Major companies in the sports and arts promoters services market include Live Nation Entertainment Inc; Red Frog Events LLC; Premier Exhibitions Inc and NightCulture Inc. The global sports and arts promoters market is expected to grow from $149.
New York, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Sports And Arts Promoters Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009796/?utm_source=GNW
64 billion in 2020 to $175.13 billion in 2021 at a compound annual growth rate (CAGR) of 17%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $244.12 billion in 2025 at a CAGR of 9%.
The sports and arts promoters services market consists of sales of sports and arts promoters’ services and related goods by entities (organizations, sole traders and partnerships) that organize, promote, and manage live performing arts productions, sports events and other events such as state fairs, county fairs, agricultural fairs, concerts, and festivals; and manage and provide the staff to operate arenas, stadiums, theaters or other related facilities for rent to other promoters. Customers for sports and arts promoters include independent artists and performing arts companies. The sports and arts promoters market is segmented into sports promoters and arts promoters.
Western Europe was the largest region in the global sports and arts promoters market, accounting for 32% of the market in 2020. Asia Pacific was the second largest region accounting for 32% of the global sports and arts promoters market. Africa was the smallest region in the global sports and arts promoters market.
Sports and arts organizers are implementing mobile ticketing to provide hassle free ticket purchase experience. Mobile ticketing is the process where customers can buy and validate the tickets using mobile phones. Event organizers production and distribution costs associated with traditional paper-based ticketing channels is eliminated with the implementation of mobile ticketing. Apart from this, the data exchanged digitally through ticket transactions enables sports organizers to learn more about fans and generate insights to formulate marketing strategies from the database. For instance, Barcelona implemented mobile ticketing and eliminated paper tickets by introducing a new system that allows fans to scan a bar-code on their phones gain access to matches. Pocono Raceway launched a mobile ticket delivery system that allows fans to have their ticket delivered to their mobile device and have their ticket scanned at the gate directly from their mobile device.
Sports organizers are implementing virtual reality technology to improve the spectator experience in a sporting event. Virtual reality technology generates images, sounds and other sensations that simulates a physical presence in an imaginary environment. Clubs and teams are experimenting with simulated and 360-degree environments to enhance the match viewing experience of the fans by allowing them to have a virtual walkthrough of the stadium or the race track and view the match at different angles. For instance, NBA game between the Sacramento Kings and San Antonio Spurs was broadcasted in VR. The viewers could watch the action from a myriad of angles, including underneath the basket. NASCAR has created an interactive fan area at the race tracks with the implementation of virtual reality.
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