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E-tickets witnessed a paradigm shift from traditional event ticketing processes for various events. Most venue counters are nowadays encouraging individuals to purchase tickets in advance from digital platforms. Major trend observed in the online event ticketing market over past years is booking tickets through tablet, smartphone, or web applications. This trend has gained high popularity, owing to ease of use, flexibility of booking timings, user-friendly interfaces, and various attractive engagement marketing strategies developed by service providers. Many ticketing vendors are focused on providing mobile ticketing applications that generate e-tickets on smartphones as well as vendors are making their websites customer-friendly with various promotional methods, which attracts consumers with easy ticketing transactions and discount/ points benefits. Moreover, online event booking applications displays all information associated to event which includes ticket pricing, seating layouts, event venue, and other relevant information.
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.
Cumulative adverse effects of pollution on environment have encouraged governments across the globe to focus on reducing environmental pollution and deforestation. This has compelled governments across the globe to encourage digital transactions to reduce the use of paper and save trees. Many banking organizations and telecom service providers have adopted online platforms for monetary transactions. Thus, rise in adoption of paperless transactions will further support the online movie ticket booking service providers to generate e-tickets that are sent through emails or messages.
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.
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.
Moreover, most ticketing systems charge both credit card processing and ticket convenience fees to the ticket buyer. Approximately 85% of event organizers pass these fees to the buyers. Currently, most ticket buyers are expected to pay additional amount of service fee.
Furthermore, different ticketing companies offer various price points, so the payment structure and fees definitely are some of the parameters considered before deciding on a ticketing platform. For example, event planners provide affordable ticketing software and even offers a free trial, to make sure its consumers are getting everything you need and more with no strings attached. Due to this COVID-19 pandemic, most of the airlines have increased their ticket prices as well.
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Key Market Segments
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