The global online movie ticketing service market is projected to grow at a CAGR of 9.72% to reach a value of US$63.076 billion by 2025, from US$36.153 billion in 2019.The online movie ticketing service market is estimated to surge over the forecast period on the account of the increasing digitalization and the penetration of the internet, which has caused a rise in the number of people using the internet for e-retail services including booking movies tickets online for added convenience and saving time. Rising investments by market players to make their booking websites and mobile apps more user-friendly is further contributing to the market growth of online movie ticketing services globally.
However, there is an availability of a substitute for online movie ticketing in the market easily, which is purchasing over-the-counter tickets. The convenience charges and internet handling fees, which are not charged on the over-the-counter purchasing of tickets, make the over the counter purchasing relatively cheaper. Hence, this factor is acting as a restraint in the market growth of the online movie ticketing service.
Prominent market players in this market are adopting various growth strategies such as investments and acquisitions, thereby positively impacting the market growth of online movie ticketing service. For example, in November 2019, Google entered into a partnership with The Box Office Company, which is a collection of technological businesses owned by one of the leading digital media companies Webedia, in order to facilitate the better online ticket booking experience. This partnership aims to integrate Google Assitant and an emerging Duplex AI phone tool with ticketing operations in the U.S and UK with some of the launch partners being AMC, Fandango among others. In addition, in December 2019, Cineplex Inc., a company., which has about 165 movie theatres spread over Canada, announced that they had agreed to a takeover deal by the Cineworld Group PLC, which is based in the UK, for about $34 per share and all the debts of the company.
The Online Movie Ticketing Service market has been segmented based on platform, genre, and geography. By platform, the market has been segmented as smartphones and tablets and PCs and laptops. By genre, the market has been segmented as action movies, comedy movies, adventure movies, suspense, thriller and horror movies, and others.
Smartphones and Tablets to hold a notable share in the market.
The rising disposable income among the low-income and middle-income populations is allowing the people to spend more on consumer electronics such as smartphones and tablets. This is being facilitated by the budget smartphones that companies such as Nokia, Xiaomi are launching, which are packed with features and are easily affordable by a majority of the low-income population. Moreover, with the internet packs and internet services being offered by various carriers are coming at affordable prices, ensuring that all people can purchase the plans that suit their needs and get access to the internet services, people are using smartphones and tablets for online services. This is driving the market growth of online movie ticketing services globally.
Comedy Movies to contribute significantly to the market growth over the forecast period
The genre of the movie is a very important factor in the revenue it generates, as it depends on what a majority of people like. There are different movie genres available, such as action, comedy, adventure, suspense, thriller, and horror, and others. People want to watch a movie that is based on the genre of their liking so they can enjoy through the run-time of the movie. Suspense thriller and horror genre is expected to hold a significant share in the market which is attributable to the fact that the movies of this genre keep people engrossed and entertained throughout the movie and aid in causing uncertainty among people as to what is going to happen in the next scene or in the end. In addition, comedy movies are also expected to contribute to the growth of the market on account of it being a commonly watched genre among the teenage population and population between the ages of 20-30.
APAC to witness the fastest regional market growth during the forecast period.
Geographically, the global online movie ticketing service market has been segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. This high growth is attributed to the booming media and entertainment industry in the region. In countries such as South Korea, the film industry is at a good position and the number of people purchasing movie tickets through online portals is increasing. The Indian film industry is also evolving with many people preferring to use online ticketing portals for booking movie tickets now such as BookMyShow and Insider. In addition, there are initiatives being taken by the organizations that will boost the number of movie tickets being purchased. For example, in December 2018, the Information and Broadcasting (I&B) Ministry presented their move to reduce the Goods and Services Tax (GST) on the movie tickets to the Government of India. In addition, in September 2019, The Reserve Bank of India said that the online movie ticketing portals are not allowed to charge internet-handling fees on the booking of movie tickets to the customers. Also, in September 2019, the Telangana government announced the setting up of a new online movie ticketing portal, which is being done under the supervision of the State Film Development Corporation (FDC). Through this move, the ticket sales in black will be controlled and all the private online ticket sellers directed through the FDC website.
Apart from the government and organizations' contributions to bolster the market growth of the online movie ticketing market, some of the tech giants such as Google and Amazon are also offering the booking of movie tickets online. Google launched this service in April 2019, for both Android and iOS devices. The search on google leads to other suitable platforms such as INOX, PayTM among others. whereas Amazon joined the bandwagon and launched its service in November 2019, by partnering up with one of the leading ticket booking sites in India, BookMyShow.
Some of the major players covered as a part of this report are Bigtree Entertainment Pvt. Ltd., Mtime.com, Inc., PVR Cinemas, INOX, Wave Cinemas,and Vue among others.
Segmentation
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