With movie theaters slowly re-opening in the COVID-19 era, online ticketing is being viewed as more than a convenience.
The business, which is spearheaded by Atom Tickets, Fandango, Big Tree Entertainment and all the major exhibitor chains, is poised to grow by $14.8 billion through 2024, progressing at 7% annual growth rate during the period, according to new data from Technavio.
Although the coronavirus pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities.
As has been oft reported, theaters have put a premium on sanitation, social distancing and related healthcare measures to instill a sense of preparedness and normalcy to consumers. Technavio found emphasis on better customer experience within the movie industry is a key trend to driving market growth going forward. Online ticketing is one of those experiences.
“The increased use of mobile applications will offer immense growth opportunities,” read the report. “To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.”