Event Tickets - Panama

Panama

Highlights

Revenue in the Event Tickets market is projected to reach US$24.27m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 4.29%, resulting in a projected market volume of US$28.70m by 2028.
The Music Events market has a projected market volume of US$12.85m in 2024.
In global comparison, most revenue will be generated United States (US$36.26bn in 2024).
The average revenue per user (ARPU) in the Event Tickets market is projected to amount to US$68.21 in 2024.
In the Event Tickets market, the number of users is expected to amount to 402.9k users by 2028.
User penetration in the Event Tickets market will be at 7.8% in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Event Tickets market in Panama is experiencing significant growth and development. Customer preferences are shifting towards online ticket purchasing, leading to increased competition among ticketing platforms. Additionally, there are several trends in the market that are contributing to its growth. Local special circumstances, such as the country's growing tourism industry and the popularity of cultural events, are also playing a role in the market's development. Furthermore, underlying macroeconomic factors, such as a stable economy and rising disposable incomes, are supporting the growth of the Event Tickets market in Panama.

Customer preferences: In Panama, customer preferences for purchasing event tickets have shifted towards online platforms. This trend can be attributed to the convenience and accessibility of online ticketing services. With just a few clicks, customers can browse through a wide range of events and purchase tickets from the comfort of their own homes. Online platforms also provide customers with the ability to compare prices and choose the best deals, further driving the demand for online ticketing services. As a result, ticketing platforms are investing in user-friendly interfaces and mobile applications to cater to the growing demand for online ticket purchases.

Trends in the market: One of the key trends in the Event Tickets market in Panama is the increasing popularity of music concerts and festivals. Panama has become a popular destination for international artists and music festivals, attracting a large number of local and international attendees. This trend has led to a surge in ticket sales for music events, creating opportunities for ticketing platforms to expand their offerings and cater to the growing demand. Additionally, there is a growing trend towards experiential events, such as food and wine festivals, art exhibitions, and sports competitions. These events provide unique experiences for attendees and drive ticket sales.

Local special circumstances: Panama's growing tourism industry is a significant factor contributing to the development of the Event Tickets market. The country's natural beauty, historical sites, and vibrant culture attract a large number of tourists each year. These tourists are eager to experience local events and cultural activities, leading to increased demand for event tickets. Furthermore, Panama's rich cultural heritage and diverse population contribute to a wide range of events and festivals throughout the year. This cultural vibrancy creates opportunities for ticketing platforms to offer a variety of event tickets to cater to the preferences of both locals and tourists.

Underlying macroeconomic factors: The Event Tickets market in Panama is also benefiting from underlying macroeconomic factors. The country's stable economy and rising disposable incomes have increased the purchasing power of consumers. As a result, more people are willing to spend on leisure activities, including attending events and concerts. Additionally, Panama's growing middle class has created a larger consumer base for event tickets. This expanding middle class has more disposable income and a desire for entertainment, driving the demand for event tickets. The stable economy and favorable economic conditions provide a conducive environment for the growth of the Event Tickets market in Panama.

Data coverage:

The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. 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 and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.