Your Secondary Market: Friend, Foe or Don’t Know?
As ticketing continues to innovate, rights-holders must determine the value and importance they place on the secondary market.
The following content and data was presented at INTIX featuring industry professionals from Prolific 1, Atlanta Braves, Los Angeles Clippers and Qcue.
As ticketing continues to innovate, rights-holders must determine the value and importance they place on the secondary market. If controlled through a distribution partner, it will have positive, long-term benefits towards your business. If not, the result is oversaturated marketplaces, underpriced tickets and empty seats.
Reaching new ticket buyers and providing value of purchase is more difficult than ever before. As your organization approaches this new business silo, it’s time to get informed on how the secondary market can drive more revenue, target new ticket buyers and obtain actionable data.
The leading marketplaces on the secondary market continue to grow tremendously year over year due to their extensive marketing reach of targeting ticket buyers. Projections on the secondary market size show that it will continue to maintain the average annual growth rate of the last five years.
With a large volume of sales occurring on secondary marketplaces, rights-holders utilizing a distribution partner receive benefits that provide value to their entire ticketing ecosystem. This includes:
- Formulate a long-term plan
- Align pricing on the primary and secondary markets
- Actively manage your inventory
- Create demand
- No denied entries
- Sell tickets where, when and how you want
- Create a balanced resale market
- Drive more revenue per seat through dynamic pricing, historical data and analysis
The leading distribution partners operate in full transparency and share real-time, comprehensive sales data. With this information at your fingertips, rights-holders can make more informed decisions for current events while building business intelligence for the future. This will allow for optimized pricing to drive more revenue, create a value of purchase and a balanced resale market. The types of data available include:
- Exchange Breakdown
- Event Overview
- Time to Event Summary
Additionally, these partners also create custom data reports that can be shared via a real-time portal or in raw formats.
The Future of Mobile
Mobile ticketing is here to stay as the number of current and future users is growing daily. With the majority of buyers on secondary marketplaces using mobile as their preferred ticket entry, rights-holders and venues are able to capitalize.
With 80 million people using mobile ticketing for sporting events last year, this entry platform will increase over the next few years. Recent reports show that mobile tickets for sports events will grow from $14 billion to $23 billion by 2023. For all non sporting events, mobile tickets will increase from $1.1 billion to $1.9 billion by 2023.