Key insights for events & ticketing providers from the 2024 events marketing report
The events & ticketing industry is turning up the volume on profits this year.
Even though most large event ticketing providers (72%) are facing higher costs than the previous year, the majority are also seeing higher profits (75%) and higher margins (79%) in 2024 compared to 2023.
This is one of many findings from Klaviyo’s 2024 events marketing report, which also reveals that events & ticketing providers may be leaving money on the table from a marketing perspective.
To help you better understand those missed opportunities, we’re giving you a backstage pass into some of the high-level findings from our report—including insights into where more than 200 marketing executives and 470 consumers from the events & ticketing industry are investing their resources this year.
Insight 1: Consumers spend infrequently, but consistently
Our survey reveals that the majority of consumers (66%) purchase event tickets only a few times a year.
The good news? Despite this infrequent buying pattern—and the fact that 71% of event ticketing providers have raised prices this year—nearly half (47%) of consumers still expect to maintain their spending on tickets in 2024, while 30% expect to spend more.
This is a great signal for businesses in the industry. It demonstrates that consumers aren’t as price sensitive when it comes to event tickets as they might be with other purchases, such as health & beauty products.
But the infrequent nature of purchases also makes it even more critical for events & ticketing providers to lean into customer retention.
How to use this insight to thrive in the events & ticketing industry
With consumers only making purchases a few times a year, events & ticketing businesses need to make sure their customers return for the next act—rather than going to a competitor.
Here are a few tactics to incentivize existing customers to make their next purchase from your business:
Offer exclusive benefits like complimentary refreshments, free merch, or VIP seating to season ticket holders. These special touches not only enhance the experience, but also create a compelling reason for customers to purchase from your business year-over-year.
Reward early birds with time-sensitive discounts or VIP perks. This approach drives early sales, creates a sense of urgency, and builds anticipation for future events.
Given that 79% of consumers who plan to spend more on tickets this year are doing so either for themselves or for others, this is a great tactic to lean into. People trust recommendations from their peers, making referrals a potent tool for expanding your customer base. By rewarding both the referrer and the new customer, you create a win-win situation that can significantly boost ticket sales and give everyone a reason to cheer.
Insight 2: Ticketing providers are underutilizing search and email
While event ticketing providers are making strides in certain marketing channels, our survey reveals missed opportunities in others.
Specifically, despite the fact that a staggering 81% of consumers consider paid/organic search the most influential channel when making a ticket purchase, only 23% of ticket providers include search in their marketing strategy.
This is a critical gap, given that many consumers likely begin their event discovery process with search engines.
Imagine, for instance, that a New Yorker who loves comedy wants to go to a local event for their upcoming birthday. The first place they might turn to is Google, where they’ll use queries like “comedy shows nyc” or the names of their favorite venues. If your events & ticketing business doesn’t show up in their search (and a competitor’s does), you may end up losing this potential customer.
Our report also found that email marketing ranks as the third most influential channel for consumers, yet less than a quarter of providers leverage this method.
It’s clear that there’s a gap between consumer preferences and current industry practices. And where there’s a gap, there’s an opportunity for growth.
How to use this insight to thrive in the events & ticketing industry
Creating personalized email marketing campaigns can be a low-lift, high-impact way to unlock more revenue. Develop different email marketing strategies for different audience segments, such as:
Send a weekly newsletter to your most active subscribers with a curated list of 3–5 upcoming events tailored to each customer’s interests, based on factors like their past purchases, browsing history, and stated preferences.
Send early access codes via email for events VIPs are likely to be interested in, giving them first dibs on tickets before they go on sale to the general public.
Send a “We Miss You” email with a special discount on an event that aligns closely with their past favorites.
With targeted campaigns like this, you’re more likely to give customers exactly what they want through the channels they’re paying the most attention to.
Insight 3: The check-out experience is an untapped opportunity
Our survey revealed several other notable gaps where consumer demand doesn’t align with what businesses provide.
First, while 79% of consumers appreciate quick check-out options, only 49% of companies offer this service—revealing a 30% gap that’s particularly substantial in an industry like ticketing.
During high-demand events, tickets can sell out instantly. Take Taylor Swift’s recent Eras Tour, for instance—the record-breaking event sold over 2 million tickets on a single day, which averages out to around 1,389 tickets per minute.
In a situation where millions are competing for a finite number of tickets, even a few seconds can make the difference between securing a spot or missing out entirely—which means a slow or cumbersome check-out process could result in lost sales and disappointed customers.
Similarly, while 88% of consumers use mobile apps in the events & ticketing industry, only 46% of providers offer them—suggesting that companies may be underestimating the importance of mobile accessibility in enhancing the ticketing experience.
In short, consumers place a lot of emphasis on an easy, seamless end-to-end purchasing experience. Optimizing this process may influence whether a customer decides to follow through with a purchase or abandon their cart.
How to use this insight to thrive in the events & ticketing industry
Optimizing your check-out process may mean offering express check-out, with popular options like Google Pay, Link, and Shop Pay.
These payment services save key details—from personal information to credit card numbers to addresses—for returning customers so that they don’t have to re-enter all this information every time they want to make a purchase.
It’s a simple tweak to the check-out process that can lead to significant outcomes. One report found that Google Pay led to 50% faster check-outs for ticketing platform Fandango.
Another way to reduce friction during the check-out process is to offer a smart autofill function, so that repeat customers don’t have to fill out their personal information every time they want to make a purchase.
With these tweaks, you can create a more seamless experience for your customers, making it more likely that they’ll finish their transaction and bring more revenue into your business.
Insight 4: Customers want more incentives to purchase
Even more than quick check-out and mobile apps, consumers are using discounts (93%) and loyalty programs (89%).
But despite massive demand for these types of incentives, just over half of events & ticketing businesses actually offer them.
By not offering discounts or loyalty programs, events & ticketing businesses may be missing out on valuable customer acquisition and retention opportunities. Discounts can attract new customers who might be hesitant to try a new ticketing platform, while loyalty programs can help retain existing customers by providing them with ongoing value.
And both incentives can drive additional revenue through increased sales volume and potentially higher average order values. For instance, customers might be more inclined to upgrade their tickets or purchase additional merchandise when they feel they’re getting a good deal or earning rewards.
How to use this insight to thrive in the events & ticketing industry
No matter what stage your business is in, there are always opportunities to offer incentives—whether that’s in the form of a loyalty program or strategic discounts.
Here are a few ideas to consider:
Implement a multi-level rewards system based on purchase frequency and volume. This is an opportunity to reward customers who buy tickets on a regular basis and create a sense of exclusivity. A loyalty program also encourages less frequent buyers to consider making more purchases to get to the next level of your reward system.
Offer limited-time, steep discounts on select tickets. This creates a sense of urgency while also appealing to price-conscious customers. If you want to maximize the impact of this discount, use email and text alerts to reach out to your VIP customers first.
Create discounted packages that combine tickets with merchandise or VIP experiences. This increases both perceived value and boosts average order value. Consider creating themed bundles for major events or large musical festivals to enhance the overall experience.
If you’re starting from scratch, remember that you don’t have to introduce a sophisticated program or offer dozens of discounts on day one.
Instead, start small. Test out an event-specific discount or a basic loyalty program and see how customers respond. From there, you can build out your offerings based on data and feedback.
Get the full report to put your business center stage
Events & ticketing providers are in for a showstopping year. By tapping into the opportunities from our report and taking advantage of the increase in consumer spending in 2024, businesses in this industry have a chance to usher in more sales, customers, and revenue.
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