Following the explosive reports about Ticketmaster working with touts to inflate ticket prices for their own betterment, a joint investigative team led by The Toronto Star and the CBC has, apparently, put more meat on the bone for at least two class action suits against the publicly traded entertainment behemoth.
The impact of the investigation, and the outcome of the separate suits in Canada and the US remains to be seen; however, the growing live event infrastructure, a rise in disposable income, and the evolution of mobile ticket sales have created big growth opportunities in the global secondary ticket market, where many world’s leading ticket resellers are making huge revenues every year.
According to a report from Technavio, the global secondary ticket market is expected to reach a total value of US$15.19 billion by 2020. The report identifies that the increased utilization of mobile apps will be one of the significant factors that will have a positive impact on the growth of the market. Technavio’s market research analysts predict that this market will grow at a CAGR of around 13% by 2021.
– Sources: The Toronto Star, Technavio