Technavio's latest market research report on the global online movie ticketing service marketprovides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technaviodefines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new report on the global online movie ticketing service market from 2017-2021. (Graphic: Business Wire)
The global online movie ticketing service market is expected to grow at a CAGR of close to 13% during the forecast period. The increasing use of mobile applications that provide easy access to consumers will drive growth in the online movie ticketing service market. Different mobile apps offer multiple offers and discounts to users and provide easy payment options by storing customers' card details for future use.
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The top three emerging market trends driving the global online movie ticketing service market according to Technavio research analysts are:
- Increasing focus on paperless transactions
- Analyzing consumer behavior via mobile ticketing apps
- Online screening of movies
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Increasing focus on paperless transactions
The increasing adverse effect of pollution on the environment is encouraging governments across the world to focus on reducing deforestation and environmental pollution. Government organizations worldwide are promoting digital transactions to reduce the use of paper and save trees. Many telecom and banking organizations have adopted online platforms for monetary transactions. The increasing focus on paperless transactions has encouraged online movie ticket booking service providers to generate e-tickets that are sent via messages or e-mails.
According to Ujjwal Doshi, a lead analyst at Technavio for media and entertainment services, "The e-tickets are scanned at the venue, thus promoting paperless transactions in the market. Viewers can book tickets at their convenience and store them on their devices through different movie booking applications. Digital bills eliminate the need for hard copies of the tickets and reduce the adverse impact on the environment."
Analyzing consumer behavior via mobile ticketing apps
Several films cater to the global audience, and most of the movie ticket sellers sell their tickets online. Online platforms help service providers track consumer behavior and purchasing patterns. Mobile applications help ticket sellers determine consumer preferences in terms of movie type, venue, and show timings. The marketers use this information to feature suitable ads during the intermission or just before the beginning of a movie. Such ads and promotional activities increase revenue inflow.
Online screening of movies
Online screening of movies is expected to be one of the key trends in the market. With the growing filmed entertainment market, a high number of movies is expected to get released every year. The global film industry offers numerous high and low budget movies for different customer groups. Established and well-known movie producers invest heavily in promotional activities. Producers of low-budget films sometimes fail to attract viewers and refrain from showing their films in cinema theaters, thus promoting the trend of online movie screenings.
"The preference of downloading low-budget films or buying DVDs is attributed to the ease of watching this movie at the viewer's convenience. Several movies are watched online even before they are released. Online screening of movies is expected to drive the global online movie ticketing service marketsays Ujjwal
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