Live music fans have so far saved more than a quarter-million dollars by using a new automated ticket exchange program offered by Ticketfly and Lyte, leaders of both companies say.
Fans who opted to skip the secondary market in favor of the companies’ Official Ticket Exchange program saved an average of $40 per ticket since it launched in January, Lyte and Ticketfly report. Fans who attended shows at larger venues saved as much as $100.
Eventbrite acquired Ticketfly in September.
“The model of the secondary market is broken,” Lyte CEO Ant Taylor tells Amplify. “We are proving that the secondary marketplace is becoming a place where small groups of nefarious actors can manipulate prices and hold them artificially high.”
At the same time, the number of no-shows at concerts has dropped as much as 65 percent among program participants since the program was launched in January, says Andy Donner, Eventbrite’s vice president of business and corporate development. About 230 venues are involved.
“The dynamic here is that even when a show is sold out, that doesn’t mean that 100 percent of people are going to go,” Donner tells Amplify. “What happens is, the artist isn’t playing in front of a full house and venues lose money. When fans show up, the venue makes two to three times the revenue at the bar and at the merchandise table.”
The partnership between Ticketfly and Lyte came together after the companies agreed fans needed a safe, easy and fair way to buy and sell tickets for sold-out shows. They wanted to save fans money, generate revenue for venues and prevent ticket fraud.
“It speaks to a positive message about the market being ready for a new model and it’s working the way we hoped,” Taylor says. “This model leads to positive outcomes for only the people that matter: the primary ticketing company, the promoter, the artist and the fans.”
When people buy and sell tickets at participating venues, Ticketfly and Lyte transfer them so those fans don’t have to rely on a secondary market sources like Craigslist. The companies cancel old tickets and reissue new ones for fans so they don’t have to deal with trying to sell a ticket online or meet someone in person to finalize the transaction. The experience is completely automated.
Kacy Hall, Ticket Manager for the Whitewater Amphitheater in Texas, says in a statement from the companies: “We are so excited to use a company that helps our customers get legitimate tickets at a reasonable price.” Fans there have saved more than $23,000 since the venue activated Lyte.
Taylor and Donner say their efforts have reduced ticket fraud, with box offices reporting fewer fake tickets.
“Lyte…has brought our customers a lot of comfort knowing they are purchasing valid tickets,” says Cassie Courtney, the head of marketing for Maryhill Winery, which hosts a popular concert series in the Pacific Northwest.
Clients using Lyte get accurate data on who actually attended their shows, and a better understanding of the true market value and demand for their events. Ticketfly and Lyte want to ensure an on-brand experience to fans, who either bought tickets at the onsale or after the show sold out.
“What became very clear is that we had an opportunity,” Donner tells Amplify. “To cancel that bar code and reissue a bar code for resell is a form of trust. It’s a huge benefit to our clients and fans.”
Adds Taylor: “I think this is a real trend – and consumers and promoters are ready.”