BAKU, Azerbaijan, Dec.28
By Sadraddin Aghjayev - Trend:
The value of the online ticketing market for events in 2019 was $51.1 billion and is expected to grow at an average annual growth rate of 4.8 percent over the coming years, Software Engineer of the Ticketsetup project Javid Abbasov told Trend.
According to Abbasov, the sales turnover amounted to $12 million in 2020 with the total number of tickets sold over two million.
According to Ticketsetup experts’ forecast, the proliferation of the internet and trends in the use of mobile apps for online movie reservations, sports, and live event tickets are expected to drive sales growth.
"Customers have demonstrated a willingness to pay the minimum internet service costs in order to avoid long queues, which has a positive impact on the market. Our goal is to save event venues and event organizers from the hassle of buying tickets at minimal cost by providing them with a reliable online and offline ticketing solution," added Abbasov.
He noted that Ticketsetup works with such local organizations as the Heydar Aliyev Center, the Icherishahar State Historical and Architectural Reserve, the Gala Reserve, the Museum of Arts, and a number of other organizations.
"At some point, we realized that we shouldn’t stay in place and that we needed to enter a large market. To this end, the co-founders of our company officially opened a structure in the US. Through our platform, people host events and sell tickets from all over the world. In international markets, we work with such giant companies as K1, MTV, RedBull, TedX, Mariott International, BMW, World Net Summit, Zhara, Microsoft, Coca-Cola, Audi, Google, Freepik, and many others," the software engineer said.
Due to the outbreak of the COVID-19 pandemic, innovative minds and leaders in their respective fields are offering new ways to survive, Abbasov noted.
"Event managers and ticket platforms are hit hardest by the pandemic. Our competitors are forced to face huge disadvantages, but despite this, they must support their employees. We have a small team and, although difficult for us, we cope with all this. Since our platform is one of the high-tech ones, this allows us to continue our development. I’m sure that after the pandemic when everything returns to normal, minimal losses of our project amid losses of competitors will allow us to take most of the market, and we predict that the sales of our platform will be in the leading positions in all markets,'' he added.
Ticketsetup is a fast-growing global cloud ticketing solution for event and venue organizers. The company was incorporated on October 4, 2017, in the US.
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