Sports Events Ticket Market Business Trends and Driver Forecast to 2028

The global sports events tickets market size is estimated to reach USD 18.79 Billion by 2028 and is expected to expand at a CAGR of 16.5% from 2021 to 2028, according to a new report by Million Insights. The key factors driving the growth of the market include the significant rise in sports events and activities such as National Basketball Association (NBA), National Hockey League (NHL), Major League Soccer (MLS), and Major League Baseball (MLB) across the globe. Moreover, the rising digitalization and access to online media platforms for sports ticket booking are the other factors that propel the market growth.

The market has experienced a significant downfall due to the COVID-19 pandemic with the cancellation of different sports events across the globe. The market is mainly impacted by the rapidly changing conditions that have compelled governments to impose a ban on all the activities that involve social gatherings and crowds. For instance, the delay of the Tokyo Olympics 2020 cost Japan a loss of billions. Cancellations, delays, and suspensions of some other sports including SXSW Music Festival cancellation, Big 10, and Big 12 also impacted the growth of the market for sports event tickets.

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The digital tickets segment is expected to register the highest CAGR of 17.3% over the forecast period of 2021 to 2028. The market is mainly driven by the growing demand for easy and convenient access to sports events to avoid the crowd. Moreover, the growing usage of mobile applications to get digital tickets and the rising penetration of smartphones across the globe are the factors contributing to the growth of the segment. In addition, the ease of purchasing tickets through internet-enabled smartphones and tablets is projected to contribute significantly to the growth of the industry.

Europe held a significant market share of more than 20.0% in 2020. Well-developed countries such as Germany, the U.K., and France are positively contributing to the market revenue. The high revenue share of Europe can be accredited to the strong presence of large sports event organizing companies and ticket providers in the region and the long-existing demand for online tickets. Additionally, higher GDP, per capita income, and per capita spending on sports events and cultural activities in the European countries altogether result in strong sales of event tickets in the region.

Sports Events Tickets Market Report Highlights

• The digital tickets segment is anticipated to register a CAGR of 17.3% from 2021 to 2028. A significant rise in smartphone users and the growing trend of e-tickets across the globe are anticipated to contribute to the growth of the segment

• The paper tickets segment held the largest revenue share of more than 60% in 2020. A large portion of conventional paper tickets used in the sports events industries such as football and cricket supported the revenue growth of the segment

• Europe held a revenue share of more than 20.0% in 2020, due to the strong and wide presence of the key players and long-standing demand for online ticket booking for sports events owing to a high number of smartphone users in the region

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