The global online movie ticketing services market size is expected to reach USD 40.66 billion by 2022, according to a new study by Grand View Research, Inc.
Increasing adoption of smartphones and PCs among consumers is expected to drive the online ticketing services industry growth over the forecast period. Additionally, growing penetration of internet and broadband services along with enhanced product offerings through such services has led to an increased popularity for online ticketing service industry.
To ensure an all-round experience for customers, service providers emphasize on incorporating film reviews, trailers, and teasers along with film tickets in their websites and mobile applications. In addition, these websites and mobile applications provide users’ other content in the form of galleries, original video series, exclusive celebrity interviews, and news.
Online movie ticketing companies get paid by the film production companies and production houses in return for displaying promotional activities. Moreover, they also invest in movies and production houses to harness the potential high earning opportunities in the industry.
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Further key findings from the study suggest:
- Internet ticketing is the process whereby customers book movie tickets either via exhibitors’ websites or third-party websites. Mobile ticketing is the process whereby customers order tickets using their mobile handsets through exhibitor’s mobile applications or third-party ticket provider’s mobile applications. Internet-based ticket booking accounted for over 60% of the market share in 2014. However, with the increasing use of smartphones and mobile applications, the industry is expected to witness a major turnaround, with mobiles projected to capture a considerable portion of internet’s revenue share.
- North America accounted for approximately 33% of the market share in 2014 and is expected to maintain a steady growth throughout the forecast period. Latin America is expected to grow at a CAGR of over 16% over the forecast period on account of increasing buying power, especially in the developing economies such as Brazil and Mexico. Governments and technology giants across the world are striving hard to provide internet to people as a basic necessity. Countries such as India, China, and Japan from the Asia Pacific region are expected to push regional industry growth owing to the increasing access to affordable internet on mobile and PC.
- Major industry participants are engaged in providing their customers a wide range of product offerings through websites and mobile applications. The service providers have established tie-ups with various financial institutions such as banks and digital wallet providers drawing heavy web traffic and an eventual increase in the financial transactions over the website. The industry is largely competitive and companies have taken up mergers and acquisitions as their key growth strategies to acquire a major share in the industry.
- Key companies include Movietickets.com, Fandango, Vue Entertainment, AOL MovieFone Inc., BIG Cinemas, BookMyShow, Cineplex Entertainment, Ticket Please, and VOX Cinemas. Fandango represents a considerable portion of the market space in the U.S. The company is rapidly growing in the film business. The company announced its partnership with Movieticketing.com, AOL MovieFone, MSN Entertainment, and Yahoo Movies to sell tickets.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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