Growth measured during Feb. and March; adds 5 million event tickets to online marketplace.
An online ticketing marketplace, WebCloseout.com, added over 5 million tickets to its selection in the past few weeks, a sign that the sports and live entertainment industries are rebounding.
Their current inventory includes 13 million tickets for sale including sports, live entertainment and theater events. While this is less than half of ticket inventory before the start of the COVID-19 pandemic, it is up over 90 percent from only a few months ago.
This indicates that ticket sellers are confident that the sports and live entertainment industries will be back to near normal by the fourth quarter of 2021.
Most professional sports venues are currently open with attendance capped at 10 to 50 percent, depending on the state. As the rollout of the COVID-19 vaccine continues, theaters and concert halls nationwide will reopen at some point, with a leading industry venue association predicting venues will be operating at 75to 90 percent capacity by the end of 2021.
To mitigate uncertainty, almost all ticket sellers, promoters and venue operators are offering a full refund if events are canceled because of the threat of newly instituted COVID-19 related lockdowns.
“This is the perfect time to buy tickets, since we expect demand to outstrip supply once things are back to near normal and consumers feel safe attending live events, said Mike Sarrage, WebCloseout.com CEO.
“Some concert tickets that recently became available sold out in hours, indicating that there is a huge population of fans who are hungry to resume concert attendance again.”
The COVID-19 pandemic gave rise to virtual events, with tickets for virtual events almost non-existent before the pandemic; but hundreds of virtual events are currently listed for sale.
It will remain to be seen if virtual events will stay popular once sports and live entertainment venues are fully open again.
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