Revenue from online sales of tickets to sporting events in 2021 are still well below pre-pandemic levels but is projected for a huge rebound in 2022. According to data presented by Safe Betting Sites US, revenue from online sales of tickets for sporting events is still around 70% lower than pre-pandemic figures of 2019; just $6.55B in 2021. The segment is projected to rebound by over 300% in 2022.
2021 Revenue Still 70% Lower Than Pre-Pandemic Revenues
The sports world was rocked by 2020’s COVID-19 pandemic when sporting events in most of their forms were essentially halted. Some sporting organizations and leagues such as the European football leagues and the NBA in North America were able to re-start some of their sports albeit in “new normal” conditions. The most visible and most glaring of these special conditions is the lack of fans in attendance in most events.
After over a year since the global outbreak of the pandemic, digital ticket sales for sporting events have yet to recover in 2021. Revenue from digital ticket sales from sporting events is projected to amount to just $6.55B in 2021 – 69.48% lower than 2019’s revenue of $21.45B. Notably, however, revenue from 2021 can be taken as an early sign of recovery as it is 25.2% higher than 2020’s online ticket sales revenue.
Over 300% Rebound Projected For 2022
Projections for 2022 are much more optimistic, with the segment set for a huge rebound. Revenue from digital sales of tickets to sporting events is projected to reach $28.22B in 2022 – a whopping 331.17% YoY increase. 2022’s projected revenue is even a 31.6% increase from 2019’s pre-pandemic revenue.
The US Generates Most Revenue From Online Ticket Sales – Almost Half of Total
The US generates the most revenue from digital ticket sales of sporting events and in 2019 accounted for 47% of the world’s total revenue. In 2021, the US accounts for a similar share of the world total revenue, but will also experience a 70% decrease from pre-pandemic revenue at just $2.95B.
Rex Pascual, sports editor at Safe Betting Sites USA, commented:
“There are plenty of growth opportunities left in the online sale segment of sporting event tickets, as evidenced by its standing as having the lowest penetration rate in the event tickets industry. The segment must overcome the major obstacle of rising ticket prices which some experts predict will lead to its transition into a subscription economy business model, which has major implications for season ticket holders who currently generate the highest share of total revenue from sporting event tickets.”