US ticketing giant Ticketmaster Entertainment has announced its acquisition of Cape Town-based Quicket, signaling a major expansion into the African market. The financial details of the deal have not been disclosed.
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Ticketmaster, owned by Live Nation Entertainment, is a significant player in the global ticketing industry, processing approximately half a billion tickets annually across 30 markets. The global ticketing market, estimated at $60 billion by research firm Custom Market Insights (CMI), is projected to grow at a compound annual growth rate of 7.1% from 2024 to 2033.
Ticketmaster plans to leverage its brand power in conjunction with Quicket’s self-service platforms and event organizer tools to foster growth in key African markets, including South Africa, Nigeria, Uganda, Kenya, Zambia, and Botswana. Mark Yovich, president of Ticketmaster, highlighted the increasing popularity of online ticketing in these regions, driven by the widespread adoption of smartphones and internet access. This shift offers convenience and flexibility to both event organizers and attendees, aligning with broader industry trends toward technological advancements, dynamic pricing strategies, and hybrid event formats.
A report by Henley & Partners projects a 59% increase in Africa’s millionaire population from 2024 to 2033, spurred by growth in sectors such as fintech, eco-tourism, business process outsourcing, software development, rare metals mining, green tech, media, entertainment, and wealth management. This economic growth, coupled with a youthful population and increasing consumer spending power, positions Africa as an attractive market for foreign investment.
James Tagg, Managing Director of Quicket, will continue to lead the company, which will operate as a standalone unit based in Cape Town. The acquisition also marks an exit for venture capital firm Knife Capital, which had invested in Quicket in 2017 following its participation in the Grindstone Accelerator program.
Knife Capital CEO Keet van Zyl noted that the Covid-19 pandemic initially posed a challenge for Quicket, as live events were halted globally. However, the situation spurred the company to develop alternative online revenue streams, enhancing its growth trajectory. Van Zyl praised Quicket’s resilience and world-class ticketing platform, noting that Ticketmaster’s shared vision of connecting African artists with global audiences makes it an ideal partner for Quicket’s next phase of growth.
