January 9, 2019

How FinTech Can Save the Live Events Industry

Technology has always been a double-edged sword for the live events industry. Re-sellers – whether they’re digital bots or real-life scalpers – can force fans to buy tickets for more than triple their face value. Some estimates suggest that about 60% of the hottest tickets are bought by bots. In the process, ticketing platforms and artists lose control over both their inventory and their cash flow. Ultimately, the public has almost no chance of getting great seats to the best events at their original price. Ticket brokers, meanwhile, make huge profits on the secondary markets. In the secondary market, tickets are resold at an average markup of 49% (which could go all the way to 1000%). Even with 13 states enforcing the BOTS Act, ticket-buying software still edges out fans and scoop up thousands of seats at the hottest shows (think Hamilton or Taylor Swift’s Reputation Tour). Source: Forbes, 2016…

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