Sport Events - Latvia | Statista Market Forecast

Revenue in the Sport Events market is projected to reach US$10.26m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.25%, resulting in a projected market volume of US$11.22m by 2028.
In the Sport Events market, the number of users is expected to amount to 120.6k users by 2028.
User penetration will be 6.6% in 2024 and is expected to hit 6.9% by 2028.
The average revenue per user (ARPU) is expected to amount to US$86.07.
In global comparison, most revenue will be generated United States (US$16.43bn in 2024).
With a projected rate of 17.1%, the user penetration in the Sport Events market is highest Luxembourg.

Definition:

The Sports Events market consists of the sale of tickets for professional sporting events that are purchased via the Internet. Football, basketball, baseball and other ball sports, plus motorsports including Formula 1 and NASCAR, as well as golf, tennis, and similar sports, are included. The market covers the sale of digital tickets with QR codes and the purchase of paper tickets that are bought online and posted to an address or are available at a physical collection point. Users refer to the active ticket buyers, independent of the number of tickets purchased in one booking.

Additional Information

Data includes revenue figures in Gross Merchandise Value (GMV), Users, average revenue per user (ARPU), and user penetration rate. User and revenue figures represent B2C services.

Online sale of tickets for professional sporting events such as football, basketball, baseball, motorsports etc.
Digital tickets with QR codes
Online purchased tickets that are posted to an address or printed at home
Online purchased paper tickets that are available at a physical collection point

Offline and telephone bookings / reservations
Tickets for non-sports related events
Event-related services such as catering etc.

The Sport Events market in Latvia has been experiencing significant growth in recent years, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Latvia have shifted towards a more active and healthy lifestyle, leading to an increased demand for sport events. People are becoming more conscious of their physical well-being and are actively seeking opportunities to participate in sports and outdoor activities. This change in customer preferences has created a strong demand for sport events, including marathons, cycling races, and team sports competitions. Trends in the market have also contributed to the growth of the Sport Events market in Latvia. The rise of social media and online platforms has made it easier for event organizers to promote and market their events, reaching a larger audience. This has resulted in increased participation and attendance at sport events. Additionally, the growing popularity of sports tourism has attracted international participants and spectators to sport events in Latvia, further boosting the market. Local special circumstances have played a role in the development of the Sport Events market in Latvia. The country has a rich sporting heritage and a strong tradition of hosting international sport events. This has created a favorable environment for the growth of the market, as event organizers and participants are attracted to the well-established infrastructure and expertise in hosting sport events. Furthermore, the Latvian government has recognized the economic benefits of sport events and has been supportive in providing funding and resources to promote and develop the market. Underlying macroeconomic factors have also contributed to the growth of the Sport Events market in Latvia. The country's economy has been growing steadily, resulting in increased disposable income and consumer spending. This has allowed people to allocate more of their budget towards leisure activities, including sport events. Additionally, the government's focus on promoting tourism has led to an increase in international visitors, who often participate in or attend sport events during their stay. In conclusion, the Sport Events market in Latvia has been growing due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for sport events has increased as people prioritize a healthy lifestyle, and the market has benefited from advancements in technology and the popularity of sports tourism. The country's sporting heritage, government support, and favorable economic conditions have also contributed to the growth of the market.

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.

This report presents a comprehensive analysis and additional information on the Digital market, in a PDF format.

The coronavirus (COVID-19) pandemic that has swept across the globe in 2020 not only had a significant impact on public health, society, and the economy as a whole, it also wreaked havoc with the sporting calendar. In a bid to stem the spread of the virus, many professional and amateur leagues across all continents and sports took the unprecedented step to postpone or suspend their seasons on the advice of the CDC to avoid gatherings of large amounts of people.