ticket selling service — taking a proven and successful idea and refining it. Incorporating features like a horizontally scrolling user interface, event visuals, and high-resolution seat maps can elevate the user experience to an entirely new level. That’s why it stands as one of the most effective strategies for selling concert tickets.
In January 2022, news broke that StubHub Holdings was considering an IPO & had submitted the required documentation to the U.S. Securities and Exchange Commission. As per Bloomberg, this prospective IPO could potentially value StubHub at a remarkable $13 billion. This strategic move underscores the company’s aspirations for expansion and represents a noteworthy milestone in its path toward becoming a publicly traded entity.
How StubHub Works
When consumers find a necessary event through Apple TV, they accept an SMS or push message (in case they have the StubHub mobile application installed) with a link. When clicking the link, consumers get redirected to the checkout screen in the application or Play Market/App Store if they’ve not installed the application yet.
Ticketmaster stands out as a premier app for ticket sales. Their mobile application dedicated to selling concert tickets is designed to assist users in securing the best seats while considering the balance between price and quality. The key advantage of the Ticketmaster mobile app, in comparison to the web application, lies in its ability to facilitate quicker ticket purchases by leveraging push notifications and streamlining the authorization process. This rapid transaction capability becomes especially crucial when users are vying for tickets to high-demand events.
According to Mashable, about 60% of venues registered in Ticketmaster allow guests to utilize electronic tickets uploaded to their mobile gadgets. To safeguard against fraudulent ticket reselling, where the same ticket is sold to multiple customers, TicketMaster employs a security measure by adding an animated watermark to electronic tickets.
TicketMaster is a versatile platform that allows users to buy, sell, and share tickets with their friends.
At the Eurovision Song Contest 2023, hosted in Liverpool in May, the European Broadcasting Union (EBU) and the host broadcaster BBC partnered with Ticketmaster for ticket sales. However, before the ticket booking platform could go live, users encountered challenges as Ticketmaster, one of the top concert ticket-selling apps, experienced a crash, resulting in a 500 error. Remarkably, tickets for the contest’s final were completely sold out in a mere 36 minutes, with the remaining available shows also selling out approximately an hour later.
How TicketMaster Works
To initiate the sale of concert tickets, users are required to input their desired selling price, with the option to view available suggestions to set an appropriate amount. The service imposes a transaction fee for each completed sale. Once a ticket is purchased, the service digitally delivers it to the buyer, and the seller receives the funds credited to their card. When selecting a seat, users have the ability to compare available seats with tickets being offered for sale by other individuals.
How We Can Help You
Stfalcon is an experienced team of dedicated mobile & web application devs who efficiently change client ideas into powerful digital decisions. We build apps from scratch & have deep expertise in construction booking services, such as bus ticket booking applications, for various industries. We take pride in our portfolio, which includes successful ticket-booking projects as examples of our quality work.
We are proud to have earned the trust of major enterprises throughout Europe, who bring us their ideas, and in return, receive a well-optimized, bug-free, and secure solution featuring modern design in just a matter of weeks. Our specialization lies in crafting custom web applications using cutting-edge technologies, including the Symfony PHP-Framework, Docker, Python, MySQL, and MongoDB. We also excel in developing mobile solutions using robust libraries such as Gson, ORM, and Robospice. Rest assured, we are committed to ensuring your project launches on schedule, enabling you to capture your market share promptly. Contact us, to share your ideas, & turn them into existence with our development professionals!