“SEATWAVE SECONDARY TICKETING MARKET UPDATE FOR Q3 2008”
LONDON, ENG (Seatwave) 06 November 2008 – Seatwave, Europe’s largest fan-to-fan ticket exchange (traffic according to Hitwise (UK) and Alexa (Europe)), today confirms that, despite the economic downturn and impact of the credit crunch, the secondary ticketing market continues to demonstrate exponential growth as an increased number of tickets are being sold, by ever-increasing numbers of fans, for a wide range of events. The exchange experienced an overall increase in transactions of 104% from Q1 to Q3 2008, with 117% growth in concert transactions, 90% growth in theatre and 41% increase in sporting transactions (source: Seatwave, all countries).
Evidence shows that fans are increasingly turning to the secondary market to acquire sought-after tickets in the transparent, organised and guaranteed marketplace that Seatwave provides.
This increased level of sales has also had the welcome impact of a marked reduction in ticket prices on Seatwave. The Seatwave sales of the Take That 2009 tour show a 30% decrease in average ticket price from £103, in 2007, to £72 (as at 5 November 2008). The impact is even felt for a night out at the theatre, where the average ticket price has dropped from £84 in Q1 2008, to £72 in Q3.
These trends are consistent throughout Europe, where the number of tickets listed for sale by fans increased a massive 3655% from Q1 to Q3 (Source: Seatwave).
Commenting on the figures, Joe Cohen, Founder and Chief Executive of Seatwave, said: “These figures clearly demonstrate the explosive growth Seatwave has experienced across Europe. With the number of repeat buyers and sellers almost trebling, the secondary market is quite clearly filling a genuine customer demand. Our open marketplace is lowering prices, increasing transparency and providing greater choice and opportunity for true fans of music, theatre, comedy and sports.”