Revenue / 06.24.20

Online Ticketing Platforms Explore Alternative Revenue Streams, as On-Ground Events Remain on Hold

Access Staff

Financial Express (06/22/20) Biswas, Ventaka Susmita

India's Event and Entertainment Management Association estimates that the COVID-19 pandemic has severely impacted online ticketing platforms, which stand to lose nearly 80% of their revenue in 2020-2021, and are exploring alternative channels to compensate. Such streams include curation of virtual events, online gaming tournaments, upskilling courses and promotion of over-the-top shows and podcasts. Paytm Insider CEO Shreyas Srinivasan said the company will offer content focused on fitness coaching, engaging children, learning hobbies, professional guidance such as financial planning and unwinding and relaxing over the next three months. With interest in live-streamed events on social media exploding, companies are now working on ticketed events, and Srinivasan said Paytm is seeing 5,000 to 6,000 daily transactions, and 15% to 20% week-on-week growth in terms of user numbers. Experts believe online ticketing platforms must provide exclusive experiences in order to sustain this new revenue channel after the resumption of on-ground events. "Content creators and ed-tech platforms can harness the wide user base of these platforms to sell tickets to their live events and programs online," suggested EY India's Ankur Pahwa. In the face of entrenched video streaming platforms, ed-tech and gaming apps, ticketing platforms will have to establish their own niche. "The [unique selling proposition] for these platforms has to continue to be about live events or premium pay-per-view access for exclusive digital content," Pahwa said.

Read the full story from the Financial Express. 

Tags: News , COVID-19 , Coronavirus