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eServices Report 2019

Statista Digital Market Outlook

December 2019
The market outlook presents up-to-date figures and
an in-depth analysis of the eServices market
Introduction

The ubiquitous use of the internet and mobile phones has triggered a
flourishing eServices business, which is still on the rise. Since Pizza Hut
launched the first-ever pizza online order back in 1994, online food
delivery has become a billion-dollar business with all kinds of cuisines
available in nearly every city all over the world. Match.com was founded
in 1995, and by today, online dating services have emerged for virtually
any interest. Ticketmaster was founded in the late 80s, in a time when
tickets where bought offline only. Nowadays people can buy tickets
across all digital channels on devices as diverse as smartphones,
wearables or voice devices like smart speakers.
With this report we provide a comprehensive overview of today’s
eServices market as well as a prognosis of developments with detailed
information on 10 different market segments in the areas of Event
Tickets, Fitness, Dating Services and Online Food Delivery. Besides all
relevant market figures like total and average revenues and user
Christoph Blumtritt
numbers for the years 2018 to 2024, we furthermore give detailed
information on current trends, key players and important background Analyst Digital Markets
knowledge of the eServices market.
christoph.blumtritt@statista.com
In comparison to the prior Outlook Report we have also added new
content. We now show new user numbers, selected market drivers as
well as new company profiles and deep dive topics. Furthermore, we Christoph Blumtritt graduated in Sociology at the University of Münster
now also provide detailed figures on the top 5 EU countries to enable with a focus on empirical research methods, social structure analysis
more insights into the market. and economics. He gained a comprehensive understanding of market
structures working as a market researcher and consultant. At Statista
he works on projects related to the digital economy.

2 Source: Statista Digital Market Outlook 2019

Agenda

01 Market Outlook 02 Segments 03 Appendix

▪ Overview ▪ Overview ▪ User demographics
▪ Estimated market development ▪ Market sizes ▪ Market structure
▪ Key player landscape ▪ User numbers ▪ Product overview
▪ Business models ▪ Average revenue per user
▪ Trend analysis ▪ Penetration rates
▪ Key market indicators ▪ Market drivers
▪ Key player landscape
▪ Company profiles
▪ Start-up analysis
▪ Deep dives

3
The eServices market comprises 4 segments: Online
Food Delivery, Event Tickets, Fitness, Dating Services
Overview: segments

Online Food Delivery Event Tickets Fitness Dating Services

Restaurant-to-Consume Delivery Music Events Fitness Wearables Matchmaking

Platform-to-Consumer Delivery Sport Events Fitness Apps Online Dating

Cinema Tickets Casual Dating

4 Source: Statista Digital Market Outlook 2019

China is the leading country in eServices when it
comes to revenue with about US$54.1 billion in 2019
Overview: summary and key takeaways

Summary Key takeaways

The rising number of internet and smartphone users and the increasing ▪ Online Food Delivery
time humans spend online leads to an inevitable rise in online − The segment has a global market size of US$107.4 billion in 2019
purchasing globally, which will not come to an end any time soon. This and is the largest segment within eServices
development boosts sales also within the eServices market.
− China is by far the leading country in 2024 with US$60.3 billion in
By now China takes a leading role within the eServices market with a revenue
market size of US$54.1 billion in 2019 to US$81.6 billion in 2024. This is
due to the outstanding revenue generated in the Chinese Online Food ▪ Event Tickets
Delivery market. It is also a fast growing segment with a CAGR1 of 8.6% − The segment has a global market size of US$56.2 billion in 2019
through to 2024. and a CAGR1 of about 9.3% (2019-24)
The U.S. market is the second biggest market in this comparison with a − Music Events generate the majority of revenue in 2019 with
revenue of US$48.3 billion in 2019. This is due to a relatively big Event US$21.5 billion
Ticket market in the U.S.
▪ Fitness
With a revenue of US $36.3 billion in 2019, the eServices market in
Europe is smaller compared to China and the U.S. market. The leading − The segment has a global market size of US$16.8 billion in 2019
country in Europe with respect to revenue is the United Kingdom. and a CAGR1 of about 4.5% through to 2024
Nevertheless, if Brexit has bigger effects on the market, forecasts have − Wearables create the majority of revenue 2019 with US$14.5 billion
to be adjusted.
▪ Dating Services
− The segment has a global market size of US$5.7 billion in 2019 and
a CAGR1 of about 4.9%

− Matchmaking is the largest category with US$3.0 billion in revenue

in 2019

1: CAGR: Compound Annual Growth Rate / average growth rate per year
5 Source: Statista Digital Market Outlook 2019
Within eServices, Online Food Delivery contributes the
highest revenue share with US$107.4 billion in 2019
Estimated market development (1/2)

Global revenue forecast in million US$

Online Food Delivery Event Tickets Fitness Dating Services

164,002
+10.2%1 156,819
147,674
136,298
122,739

107,438

91,406
87,531
83,456
78,100
71,460
63,895
56,151
49,209

17,937 18,940 19,789 20,461 20,973

15,706 16,837
5,215 5,696 6,152 6,533 6,823 7,038 7,223

2018 2019 2020 2021 2022 2023 2024

1: CAGR: Compound Annual Growth Rate / average growth rate per year
Note: Revenue figures refer to Gross Transactional/Merchandise Value (GTV/GTM)
6 Source: Statista Digital Market Outlook 2019
China is strongest in 2019 and will also have the lead
in revenue by 2024
Estimated market development (2/2)

Revenue forecast in million US$

+8,6%1
+10,3%1
81,607
77,620
+6,2%1

65,312 +8,8%1

54,059 55,189
48,347 47,451

36,265

2019 2024 2019 2024 2019 2024 2019 2024

China United States ROW Europe

1: CAGR: Compound Annual Growth Rate/ average growth rate per year
Note: Revenue figures refer to Gross Transactional/Merchandise Value (GTV/GTM)
7 Source: Statista Digital Market Outlook 2019
In all eServices segments, the variety of different
service and business models is high and changing fast
Key player landscape1

Event Tickets Fitness Dating Services Online Food Delivery

Start-ups2

Established
players

1: Key player overview does not represent the entire market landscape 2: Companies founded in ≥2008
8 Source: Statista Digital Market Outlook 2019
Online Food Delivery services mostly have a
commissions-based business model
Business models (1/2)

Consumer Platform Restaurant Delivery

Platform keeps commission and transfers

Consumer pays through app
rest to restaurant

Commissions-based business model Similar business models in this market

Online Food Delivery apps or platforms are an aggregator of restaurants Online Event Ticket platforms and apps (e.g. Eventbrite) pursue a similar
that have their own delivery service. The core of their business is to strategy. These platforms are aggregators of various events and allow
provide a facility that allows to map customers to the restaurants around customers to purchase a ticket for their events online.
them. Customers can choose a restaurant and then place their order. If
the order gets accepted by the restaurant, the food will be delivered to Usually, the Event Ticket platform charges the host of the event a
the customer. relatively small commission fee, e.g. Eventbrite charged the hosts 2.5%
commission for each ticket, plus a fixed fee of US$0.99 per ticket sold. In
Restaurants can sign up to the Online Food Delivery services and will addition, Eventbrite charges a payment processing fee of 3% of the
then be listed on the platform. The restaurant will be charged a ticket.
commission for orders that were transmitted via the platform.

9 Source: Eventbrite.com, Deliveryhero.com

There are five main strategies to generate profit from
Dating and Fitness Apps
Business models (2/2)

In-app advertising Freemium

Advertising-funded apps are free of charge for With this strategy, the app and its basic
the user and aim to gather information about functions are available for free in the app
the users. This data can be sold to app store, but some of the features are locked. To
publishers who then place targeted ads within unlock these features, the users have to pay a
the app. By selling data-driven advertising price to be able to use premium features.
space, app providers can monetize their app.

Paid apps In-app purchases Subscriptions

The user pays a specific amount to download This strategy involves the selling of virtual or The subscription model is similar to freemium.
the application on their smartphone. Usually, physical goods within the app itself to make a Instead of locking features, the content is
all features and options are then available to profit. For example within several Fitness locked in this model. A certain amount of
the user and there is no advertising. apps, training or coaching exercise plans or content can be viewed for free, but a paid
videos can be purchased. subscription is necessary to view content.

10 Source: Statista Digital Market Outlook 2019

The integration of eServices in different environments
is a step towards more individualized experiences
Trend analysis (1/2)

Social networks
We expect an increasing integration of social networks (e.g. Facebook) into eServices platforms and a growing
convergence. An example are ticketing platforms, where a few online ticket providers already cooperate with
social media organizations. Ticketmaster, for example, provides an interactive map that is connected with
Facebook. When a user loads a seat map onto the Ticketmaster site, the user will see where in the concert
venue their Facebook friends are sitting.

In addition, we expect online dating to converge with social networks. Dating portals will be less focused on
finding a partner for life and place more emphasis on meeting new people instead. Facebook is even rolling
out its own dating features. Facebook could finally provide an answer to the ongoing debate as to whether AI
can be used to provide more meaningful connections given that it has access to a great amount of user data.

IoT environment
The Internet of Things (IoT) is one of the hot topics when it comes to digitalization and disruptive changes to
traditional industries. With the use of smart algorithms such as machine learning tools, eServices become
more individualized. One main trend regarding the IoT is control via devices like smart speaker or wearables
with smart assistants such as Siri, Alexa or Cortana.

On the one hand, those assistants offer another possibility to make food delivery orders or buy event tickets,
on the other hand, they offer a higher level of AI to learn certain patterns and preferences of the users to
make proposals for events or food orderings based on their usage behavior. One example is Comcast and
Fandango, which have built an integration that gives movie fans the ability to find local showtimes and buy
movie tickets right on their television via voice control.

11 Source: Statista Digital Market Outlook 2019

New delivery and technology trends could make the
market faster and more secure
Trend analysis (2/2)

Innovative delivery methods

One major trend within the Online Food Delivery segment are innovations regarding delivery methods, such as
drones, robots and self-driving cars. An example is Domino’s Pizza, who is currently testing a self-driving pizza
delivery robot and a delivery drone called DRU. But not just providers of Online Food Delivery services, also
key tech players like Amazon and Google are experimenting with drones to make transportation easier and
more convenient.

However, before drones can be widely established, aviation authorities have to pass regulations that allow
food delivery by drones. The first regulations on unmanned aircrafts that are already in place set some basic
guidelines for commercial drone operators, but some uncertainties still remain.

Blockchain technology
The most frequently used buzzword within FinTech is already reaching out for other markets. Blockchain is a
distributed ledger technology that autonomously records peer-to-peer transactions across decentralized
computers. Information is written in blocks that are visible to everyone. A blockchain can be characterized as a
value-exchange protocol and could contribute to a transparent way of reselling and transferring digital goods.

The Event Tickets market has a problem with widespread fake and duplicate tickets. A number of newly
developed solutions from the blockchain environment may come out with new protocols for smart ticketing.
Security issues are also a common problem in the field of Dating Services. A lot of users become victims of
online dating fraud. Blockchain technology could help companies offer strong incentives for good behavior
such as undergoing a verification process or adding more details to a profile.

12 Source: Statista Digital Market Outlook 2019

A sufficient digital infrastructure is the necessary basis
for developing digital markets
Key market indicators: digital infrastructure overview

Global Ø 2019

Percentage of total population using the internet on a monthly basis. In recent years,
INTERNET
PENETRATION
57.0% eServices have gained popularity because of the increasing internet penetration across
all countries.

Access to broadband internet is crucial for establishing digital services. Only an always-
BROADBAND 14.6 on mentality and a high amount of data traffic leads to consumers integrating digital
SUBSCRIPTION per 100 capita services in their everyday lives.

CONNECTION 17,207 Average internet connection speed in kbit/s. With rising connection speed, more
SPEED kbit/s sophisticated services and functions like voice control or video chat become available.

Percentage of total population using a smartphone on a monthly basis. Next to

SMARTPHONE
PENETRATION
54.6% smartphones, more and more other devices that can process orders or payments are
equipped with a permanent internet connection (e.g. Smartwatches).

13 Source: Statista Digital Market Outlook 2019

Internet penetration is especially high in some
European countries, China is lagging behind
Key market indicators: internet penetration

Internet penetration in 2019

90.5%
85.9% 85.4%
80.8%
76.6% Ø 76.5%
69.7% Europe

60.1%
Ø 57.0%
Global

14 Source: Statista Digital Market Outlook 2019

From a global perspective, broadband subscriptions
and connection speed are continuously rising
Key market indicators: fixed broadband subscriptions and average connection speed

Global fixed broadband subscriptions and average connection speed

Fixed broadband subscription per 100 capita Average connection speed in kbits/s
17,444
16,909
16,350
15,732
15,019
14,161
15.1 15.3 15.5
14.6 14.9
14.3

2018 2019 2020 2021 2022 2023

15 Source: Statista Digital Market Outlook 2019

Only about 60% of the Chinese population own a
smartphone
Key market indicators: smartphone penetration

Smartphone penetration in 2019

87.6%
85.6%
82.5% 81.9%
Ø 73.9%
71.1% 71.0% Europe
61.3%
Ø 54.6%
Global

U.S. Italy

16 Source: Statista Digital Market Outlook 2019

The rising adoption of eServices is also influenced by
various socioeconomic factors
Key market indicators: socioeconomic overview

Global Ø 2019

GROSS DOMESTIC 12,171 Gross domestic product in US$ in relation to the total population. The GDP is a
monetary measure of the market value of all goods and services produced in one year
PRODUCT per capita in
US$ and is common to determine the economic performance.

CONSUMER 6,922 Average consumer spending per capita of private households in US$. Knowing the
expenditure per capita gives necessary insights into price developments and the average
SPENDING per capita in
US$ willingness to pay for eServices.

Number of individuals (all ages). The Number of individuals living in a country is a key
POPULATION 7,368 indicator for the market size. Besides that, individuals within certain age groups have a
in million stronger preference for eServices (e.g. Millennials aged 18-34).

Share of population living in urban areas. The gradual shift of the population from rural
URBAN
POPULATION
55.4% to urban areas is a constant phenomenon. The most urbanized regions generally have a
high demand for eServices.

17 Source: Statista Digital Market Outlook 2019

GDP per capita is by far the highest in the U.S.,
followed by Germany
Key market indicators: gross domestic product

Gross domestic product per capita in US$ in 2019

65,112

46,128
42,087 41,986

33,124
30,123
Ø 27,427
Europe

Ø 12,171
10,295
Global

18 Source: Statista Digital Market Outlook 2019

Per-head consumption expenditure in the U.S. is
more than 10 times higher than in China
Key market indicators: consumer spending

Consumer spending per capita in US$ in 2019

44,694

27,882

23,039 22,599
20,108
17,360
Ø 15,015
Europe

Ø 6,922
4,103 Global

19 Source: Statista Digital Market Outlook 2019

China has by far the largest population, making it
potentially the biggest eServices market worldwide
Key market indicators: population (1/2)

Population in million in 2019

1,441

329

83 68 65 61 47

20 Source: Statista Digital Market Outlook 2019

Although more boys than girls are born, the sex ratio
changes over time since women live longer
Key market indicators: population (2/2)

Global age groups by gender in 2018

Male Female

0.1% 90-94 0.1%

0.2% 85-89 0.3%
0.4% 80-84 0.6%
0.7% 75-79 0.9%
1.0% 70-74 1.1%
1.4% 65-69 1.5%
1.9% 60-64 2.0%
2.3% 55-59 2.3%
2.7% 50-54 2.7%
3.1% 45-49 3.1%
3.3% 40-44 3.3%
3.4% 35-39 3.3%
3.8% 30-34 3.7%
4.2% 25-29 4.1%
4.2% 20-24 4.0%
4.1% 15-19 3.9%
4.3% 09-14 4.0%
4.5% 05-09 4.2%
4.7% 00-04 4.4%

21 Source: livepopulation.com
74% of the European and 55% of the global
population are living in urban areas
Key market indicators: urban population

Urban population share in 2018

83.4% 82.3%
80.4% 80.3%
77.3%
Ø 74.1%
70.4% Europe

59.2% Ø 55.4%
Global

22 Source: Statista Digital Market Outlook 2019

Agenda

01 Market Outlook 02 Segments 03 Appendix

▪ Overview ▪ Overview ▪ User demographics
▪ Estimated market development ▪ Market sizes ▪ Market structure
▪ Key player landscape ▪ User numbers ▪ Product overview
▪ Business models ▪ Average revenue per user
▪ Trend analysis ▪ Penetration rates
▪ Key market indicators ▪ Market drivers
▪ Company profiles
▪ Start-up analysis
▪ Deep dives

23
 ONLINE
FOOD
DELIVERY
The Online Food Delivery segment includes the
categories Restaurant-to-Consumer Delivery and
Platform-to-Consumer Delivery. These services
offer convenience and a great variety of dishes to
choose from.

In this chapter, the current market size and

development of the Online Food Delivery market
will be discussed. Also, Domino’s Pizza and Just Eat
will be presented as well as other start-ups that
are active in this area.

24
Online Food Delivery: products and services
Overview: market scope

Restaurant-to-Consumer Delivery Platform-to-Consumer Delivery

▪ Meals ordered online which are directly delivered by the restaurant, ▪ Online meal order and delivery both carried out by a platform (e.g.
no matter if ordered via a platform (e.g. Just Eat, Delivery Hero) or a Deliveroo)
restaurant website (e.g. Domino’s)

▪ Online orders that are picked up in the restaurant

Note: Not included are orders by phone, unpacked food for immediate consumption as well as non-processed or non-prepared food (e.g.
HelloFresh). Online ordered unpacked food for immediate consumption and non-prepared food (e.g. HelloFresh) can be found in Statista’s
25 Digital Market Outlook in the eCommerce market.
The Online Food Delivery market is segmented into
two business models with different delivery methods
Overview: customer journey

When using an aggregation service like After the checkout, the customer needs Restaurant-to-Consumer Delivery
Just Eat or Deliveroo, the customer can to choose a payment method. At the
decide between a variety of restaurants end, customers are informed how long The Restaurant-to-Consumer Delivery
that are near the delivery location (GPS the delivery will take, based on the segment includes the delivery of meals
located or by defining an address). The address and the capacity of the carried out directly by the restaurants
food is then usually chosen in an restaurant. (e.g. just Eat or Domino’s)
eCommerce-like shopping set

PLATFORM/ RESTAURANT/ PAYMENT

CHECKOUT DELIVERY
WEBSITE/APP FOOD METHOD

Customers can Most Online Food Delivery services Platform-to-Consumer Delivery

choose between offer a personalized account, so The Platform-to-Consumer
platform aggregation customers have to login or register Delivery market segment focuses
services (e.g. Just Eat) with their user data before or after on online delivery services that
that collect the the checkout. Additionally, coupon handle the delivery themselves
menus of different codes can be entered for a (e.g. Deliveroo). The platform will
restaurants, or they discount. pick up the meal at the restaurant
can use the website
and deliver it to the customer.
of the preferred
service/restaurant
(e.g. Domino’s).

26 Source: Statista Digital Market Outlook 2019

Convenience is one of the main reasons to order food
online
Overview: customer benefit and market development

Customer Benefit Market Size and future development

There are four major reasons for customers to use Online Food Delivery The global revenue in the Online Food Delivery segment amounts to
services. US$107.4 billion in 2019.

The main reason for ordering food online is that it is convenient. A global comparison shows that most of the revenue is generated in
Customers do not need to place their orders by phone, as ordering over China with US$40.2 billion in 2019.
the phone bears the potential to result in wrong deliveries due to
misunderstandings. Such errors are rather unlikely when it comes to China is followed by the U.S., which has a revenue of US$22.1 billion in
online orders. 2019.

Another reason in favor of Online Food Delivery is that it saves time. The Revenues in Europe are the smallest in this comparison with US$16.5
customer does not need to cook or go out and pick up food from billion in 2019. The UK is the leading country in Europe with revenues of
somewhere. While waiting for the food to arrive, customers can use the US$4.9 billion in 2019.
time efficiently. Europe is expected to have an annual growth rate of 9.5% (2019-24)
In addition, Online Food Delivery services offer an effortless ordering and a total market volume of US$25.9 billion by 2024.
process by storing payment card details along with contact details as We anticipate China to have an annual growth rate of 8.4% (2019-2024).
well as information on favorite restaurants and previous orders. The This will result in a market volume of US$60.3 billion by 2024.
direct home delivery implies no effort for the customer, either.
The U.S. is growing slightly slower than China and Europe, at 5.8%
Another major advantage that Online Food Delivery services offer is that annually, and is therefore the slowest-growing region in this comparison.
customers can make informed choices and discover new kinds of We anticipate the U.S. to have a market volume of US$29.2 billion by
cuisines. The Online Food Delivery companies aggregate menus and 2024.
cooperate with a variety of restaurants, providing customers with an
increased number of choices. Furthermore, customers can specifically
choose certain restaurants or dishes over others based on customer
reviews.

27 Source: Statista Digital Market Outlook 2019

Improving the ordering experience and working on
innovative delivery methods are two major trends
Overview: assumptions and trends

Assumptions Trends
While the popularity of online ordering is growing fast, a considerable In the near future, we will see stronger competition between in-house
share of food orders are still placed over the telephone. This still means and third-party delivery services, with more companies offering both
untapped potential for the Online Food Delivery market. healthier and high-quality food, even prepared by well-known chefs.

The Platform-to-Consumer Delivery sub-segment was an immature Many Online Food Delivery companies focus on data-driven user
market a few years ago but now accounts for 48% of total revenue experience optimization. They leverage technology and harness data by
within the Online Food Delivery segment in 2018. Low user penetration using personalized profiles, recommendations or digital tracking along
in some countries show that the segment still has growth potential. It is the process from the preparation to the final delivery.
assumed that these services will further expand their businesses in
capital cities and increase delivery coverage. Yet commissions and Another topic is the integration in an IoT environment. It is expected that
delivery fees are high compared to Restaurant-to-Consumer Delivery voice-ordering will play an ever bigger role in the future. More food
services and profits are therefore harder to extend, especially in new delivery apps will add virtual assistant systems that enable voice-
markets. ordering. In addition, smart assistants like Amazon Echo will be
equipped with online food ordering features. Also wearables will be used
In the U.S., UberEATS is the fastest-growing meal delivery service, to place these orders.
reaching out to industry leader GrubHub. Also DoorDash is trying to
close that gap with 400million in new funding (March 2019). Regarding Optimizing the user experience is strongly connected to the delivery
restaurant chains, Domino’s Pizza is the global leader. process, which is why we predict to see more innovation with regard to
new delivery methods. Companies are experimenting with self-driving
In China, ordering food online to pick up at restaurants is already highly cars, drones and robots to make transportation easier and more
popular. Alibaba-backed Ele.me and Tencent-backed Meituan are the convenient. As the innovation leader within this area, many companies in
leading companies in China's Online Food Delivery sector. the U.S. are testing autonomous vehicles. An example is Domino’s, who
developed a self-driving pizza delivery robot and a delivery drone, or
Delivery Hero, Just Eat and Takeaway.com are market leaders in Europe. Ford, who put up a self-driving van delivery in cooperation with
Delivery Hero had a successful IPO in June 2017 and rose by 8.6% on its Postmates. In China, Ele.me is working on a pilot project using food
first trading day. delivery drones in Shanghai's Jinshan Industrial Park.

28 Source: Statista Digital Market Outlook 2019

Platform-to-Consumer will be the leading category
with revenues of US$86.0 billion in 2024
Market sizes: global

Global revenue forecast in million US$

Restaurant-to-Consumer Delivery Platform-to-Consumer Delivery

164,002
156,819
+10.2%1
147,674
136,298
122,739
86,006
107,438 82,176
77,135
91,406 70,673
62,798
53,786
44,282

74,643 77,996
65,625 70,539
53,652 59,941
47,124

2018 2019 2020 2021 2022 2023 2024

1: CAGR: Compound Annual Growth Rate / average growth rate per year
Note: Revenue figures refer to Gross Merchandise Value (GMV)
29 Source: Statista Digital Market Outlook 2019
China is the dominant market for both sub-segments
but Europe also has strong growth rates
Market sizes: regional comparison (1/2)

Revenue forecast in million US$

Restaurant-to-Consumer Delivery Platform-to-Consumer Delivery

China United States Europe

60,258
+8.4%1

40,239
43,992
+5.8%1
29,222 +9.5%1
25,947
28,910 22,073
12,346 8,339
8,717 16,509
4,908
16,265 16,876 17,608
11,329 13,356 11,601

2019 2024 2019 2024 2019 2024

1: CAGR: Compound Annual Growth Rate / average growth rate per year
Note: Revenue figures refer to Gross Merchandise Value (GMV)
30 Source: Statista Digital Market Outlook 2019
Among the European top 5, the UK has the highest
revenues, followed by Germany and France
Market sizes: regional comparison (2/2)

Revenue forecast in million US$

Restaurant-to-Consumer Delivery Platform-to-Consumer Delivery

+7.5%1

6,976

2,132
4,869

1,478 +7.7%1
+10.6%1
2,935
395 2,597
+10.7%1
4,844 2,022 +8.4%1
243 972
3,391 1,567 1,409
2,540 643 846 463 1,008
1,779 1,625 674
238 406
925 946 241
608 432 602
2019 2024 2019 2024 2019 2024 2019 2024 2019 2024

1: CAGR: Compound Annual Growth Rate / average growth rate per year
Note: Revenue figures refer to Gross Merchandise Value (GMV)
31 Source: Statista Digital Market Outlook 2019
China has a large amount of Online Food Delivery
users for both segments
User numbers: regional comparison (1/2)

Number of users forecast in millions

Restaurant-to-Consumer Delivery Platform-to-Consumer Delivery

China United States Europe

377.8

263.1

203.6

161.9
155.7

113.8
81.8 86.3
69.4 62.3
48.4 51.3

2019 2024 2019 2024 2019 2024

32 Source: Statista Digital Market Outlook 2019

The Restaurant-to-Consumer Delivery sub-segment
has the highest number of users
User numbers: regional comparison (2/2)

Number of users forecast in millions

Restaurant-to-Consumer Delivery Platform-to-Consumer Delivery
21.1
19.2

15.6
14.3
13.8

11.6
10.2
8.5 8.8 8.8
8.4
7.3 7.2
6.2
5.2
4.3 4.5
2.9 3.0 3.0

2019 2024 2019 2024 2019 2024 2019 2024 2019 2024

33 Source: Statista Digital Market Outlook 2019

In China, the Platform-to-Consumer category
generates the highest revenue per user
Average revenue per user: regional comparison (1/2)

Average revenue per user forecast in US$

Restaurant-to-Consumer Delivery Platform-to-Consumer Delivery

China United States Europe

110 180 96

2019 2019 2019

73 192 102

116 198 97

2024 2024 2024

80 206 109

34 Source: Statista Digital Market Outlook 2019

Among the European top 5, users in the UK spend the
most on Online Food Delivery
Average revenue per user: regional comparison (2/2)

Average revenue per user forecast in US$

Restaurant-to-Consumer Delivery Platform-to-Consumer Delivery

176 83 104
2019 2019 2019
217 124 109

183 92 110
2024 2024 2024
229 133 117

81 79
2019 2019
83 60

90 91
2024 2024
93 69

35 Source: Statista Digital Market Outlook 2019

The adoption of Online Food Delivery is already very
high but the market is still growing
Penetration rates: innovation diffusion

Innovation diffusion curve for 2018

Diffusion
27.5% (accumulated users)
27.4%
20.3%
17.7%
16.2%
16.1%
13.8%

Innovators 2.5% Early adopters 16.0% Early majority 50.0% Late majority 84.0% Laggards 100.0%

The diffusion of innovations graph shows successive groups of consumers adopting Online Food Delivery (for this the graph above shows the
penetration rate of selected countries). Innovations in general are not adopted by all individuals at the same time. Instead, they tend to adopt in a time
sequence, and can be classified into adopter categories based on how long it takes until they begin using the service. Diffusion is considered to be the
rate and volume at which innovations spread among their users (an adoption rate of 100% is theoretically possible but not realistic). Considering the
already high diffusion rates, Online Food Delivery is likely to grow slower in the next years.

36 Source: Statista Digital Market Outlook 2019

The user penetration rate is highest in the
Netherlands, the UK and the U.S.
Penetration rates: global comparison

Online Food Delivery penetration rate1 in 2018

0.3% 29.4% Country out of scope

1: Share of active customers from the total population

37 Source: Statista Digital Market Outlook 2019
As the global expenditure for food products rises, the
revenue of food delivery services is likely to increase
Market drivers: food expenditures

Global consumer spending per capita in US$1 Globalization and worldwide income growth with a rising GDP are
similarly pervasive phenomena in many countries. Worldwide,
Consumer spending Food expenditure consumers choose to spend their income on a combination of
7,619 increased quality, convenience, and variety of foods. Food delivery
7,354 services and consumption patterns in rising economies like China or
7,093 India are converging to countries with higher income levels. Income
6,837
6,588 growth has been a primary force behind converging global consumption
6,340 patterns, but globalization of the food industry is also contributing.

US$6,340 +3.7%
Consumer in 2018 CAGR2 2018-2023
spending

Per
1,230 1,288
1,014 1,066 1,119 1,174 capita US$1,014 +4.9%
in 2018 CAGR2 2018-2023
Food
expenditure
2018 2019 2020 2021 2022 2023

1: In current prices 2: CAGR: Compound Annual Growth Rate / average growth rate per year
38 Source: Statista Consumer Market Outlook 2019
The rising online share of food purchases is also an
indicator for online placed food delivery orders
Market drivers: online share of purchased food products

Online share of purchased food products in online retail

2018 2023

6.5% 9.2%

3.3% 4.5%

1.8% 4.2%

1.5% 2.6%

1.0% 1.6%

0.6% 0.9%

0.3% 0.6%

39 Source: Statista Consumer Market Outlook 2019

Even though market competition is fierce, there is still
a notably variety of Online Food Delivery Start-ups
Key player landscape: overview1

Selected key players in Online Food Delivery

Start-ups2

Established
players

1: Key player overview does not represent the entire market landscape 2: Companies founded in ≥2008
40 Source: Statista Digital Market Outlook 2019
In the U.S. GrubHub and Domino’s Pizza dominated
the market in 2018
Key player landscape: U.S.

Estimated usage share for Online Food Delivery companies in the U.S. in 2018

Note: Usage share calculation is based on survey data, app downloads and web traffic. Values are rounded to 5% steps.
41 Source: Statista, August 2019 based on data by Statista Global Consumer Survey, Priori Data GmbH and SimilarWeb Ltd.
In China the food delivery battle is fought by two tech
giants: Tencent-backed Meituan and Alibaba’s Ele.me
Key player landscape: China

Estimated usage share for Online Food Delivery companies in China in 2018

Note: Usage share calculation is based on survey data, app downloads and web traffic. Values are rounded to 5% steps.
42 Source: Statista, August 2019 based on data by Statista Global Consumer Survey, Priori Data GmbH and SimilarWeb Ltd.
Through the acquisition of Delivery Hero Germany1,
Takeaway.com got to the pole position
Key player landscape: Germany

Estimated usage share for Online Food Delivery companies in Germany in 2018

1: Lieferheld, Pizza.de and foodora brands 2: Liferando (since Takeaway.com bought Delivery Hero Germany at the end of 2018 and Deliveroo
dropped out of the market in August 2019, market shares for 2019 will be even higher for Takeaway.com.).
Note: Usage share calculation is based on survey data, app downloads and web traffic. Values are rounded to 5% steps.
43 Source: Statista, August 2019 based on data by Statista Global Consumer Survey, Priori Data GmbH and SimilarWeb Ltd.
The UK is still the core market for global player Just
Eat
Key player landscape: UK

Estimated usage share for Online Food Delivery companies in the UK in 2018

1: In July 2019, it was announced that Just Eat and Takeaway.com have agreed the terms for a merger to combine their two European food
delivery businesses.
Note: Usage share calculation is based on survey data, app downloads and web traffic. Values are rounded to 5% steps.
44 Source: Statista, August 2019 based on data by Statista Global Consumer Survey, Priori Data GmbH and SimilarWeb Ltd.
Just Eat is one of the leading global marketplaces for
Restaurant-to-Consumer Delivery
Company profiles: Just Eat (1/2)

Key facts Global presence

Revenue: £779.5 million (2018)
CAGR1: +43% (17-18)
Total Orders: 221.2 million (2018)
Number of restaurants: 105,000 (2018)
Active Customers: 26.3 million (2018)
Headquarters: London, UK
Founded: 2001

Product: aggregator platform and mobile app Digital strategy

Just Eat is one of the biggest aggregator platforms for restaurants Just Eat has grown rapidly in recent years and entered the FTSE 100 list
worldwide, acting as an intermediary between take-out food outlets and of Britain’s blue chip companies in 2017 reporting a 45% revenue
customers. The platform allows customers to search for local take-out growth. The platform works with an infrastructure based on customer
restaurants to place orders online and to choose from pick-up or data and feedback. In the second half of 2017 the CMA gave provisional
delivery options. With 105,000 restaurants as partners internationally, clearance for Just Eat to buy out one of their competitors Hungryhouse
Just Eat serves over 100 different cuisine types. Placing orders is also in the UK, giving the group an even stronger market position. Just Eat will
possible via Amazon Echo, Facebook Messenger or Xbox with the latest further use revenue growth to invest in its own delivery service, to gain
security technology such as fingerprint identification, with easy-to-use an edge over bigger rivals like UberEats or Deliveroo. Additionally the
payment services like Apple or Android Pay. Throughout the delivery company is still raising its profile with sponsoring and marketing, putting
process the customer can track the order progress in real time. a lot of effort in social media campaigning to engage people.

1: CAGR: Compound Annual Growth Rate / average growth rate per year
45 Source: Company information
In 2018 Just Eat had a strong year with a worldwide
group revenue growth of 43%
Company profiles: Just Eat (2/2)

Key performance indicators Group revenue worldwide in million £

+42.7%

779.5
Unit 2016 2017 2018

Revenue million £ 376 546 779

546.3
Net operating
million £ 97 167 157
cash flow

375.7
Orders million 136 172 221

247.6

Average revenue 157.0

£ 2.59 2.92 3.3
per order
96.8
59.8
33.8
Number of
thousand 69 82 105
restaurants
2011 2012 2013 2014 2015 2016 2017 2019

1: CAGR: Compound Annual Growth Rate / average growth rate per year
46 Source: Company information
Domino’s generated revenues of US$3.4 billion in
2018, following a growth of 11% YoY
Company profiles: Domino’s Pizza Inc. (1/2)

Key facts Global presence

Revenue: US$3.4 billion (2018)
CAGR1: 11% (17-18)
Total retail sales: US$13.5 billion (2018)
Global deliveries per day: > 1 million
Stores worldwide: 15,914 (2018)
Headquarters: Ann Arbor, U.S.
Founded: 1960

Product: ordering platform and mobile app Digital strategy

Domino’s Pizza Inc. is a pizza restaurant chain that pioneered the pizza With its digital change strategy starting around 2009, Domino’s
delivery business when it was founded in the early 1960s and has introduced the idea of describing itself as an “eCommerce company that
expanded rapidly by means of a franchise scheme. It is the second happens to sell pizza”. Domino’s partnered with a number of
largest pizza restaurant chain after Pizza Hut and operates in more than corporations operating in the IoT environment. The ordering technology
80 countries. In 2007, Domino’s rolled out its online and mobile ordering is embedded in Amazon Echo, Apple Watch, Samsung Smart TVs or
sites. Different features like Pizza Tracker, Pizza Profile and a Pizza Ford’s SYNC. Through IFTTT2, customers are also able to develop
Builder have been added since then. In 2014, Domino’s was the first in Domino’s-connected products. The goal is to be able to use any and all
its industry to provide an app that enabled customers to order by voice communications platforms and devices to order pizza. Delivery
command. Ordering via Twitter or Facebook with text or just emojis and innovations also play an important role in the company’s strategy, testing
zero-click ordering is also possible. robots (Starship), drones (DRU Drones) and autonomous cars.

1: CAGR: Compound Annual Growth Rate / average growth rate per year 2: IFTTT s a free web-based service to create chains of simple
conditional statements, called applets
47 Source: Company information
Domino’s produced 573 million pounds of dough in
2018
Company profiles: Domino’s Pizza Inc. (2/2)

Key performance indicators Global retail sales in billion US$

Unit 2016 2017 2018 13.5

Retail sales 12.3

(including million US$ 10,874 12,252 13,545 +10.0%1
franchised stores) 10.9
9.9
8.9
Revenue million US$ 2,472 2,788 3,432
8.0
7.4
7.0

Net income million US$ 215 278 362

Produced dough million lbs. 462 525 573

Income from
million US$ 454 521 572
Operations
2011 2012 2013 2014 2015 2016 2017 2018

1: CAGR: Compound Annual Growth Rate / average growth rate per year
48 Source: Company information
FreshMenu operates on a cloud kitchen concept
offering the delivery of ready-to-eat chef made meals
Start-up analysis: FreshMenu

Overview Analysis
FreshMenu was founded in 2014 in India and operates on a cloud Is the product rare?
kitchen concept, where food is cooked and home delivered. FreshMenu
offers a daily changing menu with a high variety of recipes from around FreshMenu faces a highly competitive market with more than 150 food-
the world. All meals are delivered by their own delivery fleet but tech start-ups founded in India in the last three years, all offering the
operating out of local kitchens limits the possible delivery radius to same product. A large number have already gone bankrupt. Even local
around 4km. Delivery is available in Bangalore, Mumbai, New Delhi and markets are likely to be won by bigger rivals like UberEats or Zomato.
Gurgaon for defined times of the day (e.g. lunch timing: 11am to
3:30pm). The current delivery time averages between 30 and 45
minutes. The internal logistics are highly optimized, the chefs have to
Are there advantages compared to imitations?
FreshMenu stands apart from aggregators but has to face hard-to-
~
prepare each dish in about seven minutes. Major challenges are to manage logistics. The idea of ready-to-eat chef-made meals can find
standardize quality and taste across the kitchens and to manage the low imitators despite its high costs. Advantages are the already established
and always fresh inventory. FreshMenu receives over 80% of its revenue logistics and the relatively high founding (US$21.5m).

~
from recurring customers.
Can the product withstand possible constraints?
Possible constraints are the costly expansion into further cities. The
logistics process and the geographical delivery restrictions for the area
of the rented kitchens are hard to manage. The company has to work on
optimized streamlining processes to withstand competition.

From our point of view, FreshMenu faces a lot of problems,

competing with bigger players with less cost-intense delivery
business models. A long-term competitive advantage is thereby
mainly founded in the growing number of recurring customers
looking for high-quality meals. This opportunities has to be taken.

49 Source: Company information

The Online Food Delivery consolidation wave started
around 2013 and is still ongoing
Deep dives: timeline

Selected events in the Online Food Delivery market from 1994 to 2018

▪ Delivery Hero is founded and expanded ▪ Starting rise of new delivery methods like tests
to a global online food ordering platform of self-driving cars, robots and drones
▪ Caviar, delivering from high-end ▪ Launch of UberEats starting off in Barcelona
▪ GrubHub founding as one of
restaurants with an own fleet, is founded ▪ Global expansion – e.g. business rise in India
the first major players for
▪ Prime Ventures invests €13 million in with several start-ups like Zomato or Swiggy
alternatives to paper menus
Takeaway.com

1994 2008 2013/2014 2017/2018

2004 2011/2012 2015/2016

▪ PizzaNet – Pizza Hut’s ▪ By the late 2000s major pizza ▪ Start of the consolidation of the ▪ IPO of Delivery Hero
digital ordering hub chains have created their own food delivery space with ▪ Global fight about market
launches the first-ever mobile applications and started numerous acquisitions leaderships, e.g. in China
online order concluding nearly 20% of their ▪ Deliveroo and Door Dash between Alibaba-backed Ele.me
business online founding and Tencent-backed Meituan
▪ IPOs of Just Eat and GrubHub

50 Source: Crunchbase, dealroom.co, Company information

Most revenue is generated through commission fees,
strongly varying by segment and market position
Deep dives: business logic

Business logic New strategy examples

In the Online Food Delivery market companies usually generate ▪ Deliveroo started working on ways to accelerate the delivery process
revenues through commissions, online payment services and other with prefabricated shipping-container kitchens called Rooboxes, to
revenue items such as merchandising and top-placement fees. prepare food closer to high distribution areas. To support this
concept, Deliveroo also acquired the high-quality delivery start-up
A typical online food delivery order has a basket value of US$21 1 and an Maple.
average commission rate of 11.4% (Takeaway.com 2017). Commission
rates can vary between 10-30% depending on the market. ▪ Caviar, owned by Square, rented a catering space for a partner
restaurant to set up its delivery-only pop-up for special weekends.
Income and expenses vary strongly between new and leadership Other companies like Postmates and DoorDash have planned longer-
markets. While in new markets losses are normal, leadership markets term leases.
can generate profits between 30% and 50% per order. Commissions
also play a role. Platform-to-Consumer Delivery companies usually offer ▪ UberEats has been running virtual restaurants, which are new
higher-priced meals and therefore charge higher commission fees. The restaurant brands that exist only in Uber's app. They cooperate with
whole delivery and supply logistic is expensive, considering the average partner restaurants, launching from the kitchen space that is already
customer expecting their food within fifteen minutes of the order. used.
Fierce competition results in thin margins as companies rush to try to ▪ Despite the healthy food trend, another strategy, mostly introduced
poach customers from each other. Network effects are crucial for by industry leaders in the market, is the incorporation of delivery for
winning over leadership markets. Another popular strategy are big fast-food chains like McDonald’s or Burger King.
acquisitions to bundle strength and drive smaller players out of the
market. Famous examples are Just Eat, who acquired HungryHouse, ▪ Businesses like Munchery simply sought to recapitalize while
SkipTheDishes, Hellofood, Pizzabo, Menulog, Deliverex, Clicca e Mangia, reducing staff and shutting down services in different cities.
Food2u, and AlloResto to dominate several European markets, or
Delivery Hero, who acquired Foodfly, FoodPanda, Foodora, e-food.gr,
Jidloted, Pizza.de and Foodarena. New market entries can only be
successful with a strong market position and high funding.

1: Converted from Euro to US-Dollar; USD/EUR (2017) = 0.90554

51 Source: Forbes, Bloomberg, dealroom.co, Company information
The more building blocks the service model
integrates, the higher the operational risk
Deep dives: market environment

Online Food Delivery market environment

In scope Out of scope

Business model
Search engine – Restaurant-to-Consumer Platform-to-Consumer
eCommerce
information / reviews Delivery Delivery

Services

Listing ✅ ✅ ✅ ✅
Transaction ✅ ✅ ✅
Delivery service ✅ ✅
Inventory risk ✅

Advertising / listing or Transaction commission Product sales /

Revenue source subscription fee
Transaction commission
and SaaS1 subscription

Operational risk

1: Software as a service
52 Source: dealroom.co
Most Online Food Delivery start-ups had more than 4
funding rounds
Deep dives: list of selected online food delivery players

Mainly covered Funding in Funding Revenue

Company Segment Headquarter
regions billion US$ rounds in billion US$ 2017

Deliveroo Platform-to-Consumer United Kingdom Europe 0.86 9 0.17 (2016)

Delivery Hero Restaurant-to-Consumer Germany Europe 2.58 15 0.601

United States,
Domino’s Pizza Restaurant-to-Consumer United States - 2,79
Europe, China

Ele.me Platform-to-Consumer China China 3.34 8 -

Postmates Platform-to-Consumer United States United States 0.28 9 0.252

Zume Pizza Restaurant-to-Consumer United States United States 0.05 5 -

United States,
GrubHub Restaurant-to-Consumer United States 0.28 7 0.68
Europe

Just Eat Restaurant-to-Consumer United Kingdom Europe 0.07 4 0.733

United States,
UberEats Platform-to-Consumer United States 21.704 21 -
Europe

Glovo Restaurant-to-Consumer Spain Europe 0.172 6 -

1: EUR/USD (2017) = 0.90554, 2: Estimated, 3: GBP/USD (2016) = 0.75014, 4: Total funding amount of Uber
53 Source: Statista Digital Market Outlook 2018, Company information, Crunchbase
Belfast and Liverpool are the two cities in the UK with
the highest Online Food Delivery user penetration
Deep dives: Beyondata‘s OFD1 user insights powered by

Penetration of OFD1 users in the UK in 20192 UK user insighst for OFD1 in 20192
6% 35% no data available
Beyondata's Genius Tool automatically aggregates search and social
media data from several online sources. The results are quantitative
insights on brands, people, and topics. For this online food delivery
showcase for the UK, Beyondata gathered insights on penetration rates,
brands, ordered meals, and more.

VoD Users female male

Gender 52.0% 48.0%

Average age 31.1 years

Relevance Cities
female male female male
Meals Penetration
Pizza 64.6% 61.8% Belfast 34.5% 35.3%
Burger 36.9% 45.3% Liverpool 32.3% 31.4%
Salad 14.7% 12.1% Newcastle u. Tyne 31.2% 31.5%
Fish and chips 11.5% 8.8% Kingston u Hull 30.1% 30.7%
Pasta 11.5% 7.7% Glasgow 29.1% 30.7%
Curry 8.3% 8.0% Portsmouth 26.8% 29.3%
Sandwich 6.5% 6.9% Coventry 26.1% 29.1%
Kebab 5.8% 7.7% Manchester 26.1% 26.0%
Fried chicken 4.6% 7.1% Southampton 24.6% 27.4%

1: Online Food Delivery 2: October 2019

54 Source: Beyondata
 EVENT
TICKETS
The Event Tickets segment includes Sport Events,
Music Events and Cinema Tickets as categories.
These services help save time and offer
convenience as users do not depend on office
hours of ticket shops.

In this chapter, the current market size and

development of Event Tickets will be discussed.
Moreover, Live Nation Entertainment and CTS
Eventim will be presented as well as other start-
ups that are active in this area.

55
Event Tickets: products and services
Overview: market scope

Music Events Sport Events Cinema Tickets

▪ Sale of online tickets for all music-related ▪ Online sale of tickets for professional ▪ Online sale of cinema tickets
events (concerts, festivals, musicals, sporting events (e.g. football, basketball,
music shows and operas) baseball, motorsports, etc.) ▪ Digital tickets with QR codes

▪ Digital tickets with QR codes ▪ Digital tickets with QR codes ▪ Tickets that are paid for online and
printed at the cinema
▪ Tickets that are purchased online and ▪ Tickets that are purchased online and
posted to an address or printed at home posted to an address or printed at home ▪ Prerequisite is an online checkout
process
▪ Paper tickets that are purchased online ▪ Paper tickets that are purchased online
and available at a physical collection and available at a physical collection
point point
▪ Prerequisite is an online checkout ▪ Prerequisite is an online checkout
process process

56 Note: Tickets for museums, theatres, cabarets or comedy clubs are not included. Also excluded are marketplaces for ticket exchange/resale
Convenience is the major benefit of online ticketing:
There is no need to go to a ticket office anymore
Overview: customer benefit and market development

Customer benefit Market size and future development

There are different reasons for customers to use online Event Ticket The global revenue in the Event Tickets segment amounts to US$56.2
services. The main reason for purchasing event tickets online is that it is billion in 2019. With most of all revenues generated through Music
convenient in many ways. Customers do not need to go all the way to a Events.
ticket office to get their tickets and do not depend on opening times of
the ticket office. Furthermore, customers reduce waiting times by In a global comparison, most of the revenue is generated in the U.S. with
skipping queues and increase their chances of getting high-demand US$20.8 billion in 2019.
tickets. In addition, customers usually have the option to receive a The U.S. is followed by Europe, which has a revenue of US$15.6 billion in
mobile ticket or reprint the online ticket. Hence, losing a ticket is not a 2019. Regarding Europe, the UK is the leading country with a revenue of
risk anymore. Also, mobile tickets are instantly available to the US$3.5 billion in 2019, followed by Germany with US$2.4 billion.
customers and purchasing tickets at the last minute is much easier.
Lastly, purchasing tickets online gives the customer an advantage The revenue in China is by far the smallest in the regional comparison
regarding reservations. If customers decide to buy a cinema ticket with US$7.6 billion in 2019.
online, they can reserve their preferred seats.
We expect that the global Event Tickets market will grow at an average
In addition, purchasing a ticket online saves money. Customers save on annual rate of 9.3% to reach a total market size of US$87.5 billion by
the service fee, which is usually higher for physical tickets due to 2024.
production and other costs, e.g. for labor.
The fastest-growing region is China with a 12.7% CAGR1 up to 2024,
Another advantage online ticket services can offer is a contribution to resulting in a market volume of US$13.8 billion by 2024.
reduce the carbon footprint. As mobile tickets can be accessed via a
smartphone, no ticket needs to be printed and no paper and ink will be Europe will have growth rates of 9.2% p.a., resulting in a revenue of
wasted. US$24.3 billion by 2024.

The U.S. is expected to have a growth rate of 7.2% . This will result in a
total market volume of US$29.4 billion by 2024.

57 Source: Statista Digital Market Outlook 2019

Besides mobile and wearable ticketing, leveraging
analytics and blockchain topics will shape the market
Overview: assumptions and trends

Assumptions Trends
A considerable share of event tickets are still purchased offline We expect online ticketing services to cooperate with social networks.
(especially for smaller events with payments at the box office). This Fandango, a U.S.-based company, is an example of this: They cooperate
aspect holds potential for the online Event Tickets market. The higher with Facebook so that users can buy movie tickets on the social network.
convenience of an online booking process lead us to anticipate that Ticketmaster provides an interactive map, which shows where your
most customers will switch to purchasing Event Tickets online. Within Facebook friends are currently seeing a concert.
the Sport Events segment, VIP tickets generate a major share of total
revenue. However, online sales of VIP tickets are comparatively low. This Next to virtual reality, voice ordering will be integrated into the
also holds great potential for the online Event Tickets market. purchasing process. As voice assistants are one of the top trends of the
last years, more and more use cases such as ticket-buying are possible.
When it comes to key players in the Event Tickets market, Ticketmaster One example is Comcast and Fandango, who have built an integration
(U.S.) is the leading online ticketing platform. Other significant players that gives movie fans the ability to find local showtimes and buy movie
are Eventbrite (U.S.), CTS Eventim (Europe), TicketZone (Europe), Mtime tickets right on their television via voice ordering.
(China) and Damai (China).
The Event Tickets market has a problem with widespread fake and
We expect a further shift from the online purchase of Event Tickets via duplicate tickets as well as high secondary ticket prices. Regarding this, a
desktop PCs / laptops to mobile devices and hence an increasing use of number of new solutions from the blockchain environment with start-
event ticket apps on smartphones and wearables rather than event ups like GUTS or Aventus will lead the way with new protocols for smart
ticket portals. The customers benefit from having ubiquitous access to ticketing. The UEFA already used a new ticketing system with blockchain
their tickets. Event ticket providers will further invest in mobile products technology for UEFA Super Cup matches.
to increase visits and conversion. Furthermore, they will increase the use
of analytics, specifically in the IoT environment to gain more consumer Online movie ticket booking in China is highly subsidized and no player is
insights. likely to turn a significant profit in the near future. Cinema Tickets are
generally offered at greatly reduced prices through third-party ticketing
Besides these developments, online providers of event tickets are likely giants like WeChat, AliPay or Gewara. China still remains far behind when
to combine primary marketplaces with secondary ticket marketplaces in it comes to revenue, particularly in the online Music and Sport Events
order to substantially increase their inventory. ticket market, but it is the fastest-growing region.

58 Source: Statista Digital Market Outlook 2019

Music Events are the dominating category with a
revenue of US$35.2 billion by 2024
Market sizes: global

Global revenue forecast in million US$

Music Events Sport Events Cinema Tickets

87,531
83,456
+10.1%1
78,100
21,025
71,460 20,113
63,895 18,870
17,271
56,151
15,384
49,209 31,349
13,401 29,995
11,622 28,237
26,088
23,674
21,225
19,019

33,348 35,158
28,101 30,993
21,525 24,837
18,569

2018 2019 2020 2021 2022 2023 2024

1: CAGR: Compound Annual Growth Rate / average growth rate per year
Note: Revenue figures refer to Gross Transactional Value (GTV)
59 Source: Statista Digital Market Outlook 2019
The U.S. is the biggest market for online booked Event
Tickets, but China grows fastest at 12.7% p.a.
Market sizes: regional comparison (1/2)

Revenue forecast in million US$

Music Events Sport Events Cinema Tickets

United States Europe China

+7.2%1 29,367
3,922
+9.2%1 24,257
20,764 3,908
2,994 13,731
15,637 7,678 +12.7%1
13,769
2,614
10,066
5,249
7,559 9,162
11,714 12,671
5,250
7,703 7,774 1,935
1,058 2,672
1,252
2019 2024 2019 2024 2019 2024

1: CAGR: Compound Annual Growth Rate / average growth rate per year
Note: Revenue figures refer to Gross Transactional Value (GTV)
60 Source: Statista Digital Market Outlook 2019
Among the European top 5, the UK has the highest
revenues followed by Germany and France
Market sizes: regional comparison (2/2)

Revenue forecast in million US$

Music Events Sport Events Cinema Tickets

+7.7%1

5,043

775 +9.5%1

3,773
3,485
499
573 1,927
882 +10.0%1
2,401 +11.6%1
1,421 326 2,055 +9.5%1
1,764
591 406
139 1,371
1,277 471
2,340 2,393 279 1,019 727 253
85 870
1,491 1,484 303 454 170 494
1,178 353
694 898 625
479 348
2019 2024 2019 2024 2019 2024 2019 2024 2019 2024

1: CAGR: Compound Annual Growth Rate / average growth rate per year
Note: Revenue figures refer to Gross Transactional Value (GTV)
61 Source: Statista Digital Market Outlook 2019
China has nearly three times as many Cinema Tickets
users than the U.S. in 2019
User numbers: regional comparison (1/2)

Number of users forecast in millions

Music Events Sport Events Cinema Tickets

United States Europe China

217.3

158.8

113.9
93.0 94.1 98.0
75.0 80.0 80.0 76.1
66.6 63.6 70.1
56.3 49.5 56.4
40.4 44.7

2019 2024 2019 2024 2019 2024

62 Source: Statista Digital Market Outlook 2019

Germany and the UK have high user numbers for
online Event Tickets services
User numbers: regional comparison (2/2)

Number of users forecast in millions

Music Events Sport Events Cinema Tickets

17.5

15.4 15.9

13.5
12.9
12.4
11.7

9.9
8.2 8.5 8.4
7.6 8.0 7.9
6.6 6.9
6.0 5.7 6.1 6.0
5.2 5.0 5.1
3.9 4.2 3.9 4.3
3.5 3.3
2.9

2019 2024 2019 2024 2019 2024 2019 2024 2019 2024

63 Source: Statista Digital Market Outlook 2019

Across all regions, the average revenue per user is
smallest in the Cinema Tickets category
Average revenue per user: regional comparison (1/2)

Average revenue per user forecast in US$

Music Events Sport Events Cinema Tickets

United States Europe China

53 33 33

2019 249 2019 106 2019 15

116 84 16

62 42 42

2024 307 2024 136 2024 25

156 111 27

64 Source: Statista Digital Market Outlook 2019

Out of the European top 5, users in the UK spend
most on Event Tickets, especially for Sport Events
Average revenue per user: regional comparison (2/2)

Average revenue per user forecast in US$

Music Events Sport Events Cinema Tickets

46 33 40
2019 186 2019 114 2019 106
97 115 106

57 43 48
2024 235 2024 146 2024 135
134 151 139

22 33
2019 138 2019 91
84 57

28 42
2024 172 2024 115
113 79

65 Source: Statista Digital Market Outlook 2019

The adoption of online Event Tickets services is
already high and in its late growth phase
Penetration rates: innovation diffusion

Innovation diffusion curve for 2018

Diffusion
33.4%
(accumulated users)
26.2%
22.2%
17.7%
17.2%
13.8%
12.5%

Innovators 2.5% Early adopters 16.0% Early majority 50.0% Late majority 84.0% Laggards 100.0%

The diffusion of innovations graph shows successive groups of consumers adopting Event Tickets (for this the graph above shows the penetration rate
of selected countries). Innovations in general are not adopted by all individuals at the same time. Instead, they tend to adopt in a time sequence, and
can be classified into adopter categories based on how long it takes until they begin using the service. Diffusion is considered to be the rate and volume
at which innovations spread among their users (an adoption rate of 100% is theoretically possible but not realistic). Considering the high adoption rates,
the Event Tickets segment is likely to grow slower in the next years, especially in the UK and the U.S. China’s big market still holds great potential.

66 Source: Statista Digital Market Outlook 2019

The penetration rate is highest in the Nordics with
Finland, Norway and Sweden at the top
Penetration rates: global comparison

Event Tickets penetration rate1 in 2018

0.3% 33.4% Country out of scope

1: Share of active customers (or accounts) in total population

67 Source: Statista Digital Market Outlook 2019
Despite fluctuations, music tour revenues indicate an
increase in music event attendance and higher prices
Market drivers: music tour gross revenues

Global music tour gross revenues in billion US$

+4.9%1 5.65

5.00 4.88
4.71
4.24 4.24
4.06

2011 2012 2013 2014 2015 2016 2017

1: CAGR: Compound Annual Growth Rate / average growth rate per year
68 Source: Pollstar 2018 (based on the top 100 worldwide tours in the given period)
With the number of indoor cinemas not changing
significantly, a slow stable growth can be expected
Market drivers: cinemas per capita

Number of indoor cinemas per million capita1

North America South America Europe Asia Africa & Middle East
60.2 60.3 60.8
57.9 58.1 58.5 59.1

14.4 13.8 13.6

14.8 14.5 14.4
15.4

4.2 4.1
4.3 4.3
4.4 4.4
4.5

20.6 20.9
20.0 20.4
19.5 19.8
19.2

6.5 6.8 7.2

5.0 5.3 5.7 6.1

13.8 14.1 14.1 14.3 14.6 14.9 15.0

2016 2017 2018 2019 2020 2021 2022

1: Regions only include countries listed in the Digital Market Outlook

69 Source: Statista Digital Market Outlook 2019
Live Nation Entertainment had a total of 93 million
fans in 2018
Company profiles: Live Nation Entertainment (1/2)

Key facts Global presence

Revenue: US$10.8 billion (2018)
CAGR1: 11.4% (17-18)
Number of fans: 93 million (2018)
Tickets sold: 482 million (2018)
Employees: 9,500 (December 2018)
Headquarters: Los Angeles, U.S.
Founded: 2010

Product: Ticketmaster Digital strategy

Live Nation Entertainment is a global entertainment company, formed Live Nation Entertainment Concerts is continuously expanding its global
after the merger of Live Nation and Ticketmaster in 2010. It operates market share, adding almost 7 million fans globally in 2018 to a total of
through four business segments: Concerts, Ticketing, Artist Nation, and over 93 million fans. Revenues are up by 24% in 2017 and Ticketmaster’s
Sponsorship and Advertising. The selling of Event Tickets is organized by gross transaction value (GTV) by 15%. Music accounted for about 80% of
Ticketmaster with its online platform and mobile app. They partner with Ticketmaster’s GTV. Ticketmaster.com is the global leader in event
Facebook to allow users to purchase their tickets directly on the social ticketing and one of the world’s top five eCommerce sites, with over 27
network. Ticketmaster International operates in 20 different countries million monthly unique visitors. The platform is continuously
with local eCommerce sites, servicing over 230+ million customers per implementing new digital features to drive the expansion of mobile
year with 30 international offices and 1,500 local experts that engage ticket transactions and to increase conversion. Mobile visitors have
across the partner social media platforms. already outnumbered desktop users..

1: CAGR: Compound Annual Growth Rate / average growth rate per year
70 Source: Company information
Live Nation Entertainment’s ticketing revenue is
growing again and stands at US$1.5bn in 2018
Company profiles: Live Nation Entertainment (2/2)

Key performance indicators Live Nation’s ticketing revenue in million US$

+4.9%1
Unit 2016 2017 2018
1,639.6
1,557.3 1,529.6
Global revenue bnUS$ 7.82 9.69 10.79
1,374.1 1,407.8 1,346.5
1,319.3

1,166.0
Net income (loss) bnUS$ 0.48 -0.06 1.31
1,039.9

Estimated
thousand 25,511 26,262 29,576
events/concerts

Estimated fans thousands 71,019 86,231 92,799

Number of
thousands 454,818 473,416 482,522
tickets sold 2010 2011 2012 2013 2014 2015 2016 2017 2018

1: CAGR: Compound Annual Growth Rate / average growth rate per year
71 Source: Company information
CTS Eventim is Europe’s market leader in ticketing and
live entertainment
Company profiles: CTS Eventim (1/2)

Key facts Global presence

Revenue: €1.24 billion (2018)
CAGR1: 20.4% (17-18)
Internet Tickets sold: 54.3 million (2018)2
Active countries: 30+ (2018)
Employees: 3,141 (2018)
Headquarters: Bremen, Germany
Founded: 1999

Structure and products Digital strategy

CTS Eventim is one of the leading international providers of ticketing Eventim's distribution channels are in particular internet portals
services and live entertainment based in Germany. Eventim's business is including the German portals eventim.de and getgo.de. In the ticketing
divided into two main areas: ticketing and live entertainment. As the segment, revenue increased by 9.9% to €101.8 million in the first
European market leader in the field of ticketing, Eventim is active quarter of 2018. The main factor accounting for this growth in revenue
through subsidiaries such as Eventim UK in 25 countries. Ticketing was the further increase in the online sales volume of tickets by 12.5%.
involves the marketing and distribution of tickets for all types of events. In the first three months of 2018, CTS Eventim sold 12.1 million tickets
These include not only concerts and theater performances but also through its web shops alone. The main driver of this growth is the
sport events. Customers can purchase Event Tickets on the online consistent eCommerce strategy and the continuously improved mobile
platform or via apps on different devices. app. Their online system is capable of selling hundreds of thousands of
tickets within less than a minute.

1: CAGR: Compound Annual Growth Rate / average growth rate per year
2: In total, more than 250 million via all operated systems (100 million movie tickets)
72 Source: Company information, dgap.de
In 2018 CTS Eventim’s revenue exceeded €1.2bn
Company profiles: CTS Eventim (2/2)

Key performance indicators CTS Eventim’s ticketing revenue in million €

Unit 2016 2017 2018

447.1
Global revenue 418.4
(Ticketing and Live- bn€ 0.83 1.03 1.24 +11.0%1 395.1
Entertainment)
346.2
319.2
EBITDA bn€ 0.19 0.20 0.23
269.7
228.7 231.5
Earnings per 193.9
€ 0.99 1.18 1.23
share

Employees thousand 2,384 3,020 3,141

Internet ticket
million 43.7 48.9 54.3
volume 2010 2011 2012 2013 2014 2015 2016 2017 2018

1: CAGR: Compound Annual Growth Rate / average growth rate per year
73 Source: Company information
Atom Tickets aims to simplify every part of the movie
theater experience
Start-up analysis: Atom Tickets

Overview Analysis
Atom Tickets was founded in 2014 in Santa Monica, California, and was
rolled out in 2016 in the U.S. It is a movie ticket booking service (website
Is the product rare?
~
The ticket service is rare in its nature of combining so many different
and app) with social features like inviting friends, sharing listings, polls or
group payments. It also provides movie reviews, trailers and synopses. features. Yet, single features are offered also by other competitive
Atom streamlines the process of purchasing tickets with the possibility services like Fandango. New users must be won through massive
to skip the box office lane and use express concession lanes via QR marketing efforts to get a stand against NBCUniversal and Warner Bros.
code. Atom has also integrated food and drinks sales into its service and
a loyalty-rewards program. Basically, the platform keeps all plans,
messages, payments and tickets in one place. Atom Tickets has raised
Are there advantages compared to imitations?
~
It is expected that other ticketing services will integrate features Atom
more than US$110 million of funding and currently partners with already combines. Also big tech players are likely to incorporate ticketing
theater chains including AMC Theaters, Regal Cinemas, Southern purchase function in different ways. Nevertheless, Atom is gaining
Theatres, Showcase Cinemas and B&B Theatres, among others. traction thanks to partnerships with Amazon, Chase Pay and T-Mobile.

Can the product withstand possible constraints?

Movie ticket admissions in the U.S. hit their lowest number since 1995 in
2017. Box office sales have been hurt by the increasing number of
streaming video platforms with much lower costs than movie tickets. The
biggest threat for Atom Tickets is the market development itself.

Atom Tickets has to face a struggling cinema market. Chances are

that it gives studios a much-needed new marketing channel that can
provide them with valuable data about advertising targeting and
ticket sales. Atom has to massively expand with its funding to fight
against less moviegoers and competitive threats.

74 Source: Company information, Crunchbase

Vivid Seats is the most well-funded company for Event
Tickets in the U.S. with a funding of US$850 million
Deep dives: list of selected companies and start-ups in the Event Tickets space

Funding amount1
Company Country HQ in million US$ Funding rounds Founded
Vivid Seats United States 850 1 2001

WePiao2 China 802 3 2014

Maoyan China 671 3 2016

Eventbrite United States 332 10 2006

Atom Tickets United States 110 3 2014

Ticketfly United States 87 9 2008

Gewara2 China 52 3 2007

Fandango United States 45 2 2000

Gametime United States 42 4 2013

Dice United Kingdom 10 5 2014

1: As of June 2018 2: Wepiao and Gewara merged in December 2015

75 Source: Company information, Crunchbase, TechCrunch
Ticketmaster dominates in the U.S. and the UK, while
Eventim clearly stands out in Germany
Deep dives: top 5 event ticket providers (1/2)

Online purchase of Event Tickets by provider in the past 12 months

Text hinzufügen

Ticketmaster Damai.cn 42% Eventim Ticketmaster

61% 74% 64%

StubHub 42% Chinapiao 32% Ticketmaster 16% See Tickets 23%

Coast to
12% Chinaticket 27% Ticket online 14% Ticketline 15%
Coast Tickets

TicketsNow 9% Dongfang 22% reservix 9% Eventim 13%

Vivid Seats 9% Gewara 18% Tickets.de 8% StubHub 11%

“Which of these online providers have you bought event tickets from (website or app) in the past 12 months?” Multi Pick; U.S.: n=1,665; China:
n=887; UK: n=771; Germany: n=704 respondents who bought event tickets online in the past 12 months
76 Source: Statista Global Consumer Survey, as at September 2018
The ticket market in Italy is highly monopolized with
80% using Ticketone to book Event Tickets
Deep dives: top 5 event ticket providers (2/2)

Online purchase of Event Tickets by provider in the past 12 months

Fnac 41% Ticketmaster 44% Ticketone

80%

Vente-
19% El Corte Inglés 33% Vivaticket 20%
privee.com

BilletRéduc.com 16% Entradas.com 31% Il Botteghino 10%

Ticketmaster 16% Ticketea 31% BookingShow 8%

Digitick 13% Fnac 12% ticketmaster 7%

“Which of these online providers have you bought event tickets from (website or app) in the past 12 months?” Multi Pick; France: n=576; Spain:
n=856; Italy: n=773 respondents who bought event tickets online in the past 12 months
77 Source: Statista Global Consumer Survey, as at September 2018
Ticket prices have gone up for nearly all events but
customers are still willing to pay more
Deep dives: price development

Ticketing price development Reasons for rising prices of music events

Ticket prices have gone up for nearly all big events and venues in the Rising prices for concert tickets have different reasons. One example is
last years: the rise of music streaming services. Artists can no longer live on selling
records only, because of a strong sales decline. Therefore, concerts have
▪ In 2017, it cost an average of US$84.63 to see an artist at their tour become their main source of income. As tickets are becoming more
concert, while in 2011 the price was still at about US$78.33. expensive, so are the costs of hosting a concert. Booking a venue for a
Naturally, the prices for concert tickets vary strongly depending on show has become the largest cost part for music promoters.
the city, artist and place category that is booked.
Another important reason for increasingly expensive concert tickets is
▪ In 2006, the average ticket price for an NFL game was US$62.38 the competitive structure of the business. Concert tickets are in high
while in 2016 it was US$92.98. In the first German Bundesliga a demand, but there are only a few ticket providers. There are nearly no
season ticket for FC Bayern München for the cheapest seat official statements on how much money ticket providers win on sold
category (standing) cost €120 in 2011, while in 2018 it is €140 in tickets, but margins are estimated to be about 10-15% for industry
the running season. giants such as CTS Eventim. These margins are influenced by many
▪ The average annual cinema ticket price in the UK was £4.71 in variables like: How well known (and therefore how expensive) is the
2005. In 2010 it was £5.95 and £7.49 in 2017. Cinema ticket prices artist? How many sound and lightning engineers, construction helpers or
have been rising consistently since 2001, with the strongest rise security guards are needed? How expensive is the venue and the
occurring in 2010 when the average ticket price increased by over advertising? All of these factors including pre-sale fees vary greatly from
9% year-on-year. concert to concert.

Except the constant rise in ticket prices, customers are still willing to pay
more, as growing user numbers indicate.

78 Source: CupoNation, Pollstar, TMR, UK Cinema Association, uebersteiger.de, Company information

 FITNESS
The Fitness segment includes the categories
Fitness Wearables and Apps. Customers benefit
from using Fitness Wearables and Apps by gaining
insights into their body to reach fitness goals.

In this chapter, the current market size and

development of the Fitness segment will be
discussed. Also, specific Fitness Apps and
Wearables will be presented and companies active
in this area.

79
eServices Fitness: products and services
Overview: market scope

Fitness Wearables Fitness Apps

▪ Fitness wristwear equipped with sensors ▪ Fitness and nutrition apps for detecting/tracking/analyzing and
sharing vitality and fitness achievements
▪ Activity trackers that measure and analyze the physical activity and
body functions ▪ Desktop versions of fitness applications that additionally provide an
app
▪ Smart clothes, eyewear or other wearables that measure body
functions

Note: Smartwatches are not considered because they are not single dedicated fitness equipment. Also excluded are apps that focus on
80 specific diseases (e.g. diabetes apps) and apps that do not provide any options to directly measure or analyze vitality and fitness.
Customers benefit from gaining insights into their
body to reach fitness goals
Overview: customer benefit and market development

Customer benefit Market size and future development

There are different groups of customers that benefit from fitness The global revenue in the Fitness segment amounted to US$16.8 billion
wearables/trackers and apps. Fitness wearables measure and analyze in 2019. The majority of revenues is generated by Fitness Wearables.
physical activity or body functions. Wearables are usually combined with
an app to gain valuable insights into the individual’s fitness. These In global comparison, most revenue is generated in China, reaching a
insights can help users to understand their body better and support revenue of US$6.0 billion in 2024.
them in reaching specific fitness goals, for example losing weight by China is followed by the U.S. with a revenue of US$3.7 billion in 2019.
tracking calories in an app or calculating burned calories with a tracker.
The revenue is smallest in Europe in this comparison with US$3.0 billion
An activity tracker that counts steps taken can also motivate people of in 2019. Regarding Europe, the United Kingdom is the leading country
average fitness to reach a certain target (e.g. 10,000 steps a day). They with revenues of US$0.6 billion in 2019, followed by Germany with
can also help increase everyday activity by encouraging the user to take revenues of US$0.5 billion in 2019.
the stairs instead of the lift, for example.
The U.S. is expected to see a CAGR1 of 4.3%, resulting in a total market
In the end, everyone who exercises can benefit. Wearables are handy volume of US$4.6 billion by 2024.
and give an overview of current vital signs. It is thus more practical and
less bulky to use wristwear to get real-time insights into current health Europe will have an average annual growth rate of 3.8% and a total
data while exercising, than to carry a smartphone. Apps and wearables market volume of US$3.6 billion by 2024.
have features that allow for tracking progress and setting fitness
achievements. This keeps users motivated and helps them enjoy China has the lowest annual growth rate as penetration of Fitness
exercising even more. Wearables is already high. Hence, we expect an average annual growth
rate of 3.4% (2019-24) resulting in a market volume of US$6.0 billion by
Wearable tech is not only appealing to athletes, in fact it is also beneficial 2024.
for people with health concerns since it gives valuable medical
information (e.g. heart rate) and improves clinical knowledge.

1: CAGR: Compound Annual Growth Rate / average growth rate per year
81 Source: Statista Digital Market Outlook 2019
Smart clothes are expected to grow significantly and
gain market relevance in the future
Overview: assumptions and trends

Assumptions Trends
The quantified-self movement drives sales of fitness trackers and apps. Smart clothes are the next innovative step following Fitness Wearables
The movement aims to measure all aspects of daily life with the help of and the U.S. is leading in this area. An example is Athos: Their apparel is
technology. Health insurers are among those who already profit from capable of detecting heart rate, breathing rate and even muscle activity,
the trend: Some insurers encourage their policyholders to be more measured by EMG sensors.
health aware by granting them subsidies for using fitness trackers.
China is developing activity trackers in the low-price segment, targeting
It is uncertain how legal regulations in the field of fitness and health the mass market. An example of this is Xiaomi, who have developed
apps will affect the Fitness market. Health apps present a new challenge smart running shoes connected to an app.
to regulatory authorities as software intended for use in a medical
context can be classified as a medical device. Therefore, health apps Many mergers and acquisitions are taking place in Europe to develop
might fall within the regulatory responsibility of bodies such as the new products. Adidas (Germany) acquired Runtastic, while Jabil (Russia)
Medicines and Healthcare Products Regulatory Agency (MHRA) in the acquired Clothing+ to build sensors into t-shirts and bras.
UK. High volumes of health apps and their wide-spread use raises Fitbit is developing mobile payment solutions within their activity
questions about the quality of those apps. trackers. They also acquired Pebble Technology Corporation, who have
We anticipate a further increasing convergence of smartwatches and developed a line of smartwatches.
fitness bands. The Apple Watch, for example, is primarily a smartwatch The future of wearable devices will see many connections between
but it also includes features to measure heart rates. Fitness trackers will apparel and tech giants using more and more sophisticated gadgets.
include a range of features such as making payments and controlling Solid data networks and 5G implementation will enable more
lighting, thanks to the possibility to connect with various devices. Also interactions between wearables and the IoT, e.g. connecting collected
smart clothing is steadily becoming more important and will play a body data with smart cooking appliances at home.
bigger role in the future. When it comes to top players in the Wearables
segment, Fitbit (U.S.) is the leading provider, followed by Xiaomi (China), Augmented and virtual reality solutions will also play a role in the fitness
Samsung (Korea), Garmin (Switzerland) and Fossil (U.S.). market (e.g. showing users how to train) but are still in their very early
stages.

82 Source: Statista Digital Market Outlook 2019

The Fitness segment shows average growth rates of
around 4.5% per year
Market sizes: global

Global revenue forecast in million US$

Fitness Wearables Fitness Apps

+4.9%1 20,973
20,461
19,789
18,940 3,116
17,937 3,034
2,921
16,837 2,765
15,706 2,561
2,308
2,018

17,427 17,856
16,174 16,868
14,528 15,376
13,687

2018 2019 2020 2021 2022 2023 2024

1: CAGR: Compound Annual Growth Rate / average growth rate per year
Note: Revenue figures refer to Gross Transactional/Merchandise Value (GTV/GTM)
83 Source: Statista Digital Market Outlook 2019
China will remain the leading country with a market
volume of US$6.0 billion by 2024
Market sizes: regional comparison (1/2)

Revenue forecast in million US$

Fitness Wearables Fitness Apps

China United States Europe

+3.4%1 6,046
607
5,112
513 +4.3%1 4,571

727
3,698 +3.8%1
3,584
602
2,971 723
5,439 513
4,599
3,844
3,096 2,861
2,458

2019 2024 2019 2024 2019 2024

1: CAGR: Compound Annual Growth Rate / average growth rate per year
Note: Revenue figures refer to Gross Transactional/Merchandise Value (GTV/GTM)
84 Source: Statista Digital Market Outlook 2019
Out of the European top 5, the UK and Germany have
the highest revenues, followed by France
Market sizes: regional comparison (2/2)

Revenue forecast in million US$

Fitness Wearables Fitness Apps

+3.5%1

686
+2.9%1

578 128
571
+2.6%1
97 495 102
453
71
398
95
+3.3%1
68 +3.9%1
271
558 231 238
482 470 54 196
423 39 64
330 358 41

192 217
155 173

2019 2024 2019 2024 2019 2024 2019 2024 2019 2024

1: CAGR: Compound Annual Growth Rate / average growth rate per year
Note: Revenue figures refer to Gross Transactional/Merchandise Value (GTV/GTM)
85 Source: Statista Digital Market Outlook 2019
China is the leading country in terms of user numbers
of Fitness Apps and Wearables
User numbers: regional comparison (1/2)

Number of users forecast in millions

Fitness Wearables Fitness Apps

China United States Europe

322.8

280.2

153.5
132.6 134.8
125.6
100.2
91.9

38.8 39.6 42.0 44.7

2019 2024 2019 2024 2019 2024

1: Fitness App users are paying and non-paying users

86 Source: Statista Digital Market Outlook 2019
By 2024, most users of Fitness Wearables will live in
the UK
User numbers: regional comparison (2/2)

Number of users forecast in millions

Fitness Wearables Fitness Apps1
19.5

17.1
15.6
15.1 15.2

13.2
12.1
11.1 11.5

9.3

7.1
6.6 6.4 6.7

4.8 5.0

3.1 3.3 2.9

2.8

2019 2024 2019 2024 2019 2024 2019 2024 2019 2024

1: Fitness App users are paying and non-paying users

87 Source: Statista Digital Market Outlook 2019
The high number of non-paying users of Fitness Apps
still holds great conversion potential
User numbers: paying and non-paying users of fitness apps (1/2)

Share of paying and non-paying users of Fitness Apps forecast

Fitness Apps non-paying user Fitness Apps paying user

China United States Europe

21.5% 20.6%
28.7% 30.8% 26.5% 29.7%

78.5% 79.4%
71.3% 69.2% 73.5% 70.3%

2019 2024 2019 2024 2019 2024

88 Source: Statista Digital Market Outlook 2019

By 2024, France will record the highest share of
paying users among the EU top 5
User numbers: paying and non-paying users of fitness apps (2/2)

Share of paying and non-paying users of Fitness Apps forecast

Fitness Apps non-paying user Fitness Apps paying user

22.7% 21.1% 23.4% 19.9% 22.2%

26.0% 27.4% 24.5%
29.8% 29.7%

77.3% 78.9% 76.6% 80.1% 77.8%

74.0% 72.6% 75.5%
70.2% 70.3%

2019 2024 2019 2024 2019 2024 2019 2024 2019 2024

89 Source: Statista Digital Market Outlook 2019

The U.S. has the highest revenue per user in 2019
from Apps and Wearables
Average revenue per user: regional comparison (1/2)

Average revenue per user forecast in US$

Fitness Wearables Fitness Apps1

China United States Europe

8 23 15

2019 2019 2019

35 80 59

9 24 16

2024 2024 2024

40 97 64

1: Average revenue per paying user

90 Source: Statista Digital Market Outlook 2019
Users of Fitness Apps and Wearables pay the most in
the UK and in Germany out of the EU top 5
Average revenue per user: regional comparison (2/2)

Average revenue per user forecast in US$

Fitness Wearables Fitness Apps1

28 22 21
2019 2019 2019
73 66 69

29 22 21
2024 2024 2024
78 71 72

17 18
2019 2019
62 56

18 19
2024 2024
65 60

1: Average revenue per paying user

91 Source: Statista Digital Market Outlook 2019
The adoption rate of Fitness Apps and Wearables is
nearly at 30% in the U.S.
Penetration rates: innovation diffusion

Innovation diffusion curve for 2018

Diffusion
27.3% (accumulated users)
21.5%
18.5%
17.2%
16.8%
16.8%
15.4%

Innovators 2.5% Early adopters 16.0% Early majority 50.0% Late majority 84.0% Laggards 100.0%

The diffusion of innovations graph shows successive groups of consumers adopting Fitness Apps and Wearables (for this the graph above shows the
penetration rate of selected countries). Innovations in general are not adopted by all individuals at the same time. Instead, they tend to adopt in a time
sequence, and can be classified into adopter categories based on how long it takes until they begin using the service. Diffusion is considered to be the
rate and volume at which innovations spread among their users (an adoption rate of 100% is theoretically possible but not realistic). Considering the
already high adoption rates, the development depends on the time when niche markets like smart clothes will diffuse into mainstream markets.

92 Source: Statista Digital Market Outlook 2019

The penetration rate is highest in the U.S., followed by
Sweden
Penetration rates: global comparison

Fitness penetration rate1 in 2018

1.0% 27.3% Country out of scope

1: Share of active customers (or accounts) in total population

93 Source: Statista Digital Market Outlook 2019
Rising global health care spending illustrates the need
for health-promoting activities and measurements
Market drivers: health care spending

As health care expenditures are already very high in North America and Global and regional health care spending in billion US$
Europe, emerging and lower-income countries will drive the rise in
health care expenditures through 2020 as well as the expansion of 2015 2020
services in developed countries.
7,077
Higher healthcare and hospital fees compel consumers to save money Global
with active prevention measures e.g. with fitness apps or wearable 8,735
devices to measure calorie intake, heart rate or blood pressure. These
smart solutions are not only appealing to athletes, they are also 3,306
beneficial for people with health concerns since they give valuable North America
medical information (e.g. heartrate) and improve clinical knowledge. 4,084

In the end, everyone who exercises can benefit. Wearables are handy
1,646
and give an overview of current vital signs. It is thus more practical and Western Europe
less bulky to use wristwear to get real-time insights into current health 2,007
data while exercising, than to carry a smartphone. Apps and wearables
have features that allow for tracking progress and setting fitness 1,538
achievements. This keeps users motivated and helps them enjoy Asia & Australia
exercising more. 1,965

Gathered data from smart devices can also be used for telehealthcare
solutions, which lead to a higher time efficiency and more convenience 356
South America
at lower costs. In addition, the innovations ‘activity monitoring’ as well as 401
‘remote medication monitoring’ are especially used to support patients
with long-term conditions by exchanging data between them and their
Middle East & 113
doctors to assist in diagnosis and monitoring.
Africa 139

94 Source: World Industry Outlook, Healthcare and Pharmaceuticals, The Economic Intelligence Unit, June 2017
A high usage and an increased spending on mobile
apps show potential for dedicated Fitness Apps
Market drivers: mobile app downloads and spending

Global downloads of mobile apps and consumer spending on mobile apps

Number of mobile app downloads in bn Consumer spending on mobile apps in bn US$

258.2

205.4

178.1
156.5

106.4

81.7

2017 2018 2022

Note: Number of mobile App downloads in 2017 from iOS App Store, Google Play and third-party Android stores combined. Downloads are first-
time downloads only, re-installs and updates are excluded; Consumer spending on mobile Apps in 2017 refers to app store gross consumer
spending, excluding m-commerce or in-app advertising
95 Source: App Annie; TechCrunch
Garmin experienced a decline in fitness trackers sales
but restored growth through sport smartwatches
Company profiles: Garmin (1/2)

Key facts Global presence

Revenue: US$3,087 million (2017)
Fitness revenue: US$762 million (2017)
Active countries: >50 (2017)
New Connect accounts 4,992,293 (2015)
Employees: >12.000 (2017)
Headquarters: Schaffhausen, Switzerland
Founded: 1989

Product: Garmin Connect Digital strategy

Garmin is one of the leading companies in the field of GPS navigation In 2017, Garmin achieved great results especially in the outdoor and
and wearable technology. It develops high-quality and innovative aviation units. In the fitness unit, Garmin experienced a decline in
products for the automotive, aviation, marine, outdoor, and fitness demand in the fitness-tracker sector but was able to increase growth in
industries. In the Fitness segment Garmin offers several products, the sport smartwatches segment. Especially the high-tech-multisport
including: running/multi-sport watches, cycling computers or activity smartwatch fēnix 5 was very successful. Another recent achievement
tracking devices. All products work with Garmin Connect, an online was the multisport smartwatch vívoactive 3 with mobile payment
training tool to store, analyze and share fitness activities. It can display function. In the future, Garmin will further increase spending in R&D to
maps, temperatures, lap splits, a variety of graphs and notes for every develop new innovative high-tech products for their premium fitness
activity, depending on device and location. Moreover, customers can segment. The digital solutions for all devices Garmin Connect is
analyze progress and performance with ready-made reports. constantly optimized and updated.

96 Source: Company information

With a 5.4% market share1, Garmin sold 6.3 million
wearables in 2017
Company profiles: Garmin (2/2)

Key performance indicators: Fitness segment Activity of users per year

Unit 2015 2016 2017

Revenue bnUS$ 2.82 3.02 3.09

Wearables sold million 5.8 6.1 6.3 2.56 trillion 836 million
steps taken miles run

Gross profit1 mUS$ 366.1 437.2 422.6

Operating
mUS$ 134.6 160.6 146.8
income1 2.5 billion 12.3 million
miles cycled miles swum –
equals 19.9 billion meters

1: IDC Worldwide Quarterly Wearables Tracker (01.03.2018) 2: Only includes the Fitness category, excludes revenue from outdoor, marine, auto and
aviation
97 Source: Company information
WHOOP now offers hyper-focused wearables also to
non-professional athletes
Start-up analysis: WHOOP

Overview Analysis
WHOOP is a performance optimization system first established for elite Is the product rare?
athletes and teams and was already founded in 2011, but is now
expanding (with a funding in 2018 of US$25 million) to a wider audience The core product, the WHOOP Strap 2.0 is not unique and comparable
with a new membership program for US$30 per month. The program to other fitness trackers or smartwatches. Data analytics and community
consists of the WHOOP Strap 2.0, an analytics app with weekly and functions are also offered by other manufacturers in the market, like
monthly trend reports and the WHOOP community with shared data, Fitbit or Garmin, however not on this professional level.
training programs and challenges. The WHOOP Strap 2.0 collects 5
Are there advantages compared to imitations?
metrics 100 times a second, 24 hours a day to understand strain and
recovery to balance training, reduce injuries, and predict performance. The big differentiator compared to other wearables is the amount of
The wearable has been approved for universal in-game use in Major data it collects and transmits to servers for processing and analysis. The
League Baseball, and also won a partnership with the NFLPA, to track technological advancements and the accuracy was approved by many
recovery times among football players. elite athletes and can also be useful for in depth-health insights.

Can the product withstand possible constraints?

~
The market is still threatened due to the lack of data privacy and security
issues. Also, the competition by major tech players like Apple is strong,
which leads to the question of whether other manufacturers will switch
to membership programs and will adopt to new use cases.

The development of fitness trackers shows that improving data

analysis is important. WHOOP defines itself as a data company and
not as a wearable manufacturer, which can be a benefit for future
developments. However, at the moment WHOOP is still a case for
high professional users, not ready for wider adoption.

98 Source: Company information, TechCrunch

The Fitness market is shaped by start-ups as well as
multinational apparel and tech companies
Deep dives: list of selected key players in the fitness market

Revenue 2016 Revenue 2017

Company Products Headquarter in billion US$ in billion US$
miCoach FIT SMART, Heart Rate Monitor,
Adidas Europe 23.1 23.41
Runtastic
Fitbit Zip, Fitbit One, Fitbit Flex, Fitbit Charge,
Fitbit United States 2.2 1.6
Fitbit Alta, Fitbit Charge HR
Garmin Vivofit 3, Garmin Vivoactive, Garmin
Garmin Europe 3.0 3.1
Vivosmart, Garmin Forerunner
TalkBand B3, TalkBand B3 Lite, Band 2, Color
Huawai China 75.1 92.5
Band A2, Fit, Watch 2

Misfit Ray, Misfit Shine 2, Misfit Flash, Misfit

Misfit Wearables2 United States 3.02 2.83
Speedo Shine

Moov Moov, Moov Now United States - -

Nike+ FuelBand, Nike+ FuelBand SE, Nike+

Nike United States 32.4 34.4
Running App
Under Armour Band, MapMyFitness,
Under Armour United States 4.8 5.0
MyFitnessPal, Endomondo

Xiaomi Mi Band, Mi Band Pulse, Mi Fit China - 18.0

1: USD/EUR (2017) = 0.90554 2: Acquired by Fossil Group 3: Revenue of Fossil Group

99 Source: Company information
Under Armour invested in a popular Fitness Apps
called MyFitnessPal
Deep dives: fitness app products

Under Armour – MyFitnessPal

In 2015, MyFitnessPal was purchased and acquired by Under Armour for US$475 million. MyFitnessPal is a
web and mobile app that tracks diet and exercises to determine the optimal calorie intake and nutrients for
the user’s goals with gamification elements for motivation. Users keep a kind of diary and can scan barcodes of
different food items or manually add them in a database. Also many different devices including Fitbit and
Garmin wearables can be synchronized with the app.

Freeletics – Bodyweight
Freeletics is a training app that combines full-body routines and exercises with running for a complete
workout. The app covers free and paid workout plans. A paid fitness guide contains all basic and advanced
training modules with detailed descriptions of goal-oriented training sessions. The app-based fitness program
has a big community that is a source of both challenge and support. The people who train with Freeletics
organize themselves and communicate outside the app using social media, forums, blogs and websites.
Freeletics has extended its offers to include running, gym and nutrition-related services in addition to the
classical workout routines.

100 Source: Company information

About 10% of the global population use Fitness Apps,
but only 2% pay for them
Deep dives: selection of best grossing health and fitness apps

Distribution of paying and non-paying users of fitness Selection of highest-grossing health and fitness apps
apps in % of global population in 2018 (Android and iOS) globally in 2018 by appannie.com

Non-paying user

Calorie Calm -
Counter - Meditate,
MyFitness Sleep,
Pal Relax
7.9%
Sweat: Headspace:
Kayla Meditation &
2.4% Itsines
Fitness
Mindfulness

Paying user
Lifesum - Freeletics
Diet & Bodyweight
Food Diary

Strava:
YAZIO
Track
89.7% Running,
Calorie
Counter
Cycling &
Swimming

Non-user

101 Source: Statista Digital Market Outlook 2019

Athos designs workout apparel that measures body
functions and muscle activity
Deep dives: fitness wearables products (1/2)

Athos - smart clothes

Athos designs training clothes that are woven with micro-EMG sensors that detect which muscles are working
and transfer this workout data to a smartphone via a Bluetooth core. The clothes use machine learning to
provide insights specific to every athlete’s muscle composition and strength, called muscle-activity-based
feedback.

Under Armour – Gemini 3 smart shoes

Via a sensor these shoes track, analyze and store running metrics and synchronize with Under Armour’s
MapMyRun App. Additionally to measuring the distance covered, speed or time, the shoes can measure
muscle fatigue by a so-called jump test. Based on this information, the runner receives recommendations on
how to train that day.

102 Source: Company information

Wearable X launches mobile-connected yoga pants
that guide users through yoga exercises
Deep dives: fitness wearables products (2/2)

Sensoria – running socks

Sensoria launched smart running socks in order to help analyze and improve people’s running behavior.
Pressure sensors integrated in the plantar area of the socks record cadence, foot-landing, pace as well as
distance, and transmit this data to the electronic anklet which is attached to the sock. As the anklets are
connected to a mobile app, the runner can track, store and analyze the gathered data.

Wearable X – Nadi X yoga pants

The Nadi X yoga pants are bluetooth-enabled fitness clothes with pulse sensors on the hips, knees and ankles.
The embedded sensors release soft vibrations to guide, instruct and facilitate yoga exercises. The yoga
practitioner can use the Nadi X mobile app, which is connected to the sensors via bluetooth to adjust impulse
frequency and intensity in order to optimize movements and hold yoga postures. The mobile app offers 30
different yoga exercises that are connected with the smart pants.

103 Source: Company information

 DATING
SERVICES
The Dating Services segment includes the
categories Matchmaking, Online Dating and
Casual Dating. Dating portals offer a variety of
services that suit any kind of users and their
intentions.

In this chapter, the current market size and

development of the Dating Services segment will
be discussed. Also, The Match Group will be
presented.

104
Dating Services: products and services
Overview: market scope

Matchmaking Online Dating Casual Dating

▪ Matchmaking for the search of life ▪ Apps and portals to flirt, chat or fall in ▪ Apps and portals focused on non-
partners (e.g. eDarling) love committal erotic adventures

▪ Matchmaking portals and apps that use ▪ Apps and portals that create matches ▪ Infidelity-based online dating services to
mathematical algorithms to generate based on users’ locations (e.g. Spotted) enter into extra-relational affairs (e.g.
matches Ashley Madison)
▪ Apps and portals that create matches
based on simple demographic criteria
(e.g. Badoo)

Note: Not included are niche Dating Services, such as portals or apps for vegetarians, offline dating agencies and speed dating or similar events
105 for singles
Dating portals offer a variety of services that suit any
kind of users and their intentions
Overview: customer benefit and market development

Customer benefit Market size and future development

There are different groups of customers that benefit from using online The global revenue in the Dating Services market amounts to US$5.7
dating services. They can search for a relationship (Matchmaking), a flirt billion in 2019. Most of the revenue is generated in the Matchmaking
(Online Dating) or a sex partner (Casual Dating). category.

On dating portals or apps, users can meet a wider circle of people. They When comparing figures globally, it can be noted that most of the
get the chance to get to know all kinds of people they would normally revenue is generated in the U.S. with US$1.8 billion in 2019, followed by
not meet in their everyday lives. Users also look at a bigger dating pool Europe, which had a revenue of US$1.1 billion in 2019. Revenues in
of prospective matches on dating websites. China are the smallest in this comparison with US$1.1 billion in 2019.

Furthermore, dating portals offer a variety of search options or filters With time the stigma of dating services is diminishing, which drives the
(e.g. age) to help users find what they are looking for. This makes dating success of the concept. However, some users regard the collection of
more efficient. their personal data with suspicion and are afraid that third parties might
misuse their data. This hampers growth in the market.
Dating portals help users with a busy schedule who have no time to go
out and meet people by providing a forum for doing just that. Through Nevertheless, China is the fastest-growing region with a CAGR1 of 6.0%
dating services they can still get in touch with others that share their up to 2024 and a projected market volume of US$1.5 billion by 2024.
interests. Europe will grow at an annual rate of 4.1% to US$1.4 billion and the U.S.
at a CAGR1 of 3.5% (2019-24) to US$2.2 billion by 2024.
There is a great variety of online dating services. Each user can find a
service that matches his or her interests and intentions. Matchmaking
services identify potential partners by using complex matchmaking
algorithms based on the results of personality tests. Many portals also
allow users to just flirt and chat without any kind of commitment.
Customers who seek a lover can use casual dating sites. Dating portals
aimed at married people looking for affairs have special features
regarding discretion and data security (e.g. blurry pictures).

1: CAGR: Compound Annual Growth Rate / average growth rate per year
106 Source: Statista Digital Market Outlook 2019
Dating apps will further extend their user base and
companies will invest heavily in mobile technologies
Overview: assumptions and trends

Assumptions Trends
As online dating becomes ever more pervasive, concerns centered In the future, dating apps with new concepts will be established, such as
around security and online safety become increasingly important for Whispar, where users can create an audio-profile, or Loveflutter, which
both the industry and the users. We therefore expect a significant connects users solely according to their personalities. Many different
improvement in the field of data protection within the next years. algorithms are being developed to find most compatible matches. For
However, should these issues be neglected in the future, further data example, Tinder cooperates with Spotify to match potential partners
breaches like the Ashley Madison hack (2015), where more than 25 GB based on their taste in music. New algorithms and AI-powered solutions
of company data was leaked, or the hack of Beautifulpeople.com (2016) like AIMM, Bernie or betterhalf will also boost new developments.
and Guardian Soulmates (2017), might negatively affect user growth.
Blockchain technology could be a solution to these problems. In China, society exhibits a strong marriage pressure. Marriage websites,
such as Jiayuan, Zhenai and Baihe, are therefore very popular. Baihe
Dating portals and apps will need to add new features regularly. With offers wedding services to its users. Yet, apps such as Momo or Tantan
the growth of free dating sites, the subscription-based dating services (China’s answer to Tinder) have become increasingly popular. Former
model is called into question by users. Hence, the industry needs to cultural dating stigmas like in India more and more erode and offer
explore new revenue streams and add extra value to their services; e.g. strong opportunities for dating services.
through features that provide additional benefits for the user.
Consolidations are a trend and will take place in the future. An example
We also anticipate a further shift to mobile dating and therefore an is the takeover of various dating sites by the Match Group (>45 brands).
increasing use of dating apps for smartphones rather than desktop This will help minimize fake profiles and chat bots.
versions or dating portals. Furthermore, it is expected that dating apps
will be used on smartwatches to access messaging functionalities faster. Furthermore, we expect Dating Services to converge with social
networks. Dating portals will focus less on the search for a partner for
The user database of Dating Services providers is a big asset for life and will rather place more emphasis on meeting new people instead
marketers. Demographic data, interests and attitudes allow targeting for (like Badoo). Also social media platforms like Facebook are already rolling
advertisers, which makes advertising on dating portals very attractive. out their own dating features, boasting advantages many other
Hence, services that have a large user base can be fully financed providers don't have: more than 2 billion active users.
through advertising revenues. This favors freemium business models.

107 Source: Statista Digital Market Outlook 2019

Matchmaking is the leading category with revenues of
US$3.0 billion in 2019
Market sizes: global

Global revenue forecast in million US$

Matchmaking Online Dating Casual Dating

+5.6%1 7,223
7,038
6,823
6,533 830
811
6,152 787
758
5,696
725
5,215 689
2,471 2,530
650 2,397
2,289
2,141
1,958
1,763

3,639 3,757 3,863

3,286 3,485
2,802 3,049

2018 2019 2020 2021 2022 2023 2024

1: CAGR: Compound Annual Growth Rate / average growth rate per year
Note: Revenue figures refer to Gross Transactional Value (GTV)
108 Source: Statista Digital Market Outlook 2019
China’s dating landscape is clearly dominated by
Matchmaking due to marriage pressure
Market sizes: regional comparison (1/2)

Revenue forecast in million US$

Matchmaking Online Dating Casual Dating

United States Europe China

+3.5%1 2,153

262
1,813
224 +6.0%1 1,535
+4.1%1 81
1,401
1,104 248 290
1,148 1,148
912 65
210
204
554
434
1,163
879
787
677 599
504

2019 2024 2019 2024 2019 2024

1: CAGR: Compound Annual Growth Rate / average growth rate per year
Note: Revenue figures refer to Gross Transactional Value (GTV)
109 Source: Statista Digital Market Outlook 2019
Out of the European top 5, the UK generates the
highest dating revenue in 2019
Market sizes: regional comparison (2/2)

Revenue forecast in million US$

Matchmaking Online Dating Casual Dating

+3.7%1

311 +3.1%1
37
268
259
31 230
67
+4.8%1
60
172
162
141 91
128 36
73
31 +4.0%1 +4.3%1
75
55 59 61
49 50
102 98 110 22 14
87 18 12 22
51 13 17 17
41 25
17 21 21
2019 2024 2019 2024 2019 2024 2019 2024 2019 2024

1: CAGR: Compound Annual Growth Rate / average growth rate per year
Note: Revenue figures refer to Gross Transactional Value (GTV)
110 Source: Statista Digital Market Outlook 2019
The user base is largest in the Online Dating category
across all regions
User numbers: regional comparison (1/2)

Number of users forecast in millions

Matchmaking Online Dating Casual Dating

United States Europe China

82.7

65.5
62.4

51.4 53.2

41.5
35.4
30.4

19.0
16.0
13.2
11.2
7.1 8.1 7.6 8.8
6.0 6.8

2019 2024 2019 2024 2019 2024

Note: Dating Services users are paying and non-paying users

111 Source: Statista Digital Market Outlook 2019
User numbers for Matchmaking and Casual Dating
are in general lower than for Online Dating
User numbers: regional comparison (2/2)

Number of users forecast in millions

Matchmaking Online Dating Casual Dating
7.1

6.4
6.2
5.7
5.5

4.7

3.6
3.2
2.7 2.8
2.6
2.4

1.4 1.5 1.5

1.2 1.3 1.2
1.0 1.1
0.8 0.9
0.6 0.6 0.7
0.5 0.3 0.4
0.3 0.3

2019 2024 2019 2024 2019 2024 2019 2024 2019 2024

Note: Dating Services users are paying and non-paying users

112 Source: Statista Digital Market Outlook 2019
In Europe, the share of users who pay for Dating
Services is lower than in China and the U.S.
User numbers: paying and non-paying users (1/2)

Share of paying and non-paying users of Dating Services forecast

Dating Services paying user Dating Services non-paying user

United States Europe China

59.4% 59.0%
73% 73% 69% 69%

40.6% 41.0%
27% 27% 31% 31%

2019 2024 2019 2024 2019 2024

113 Source: Statista Digital Market Outlook 2019

The UK has the highest share of paying Dating
Services users
User numbers: paying and non-paying users (2/2)

Share of paying and non-paying users of Dating Services forecast

Dating Services paying user Dating Services non-paying user

65.1% 63.9% 66.1% 66.0%

75.2% 74.3% 78.0% 78.3%
83.1% 83.9%

34.9% 36.1% 33.9% 34.0%

24.8% 25.7% 22.0% 21.7%
16.9% 16.1%

2019 2024 2019 2024 2019 2024 2019 2024 2019 2024

114 Source: Statista Digital Market Outlook 2019

The average revenue per user is smallest in China in
all categories
Average revenue per user: regional comparison (1/2)

Average revenue per paying user forecast in US$

Matchmaking Online Dating Casual Dating

United States Europe China

95 71 28

2019 93 2019 60 2019 23

123 79 30

97 73 28

2024 94 2024 61 2024 23

126 81 31

115 Source: Statista Digital Market Outlook 2019

In the EU top 5, most revenue per paying user is
generated in the Matchmaking sub-segment
Average revenue per user: regional comparison (2/2)

Average revenue per paying user forecast in US$

Matchmaking Online Dating Casual Dating

103 64 89
2019 80 2019 64 2019 68
118 90 101

104 65 91
2024 81 2024 66 2024 70
119 91 103

70 66
2019 53 2019 53
80 78

72 68
2024 53 2024 54
83 79

116 Source: Statista Digital Market Outlook 2019

The adoption of Dating Services is expected to grow at
a slower pace in the next years
Penetration rates: innovation diffusion

Innovation diffusion curve for 2019

Diffusion
(accumulated users)
11.9%
10.5%
9.7%
8.5%
8.1%
6.6%
6.2%

Innovators 2.5% Early adopters 16.0% Early majority 50.0% Late majority 84.0% Laggards 100.0%

The diffusion of innovations graph shows successive groups of consumers adopting Dating Services (for this the graph above shows the penetration
rate of selected countries). Innovations in general are not adopted by all individuals at the same time. Instead, they tend to adopt in a time sequence,
and can be classified into adopter categories based on how long it takes until they begin using the service. Diffusion is considered to be the rate and
volume at which innovations spread among their users (an adoption rate of 100% is theoretically possible but not realistic). Dating Services have
exhibited strong growth in the last years, nevertheless regarding the potential target group, adoption is already high and growth expected to slow down.

117 Source: Statista Digital Market Outlook 2019

The penetration rate for Dating Services is highest in
the U.S.
Penetration rates: global comparison

Dating Services penetration rate1 in 2019

0.5% 11.9% Country out of scope

1: Share of active customers (or accounts) in total population (paying and non-paying users)
118 Source: Statista Digital Market Outlook 2019
 Fast average mobile broadband speeds enable
extensive usage of dating app features like video chat
Market drivers: mobile broadband speed

User penetration of Dating Services in selected countries with high mobile broadband speeds in 2019
User penetration of Dating Services in % Mobile broadband speeds in Mbps

% Mbps
63.20
20 60.31 65
60
52.03 55
47.82
50
45
40
32.05 35
10 29.08
30
25
20
9.7% 10.1% 15
9.0%
5.4 6.1% 10
3.2% 5
0 0
South Africa Poland Czechia Switzerland Netherlands Australia

Note: paying and non-paying users

119 Source: Statista Digital Market Outlook 2019, speedtest.net/global-index, July 2019
Millennials are the biggest user group of Dating
Services
Market drivers: age groups

Global Online Dating user by age group 2018

Millennials Other

42.4%

23.7%
20.3%

9.5%

4.1%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

Note: paying and non-paying users

120 Source: Statista Digital Market Outlook 2019, Statista Global Consumer Survey, as at September 2018
The Match Group had more than 8 million paying
subscribers at the end of 2018
Company profiles: The Match Group (1/2)

Key facts Product portfolio of The Match Group

Revenue: US$1,729.9 million (2018)
CAGR1: 30% (17-18)
PMC2: >8.2 million (2018)
Active countries: >190
Employees: >1000
Headquarters: Dallas, U.S.
Founded: 1995

Product Example: Tinder Digital strategy

Tinder was launched in 2012 and is a dating app product with strong The Match Group is an American internet company based in Dallas,
adoption by millennials. It is a mobile-only product with unique user Texas. It is a sub-organization of IAC and the world’s leading provider of
interface and swiping feature. Tinder has been among the top 15 iOS online dating products, with a portfolio of over 45 brands with different
apps by daily revenue throughout all of 2017 according to AppAnnie. It apps and online platforms. 8.4 million relationships and 2.5 million
experienced massive growth, doubling its paid member count from 0.8 marriages were established between 2011 and 2015 through their
million in 2015 to over 1.7 million in 2016. With the company’s products. The Match Group owns four of the top five dating brands in
monetization strategy of generating revenue through paid subscription North America. No other competitor comes close to this market share.
memberships, payments for special features and paid advertisements, The Match Group offers their dating apps in 42 different languages. They
The Match Group continues to gain advantages. In 2017, a new Tinder have a strong top and bottom-line growth with expanding margins,
Gold subscription model was introduced. which no other brand approaches in this environment.

1: CAGR: Compound Annual Growth Rate / average growth rate per year 2: Average paid member count as of Q4 2017
121 Source: Company information, AppAnnie.com
The Match Group generated a global revenue of over
US$1.7 billion in 2018
Company profiles: The Match Group (2/2)

Key performance indicators Number of paying subscribers registered to The Match

Group in thousand
International North America

8,090 8,233
Unit 2015 2016 2017 2018 7,723
7,433
No. of paying
subscribers million 4.1 5.4 7.0 8.2
registered 3,968
3,812
3,592
3,457
million
Revenue 909.7 1,118.1 1,330.7 1,729.9
US$

million
Net income 120.4 171.5 350.1 477.9
US$

3,976 4,131 4,278 4,265

Operating million
213 315.5 360.5 553.3
income (loss) US$

Adjusted million
284.6 403.4 468.9 653.9
EBITDA US$ Q1 ’18 Q2 ’18 Q3 ’18 Q4’18

122 Source: Company information

Huggle is a social app that connects users who share
lifestyles and interests based on locations they visit
Start-up analysis: Huggle

Overview Analysis
Huggle is a location-based social app which connects users based on Is the product rare?
common places they frequently visit. The app was officially launched in
2016 and was designed as a way to make friends by connecting with Huggle claims to be is the first social app to match people based on
people who share mutual interests. Dating elements were added later. mutual places. Location-based features are certainly not new and
When two users check in to the same place, they can view each other's available in different forms by other online dating services. Only the
profiles. Huggle introduced special safety features through a one-minute combination of the set of features and the presented lifestyle is unique.
photo verification taking various selfies which are first compared to
uploaded pictures using 160 points on the face, then verified and
approved by moderators to filter fake profiles. Also Huggle uses
Are there advantages compared to imitations?
The advantage of Huggle is the special safety program, attractive to
~
hyperlocal technology to avoid fake check-ins. Huggle was founded to security-conscious users. Also the recent acquisition by Badoo can be a
create meaningful friendships and relationships as a countermovement great benefit in terms of new features. Nevertheless, other services are
to privacy issues with other dating services. The company was recently likely to incorporate more location-based features in the style of Huggle.

~
acquired by Badoo, one of the largest dating networks worldwide.
Can the product withstand possible constraints?
Focusing on a wide audience is hard to manage because the market is
already approaching saturation, facing tough competition from
international vendors. Also reliability, quality and safety issues are always
a topic for dating services and remain a challenge in the future.

The Online Dating market is subject to winner-takes-all dynamics and

difficult to enter, therefore Huggle has to use network effects with
Badoo to increase revenues. Huggle should also expand globally and
introduce freemium-inspired models after reaching critical mass to
gain chances for a positive outcome.

123 Source: Company information

AshleyMadison, C-Date and Firstaffair are typical
Casual Dating portals for a broader audience
Deep dives: dating portals and apps segmentation of selected players

Dating Portals and Apps segmentation Headquarter: U.S. China Europe

Out of scope:
Niche / Niche /
Casual Serious
BDSMSingles
WooPlus ChristianMingle
Whiplr
Grindr
Jdate
Blued
Audience / coverage

OurTime
VictoriaMilan Elite Partner

Coffee Meets Bagel Chemistry Baihe

Elite Singles
Ashley Madison Meetic eDarling
AdultFriendFinder Jiayuan
Lovoo LoveScout24
OkCupid eHarmony
Firstaffair Neu
Bumble
Parship
C-date
Match Plenty of Fish
TanTan
Mass / Badoo Mass /
Tinder Zoosk Serious
Casual
Type of intended relationship

Source: Statista Digital Market Outlook 2019

Nearly 50% of paying Online Dating users in the U.S.
use Badoo
Deep dives: top 5 dating service providers (1/2)

Usage of Online Dating by provider (paying customer) in the past 12 months

Text hinzufügen

Badoo MOMO 43% LOVOO 33% Match 37%

49%

Match 28% Tantan 34% Parship 27% Tinder 37%

Bumble 28% Shijijiayuan 32% Badoo 26% Badoo 32%

Coffee
meets 28% Baihe 25% LoveScout24 26% eHarmony 30%
Bagel

Tinder 28% Qingchifan 24% Tinder 22% OkCupid 28%

“Which of these online dating providers (website or app) have you used as a paying customer in the past 12 months?” Multi Pick; U.S.: n=580;
China: n=350; UK: n=127; Germany: n=79 respondents who used and spend money on online dating in the past 12 months
125 Source: Statista Global Consumer Survey, as at September 2018
Badoo has high user shares with over 30% in France,
Spain and Italy
Deep dives: top 5 dating service providers (2/2)

Usage of Online Dating by provider (paying customer) in the past 12 months

Badoo 42% Badoo 51% Meetic 39%

Meetic 33% Meetic 25% Badoo 37%

AdopteUnMec 24% Tinder 25% Lovoo 25%

Tinder 24% Lovoo 21% Tinder 23%

EliteRencontre 23% Choice of Love 19% BeLinked 18%

“Which of these online dating providers (website or app) have you used as a paying customer in the past 12 months?” Multi Pick; France: n=77;
Spain: n=99; Italy: n=58 respondents who used and spend money on online dating in the past 12 months
126 Source: Statista Global Consumer Survey, as at September 2018
Agenda

01 Market Outlook 02 Segments 03 Appendix

▪ Overview ▪ Overview ▪ User demographics
▪ Estimated market development ▪ Market sizes ▪ Market structure
▪ Key player landscape ▪ User numbers ▪ Product overview
▪ Business models ▪ Average revenue per user ▪ Imprint
▪ Trend analysis ▪ Penetration rates
▪ Key market indicators ▪ Market drivers
▪ Company profiles
▪ Start-up analysis
▪ Deep dives

127
 APPENDIX
Detailed consumer information is one key factor
for describing market developments precisely. In
this appendix, we give detailed information on
three different user characteristics: the age,
income, and gender distribution of users. The data
is based on Statista's Global Consumer Survey.
Furthermore, we provide an overview of the
market structure presented in this report.

128
Online Food Delivery user demographics U.S.

Users by gender Users by income

Medium income

38.2%

Low income
37.3% High income
24.5%

Female

47.5% Male
Users by age
52.5%
31.5%

23.6%
20.6%
15.3%
9.0%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

129 Source: Statista Global Consumer Survey, as at September 2018

Online Food Delivery user demographics China

Users by gender Users by income

Medium income

35.0%
Low income
42.0%
High income
23.0%
Female

50.0% 50.0% Male Users by age

38.6%

23.8%
21.8%

12.9%

3.0%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

130 Source: Statista Global Consumer Survey, as at September 2018

Online Food Delivery user demographics UK

Users by gender Users by income

Medium income
36.1%

Low income
35.7% High income
28.2%

Female

47.5% Male
Users by age
52.5%
25.8% 25.8%
21.9%

16.0%

10.4%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

131 Source: Statista Global Consumer Survey, as at September 2018

Online Food Delivery user demographics Germany

Users by gender Users by income

Medium income

27.5%
Low income
44.0% High income
28.5%
Female

48.5%
51.5% Male Users by age

28.4% 27.0%

19.2%
14.8%
10.6%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

132 Source: Statista Global Consumer Survey, as at September 2018

Online Food Delivery user demographics France

Users by gender Users by income

Medium income
33.5%

Low income High income

33.0% 33.5%

Female

50.0% 50.0% Male Users by age

26.8% 26.4%

20.4%
18.7%

7.7%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

133 Source: Statista Global Consumer Survey, as at September 2018

Online Food Delivery user demographics Spain

Users by gender Users by income

Medium income
44.9%

High income
Low income 32.9%
22.2%
Female

47.6%
Users by age
52.4% Male
28.9%

22.4% 22.1%

14.9%
11.6%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

134 Source: Statista Global Consumer Survey, as at September 2018

Online Food Delivery user demographics Italy

Users by gender Users by income

Medium income
34.8%

Low income
36.4% High income
Female 28.9%

44.2%

Users by age
55.8% Male 28.8%

22.3%
19.1%
16.9%
12.9%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

135 Source: Statista Global Consumer Survey, as at September 2018

Event Ticket user demographics U.S.

Users by gender Users by income

Medium income
29.8%
Low income
40.9% High income
29.3%

Female

48.9% Male
51.1% Users by age

30.5%

23.0%
18.9%
16.8%
10.8%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

136 Source: Statista Global Consumer Survey, as at September 2018

Event Ticket user demographics China

Users by gender Users by income

Medium income
34.0%

Low income High income

33.0% 33.0%

Female

49.0% Users by age

51.0% Male

40.0%

24.0%
17.0%
14.0%

5.0%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

137 Source: Statista Global Consumer Survey, as at September 2018

Event Ticket user demographics UK

Users by gender Users by income

Medium income

32.0%
Low income
40.5% High income
27.5%
Female

48.7%
51.3% Male Users by age

25.7% 24.6%

19.1%
15.4% 15.2%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

138 Source: Statista Global Consumer Survey, as at September 2018

Event Ticket user demographics Germany

Users by gender Users by income

Medium income

34.0%
Low income
41.5%
High income
24.5%

Female

49.0% Male Users by age

51.0%

27.2%
23.0%
20.7%
16.8%
12.3%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

139 Source: Statista Global Consumer Survey, as at September 2018

Event Ticket user demographics France

Users by gender Users by income

Medium income

29.5%
Low income
46.1%
Female High income
24.4%

42.2%

Users by age

57.8% 25.3% 24.7%

Male
20.6%
15.5%
13.9%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

140 Source: Statista Global Consumer Survey, as at September 2018

Event Ticket user demographics Spain

Users by gender Users by income

Medium income
Low income
23.6%
55.6%

High income
20.8%
Female

48.7%
51.3% Male Users by age

30.5%
24.9%
19.6%
14.0%
11.0%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

141 Source: Statista Global Consumer Survey, as at September 2018

Event Ticket user demographics Italy

Users by gender Users by income

Medium income

Low income 33.9%

46.1%

Female High income

20.0%

44.8%
Users by age
55.2% Male
24.6%
23.0% 23.3%
18.2%

10.9%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

142 Source: Statista Global Consumer Survey, as at September 2018

Fitness user demographics U.S.

Users by gender Users by income

Medium income
32.5%

Low income High income

32.4% 35.0%

Female

49.3% Male Users by age

50.7%

34.4%

23.0%
19.7%
15.6%

7.4%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

143 Source: Statista Global Consumer Survey, as at September 2018

Fitness user demographics China

Users by gender Users by income

Medium income
33.0%

High income
Low income 37.0%
30.0%

Female

48.0% Male
Users by age
52.0%
37.0%

27.0%

16.0% 16.0%

4.0%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

144 Source: Statista Global Consumer Survey, as at September 2018

Fitness user demographics UK

Users by gender Users by income

Medium income

29.7%
Low income
41.5% High income
28.8%

Female

48.1% Male
51.9% Users by age

34.5%

21.8%
17.4% 18.7%

7.5%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

145 Source: Statista Global Consumer Survey, as at September 2018

Fitness user demographics Germany

Users by gender Users by income

Medium income

39.6%

Low income
36.6% High income
23.9%
Female

46.6%
Users by age
53.4% Male
31.3%

20.6% 20.2%
16.9%
11.0%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

146 Source: Statista Global Consumer Survey, as at September 2018

Fitness user demographics France

Users by gender Users by income

Medium income

32.2%
Low income
44.4%
High income
Female 23.4%

44.0%

Users by age
56.0% Male 31.2%
24.8% 24.0%

10.8% 9.2%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

147 Source: Statista Global Consumer Survey, as at September 2018

Fitness user demographics Spain

Users by gender Users by income

Medium income
Low income
23.7%
54.6%

High income
21.8%
Female

49.3% Users by age

50.7% Male

31.8%

25.2%
21.5%
15.1%

6.4%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

148 Source: Statista Global Consumer Survey, as at September 2018

Fitness user demographics Italy

Users by gender Users by income

Medium income

31.4%
Low income
46.5%
High income
Female 22.1%

46.8%
Users by age
53.2% Male
27.6%
24.3%
20.3%
18.5%

9.4%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

149 Source: Statista Global Consumer Survey, as at September 2018

Dating Services user demographics U.S.

Users by gender Users by income

Medium income
36.3%
High income
40.3%
Female Low income
23.4%

42.4%

Users by age

57.6% 34.5%
Male
28.1%
25.2%

10.1%

2.2%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

150 Source: Statista Global Consumer Survey, as at September 2018

Dating Services user demographics China

Users by gender Users by income

Medium income

40.0%
Low income
40.0%
High income
20.0%

Female

47.0% Male
Users by age
53.0%
34.7%
31.7%

22.8%

9.9%

1.0%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

151 Source: Statista Global Consumer Survey, as at September 2018

Dating Services user demographics UK

Users by gender Users by income

Medium income
Female 30.0%

High income
23.2% Low income 40.0%
30.0%

Users by age

28.6%
25.0% 25.0%

14.3%
76.8%
Male 7.1%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

152 Source: Statista Global Consumer Survey, as at September 2018

Dating Services user demographics Germany

Users by gender Users by income

Medium income
31.3%

High income
Low income 39.6%
Female 29.2%

42.3%

Users by age

57.7% 36.5%
Male
26.9%

15.4%
11.5%
9.6%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

153 Source: Statista Global Consumer Survey, as at September 2018

Dating Services user demographics France

Users by gender Users by income

Medium income
27.7% High income
48.9%
Female Low income
23.4%

41.1%

Users by age

28.6%
58.9%
Male
21.4% 21.4%
19.6%

8.9%

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

154 Source: Statista Global Consumer Survey, as at September 2018

Dating Services user demographics Spain

Users by gender Users by income

Medium income
39.6%
Female
High income
Low income 35.8%
29.0% 24.5%

Users by age

27.4%
24.2%
19.4%
71.0% 14.5% 14.5%
Male

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

155 Source: Statista Global Consumer Survey, as at September 2018

Dating Services user demographics Italy

Users by gender Users by income

Medium income
Female 33.3%

21.9% High income

Low income 36.7%
30.0%

Users by age

28.1%
25.0%

18.8%
15.6%
12.5%
78.1%
Male

18 -24 years 25-34 years 35-44 years 45-54 years 55-64 years

156 Source: Statista Global Consumer Survey, as at September 2018

Online Food Delivery market structure

Segment Sub-segments Out-of-scope

The Restaurant-to-Consumer Delivery segment

includes the delivery of meals carried out directly by
the restaurants. The order may be made via
platforms (e.g. Delivery Hero, Just Eat) or directly
through a restaurant website (e.g. Domino’s). The
Restaurant-to-
aggregation services collect the menus of
Consumer Delivery independent restaurants and specialized delivery
services. In other words, they merely lay the Phone orders
technical foundation for the searchability of
Orders placed over telephone
restaurants and the processing of transactions. The
Online Food restaurant itself takes care of the delivery process.
Delivery Non-prepared food
Deliveries of non-processed or
non-prepared food (e.g.
The Platform-to-Consumer Delivery market segment HelloFresh)
focuses on online delivery services that provide
Platform-to- customers with meals from partner restaurants that
Consumer Delivery do not necessarily have to offer food delivery
themselves. In this case, the platform (e.g. Deliveroo)
handles the delivery process.

157
Event Ticket market structure

Segment Sub-segments Out-of-scope

Sale of tickets for professional sporting events via

the Internet like football, basketball, baseball and
other ball sports, motorsports as well as golf, tennis
Sport Events and similar sports. The segment covers the sale of Other event tickets
digital tickets with QR codes, as well as paper tickets Tickets for museums, theaters,
that are bought online and posted to an address or cabarets or comedy clubs are
are available at a physical collection point. not considered.

The Music Events segment consists of the sale of Offline ticket purchases
online tickets for all music-related events. This
includes concerts, festivals, musicals, music shows Offline purchased tickets at
Event Tickets Music Events and operas. The segment covers digital tickets with point-of-sale or the event
QR codes, as well as paper tickets that are bought location are excluded from our
online and posted to an address or are available at a forecasts.
physical collection point.
Event-related services
Cinema Tickets include the online sale of tickets for Event-related services such as
movies shown at the cinema; online reservations catering etc. are not included.
that are paid for in the cinema are not included. The
Cinema Tickets segment covers digital tickets with QR codes, as well
as Cinema Tickets that are paid for online but
printed at the cinema.

158
Fitness market structure

Segment Sub-segments Out-of-scope

Smartwatches
The Wearables segment includes devices that are
explicitly intended for fitness. In particular, fitness Smartwatches are not
wrist wear which is equipped with sensors and considered as dedicated fitness
activity trackers that measure and analyze physical equipment and are therefore
Fitness Wearables activity and body functions of the wearer (e.g. excluded.
number of steps taken, movement, pulse and
temperature). Smart clothes and eyewear are also Disease Apps
included.
Apps that focus on specific
diseases (e.g. diabetes apps) are
Fitness excluded from the Fitness
market.

The Apps segment includes fitness and nutrition Non-tracking Apps

apps for detecting, tracking, analyzing and sharing
vitality and fitness achievements. Examples of Fitness Apps that do not provide any
Fitness Apps Apps are Runtastic or Freeletics. Nutrition apps options to directly measure or
include calorie counters or nutrition diaries. Also analyze vitality and fitness
included are desktop versions that additionally achievements (e.g. exercise
provide an app for the user (e.g. Freeletics). tutorials or nutrition lexicons) are
excluded.

159
Dating Services market structure

Segment Sub-segments Out-of-scope

Contains online services for the search for partners

that apply mathematical algorithms to match their
users. The main characteristic of these services is the
Matchmaking fact that registered members search for life partners Niche Dating
who are willing to enter into a long-term committed
relationship. Matchmaking services automatically Niche Dating, which includes
recommend potential partners to their users. dating apps like WooPlus (for
plus-size singles) or VegLove (for
vegetarians), is not considered.
Includes online services that offer a platform on
which members can flirt, chat or fall in love (e.g. Offline Dating Services
neu.de). Online Dating focuses on casual contacting
Dating Services Online Dating and easy flirting among its members. The users
Offline dating agencies are
excluded from our forecasts.
normally carry out the search on their own by
applying search filters based on criteria such as age Speed Dating
or other attributes.
Speed Dating and similar events
for singles are not included.
Comprises online services to establish sexually
oriented contacts outside of romantic relationships.
These also provide people with ways to enter into
Casual Dating extra-relational affairs like Ashley Madison. These
types of dating portals (e.g. C-Date or Secret.de)
clearly focus on non-committal erotic adventures.

160
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