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This summer appears to be particularly hot for live events following years of pandemic-driven downturns. Few events highlight that notion better than Taylor Swift’s current “Eras” tour as it sweeps through the country. While Ticketmaster looks to be in the most favorable position for this return of live events, ticket resale platforms like StubHub and SeatGeek also stand to benefit, although not without their share of problems for consumers.
What does the market for these ticket resale platforms look like as we shift into peak live event season?
When it comes to live events, people are most likely to use ticket resale sites to see concerts.
CivicScience data show 34% of consumers have used or currently use ticket resale platforms (among those aware), with another 8% planning to use one in the future.
What they’re using those resale platforms for varies by the type of live event they’re planning to attend. For instance, concerts are the most likely event people will opt to purchase tickets using a ticket resale platform (60%), followed by just under half (47%) who use them for sporting events. Festivals are the least likely event for people to turn to the secondary market to purchase tickets.
Ticket resale platforms are out of tune in alleviating consumer concerns.
While Ticketmaster encountered its share of issues in recent months, the ticket resale market is far from immune from problems of its own. From not receiving tickets from the seller to overcharges, the secondary market can have its risks. Those who use ticket resale sites aren’t feeling overly confident in their ticket purchases, as 70% are at least ‘somewhat concerned’ they’ll encounter issues – roughly one-third say they’re ‘very concerned.’
What’s staggering, though, is that as many as 35% of consumers who use ticket resale platforms report they’ve had a problem with their tickets.
When do consumers buy concert tickets? A majority of concertgoers opt for at least one month in advance.
A recent study showed that in terms of concerts, the day of the show is actually when tickets are the most affordable. The prospect of waiting it out until the last minute can be precarious with no guarantees of availability so it’s not surprising that according to new CivicScience data, the majority (78%) of concert-goers will order tickets either as soon as they go on sale or more than a month in advance of the show. Only 4% try their luck for a good deal and swoop in at the last minute on the day of the show.
Among ticket resale platform users, the percentage of those who purchase their tickets more than one month in advance jumps to 84% compared to just 3% who wait until the day of.
With a renewed sense of normalcy in the live events industry after pandemic slowdowns, the ticket resale market is likely to be put to the test in the next several months. Will platforms be able to manage demand around consumer concerns? What new trends will emerge as the season rolls along?
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