Basketball Ticket Sales - South Korea

South Korea

Highlights

Revenue in the Basketball Ticket Sales market is projected to reach US$5.20m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.50%, resulting in a projected market volume of US$5.33m by 2029.
In global comparison, most revenue will be generated United States (US$2.50bn in 2024).
The average revenue per user (ARPU) in the Basketball Ticket Sales market is projected to amount to US$9.87 in 2024.
In the Basketball Ticket Sales market, the number of users is expected to amount to 531.7k users by 2029.
User penetration in the Basketball Ticket Sales market will be at 1.0% in 2024.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The basketball ticket sales market in South Korea has seen minimal growth due to various factors like consumer preferences, limited awareness, and lack of online services. This has led to a stagnant market growth rate.

Customer preferences: With the rising popularity of basketball in South Korea, consumers are seeking more diverse and immersive experiences while attending games. This has led to a growing demand for premium ticket packages that include access to exclusive VIP areas and pre-game events. Additionally, with the increasing influence of social media and celebrity culture, fans are more willing to spend on personalized and luxury experiences to showcase their support for their favorite teams and players. This trend is also driven by the desire for social status and recognition within their social circles and communities.

Trends in the market: In South Korea, there has been a significant increase in the popularity of basketball, leading to a rise in basketball ticket sales. This can be attributed to the success of the Korean Basketball League, with more teams and players gaining recognition and a growing fan base. Additionally, there has been a trend towards incorporating technology in ticket sales, with online platforms and mobile apps making it easier for fans to purchase tickets. This trend is expected to continue as the demand for basketball tickets increases, and it presents opportunities for industry stakeholders to tap into the digital market and enhance the overall consumer experience.

Local special circumstances: In South Korea, the Basketball Ticket Sales Market has been greatly influenced by the countrys strong basketball culture and love for sports. The unique geography of South Korea, with its high population density and well-developed urban areas, has also contributed to the high demand for basketball tickets. Additionally, the countrys strict regulations on scalping and ticket pricing have helped maintain a fair and stable market for basketball ticket sales. These local factors have played a significant role in shaping the dynamics of the Basketball Market within the Sports Market in South Korea, making it a highly lucrative and competitive market.

Underlying macroeconomic factors: The ticket sales market for basketball in South Korea is greatly influenced by macroeconomic factors, such as the overall state of the countrys economy, government fiscal policies, and global economic trends. The strength and stability of the South Korean economy can directly impact consumers purchasing power and their willingness to spend on sports and entertainment, including basketball ticket sales. Additionally, any changes in government policies or regulations can have an impact on the demand and supply of basketball tickets, affecting the overall market performance. Furthermore, the global economic landscape can also play a crucial role, as global events and international trade agreements can affect the flow of tourists and foreign investment, which can impact the demand for basketball tickets in South Korea.

Data coverage:

The data encompasses B2C revenues. Figures are based on ticket spending. All monetary figures refer to consumer spending on goods in the respective segment, which can be online and offline.

Modeling approach / Market size:

Market sizes are determined through a combination of bottom-up and top-down approaches, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Consumer Insights), as well as performance factors (e.g., user penetration, price per ticket, price on sport goods). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, number of internet users, and internet consumption. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function or linear forecasting, as it fits the development of either strong growing markets or more sophistacted and saturated markets, such as soccer in Europe.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). We also account for the different cycles of international tournaments, such as world cups or continent cups. Consumer Insights data is reweighted for representativeness.