Jan. 20, 2017
At Ticketfly, we pretty much live for live events. But, we also know there are too many things that get in the way of having a great time at a show. That’s why we get up and come into work every day, to hack away at the friction that plagues fans, venues, and promoters. One of the issues we’ve been thinking about for a long time is the issue of ticket resale, one of the oldest problems in the books. Today, we’re incredibly pleased to announce a better approach to secondary ticketing through an exclusive partnership with a company called Lyte. This partnership gives fans an easy, safe, and fair way to buy and sell tickets for sold out shows, and allows venues & promoters to deliver a more fan-friendly experience.
The first Ticketfly clients to offer the exchange include The Bomb Factory and Trees in Dallas; Marathon Music Works in Nashville; Bimbo’s 365 Club in San Francisco; and Whitewater Music Amphitheatre outside of Austin.
Our CEO and co-founder, Andrew Dreskin, who has been in the business for two decades and mulling over how to best tackle safe and secure ticket resale for nearly as long, says: “We needed a solution that keeps the tickets in the hands of true fans, keeps control of the experience in the hands of our clients, ensures that the house is full for the artists, and renders obsolete scalpers who leach off the primary ecosystem. Lyte is that answer.”
By verifying transferred tickets and keeping them within the fan community, Ticketfly and Lyte are helping venues and promoters provide a consistent, secure, and on-brand experience to all fans, whether those fans bought tickets at the onsale or after the show sold out. Not only will venues and promoters spend less time managing fraudulent tickets and disappointed fans, they will also have fewer empty seats and enjoy increased revenue from the resulting spend on concessions and merchandise. Our clients will also get accurate data on who actually attended their shows, and a better understanding of the true pricing and demand for their events. The Lyte-Ticketfly solution requires no additional work for Ticketfly clients. Turn it on and Lyte and Ticketfly take care of the rest.
When Lyte is enabled, no-show rates have dropped by as much as 65%, which means artists will be more likely to play to a full house and enjoy increased spending at the merch booth. In addition, artists will cultivate deeper relationships with more fans, who are then more likely to go out and stream their music, buy their albums, and purchase tickets to future shows.
Ant Taylor, founder and CEO of Lyte, says: “Lyte takes control of the fan experience away from anonymous third parties and puts it back in the hands of venues and promoters. Lyte provides the most transparent, secure, and seamless solution for exchanging tickets. That is what fans deserve and eventually, what they’ll demand. In Ticketfly, we have a partner who catalyzes our mission. We are proud to apply our technology in the service of their incredible client base.”
By bringing Ticketfly’s primary ticketing system together with Lyte’s exchange platform, we’re bringing the secondary market out of the shadows into a place where it can be regulated and secured. When Lyte is turned on, overall secondary market prices drop by 35% across the board. We believe that if we get this right, then over time, we could make a major dent in scalping, or even eliminate the practice entirely. Now that’s a reason to come into work every day.
Lyte provides all fans a safe, hassle-free way to exchange tickets for sold out shows with a best-in-class solution to the pain points resulting from the traditional secondary market. We’re thrilled to be partnering with them to take yet another step toward realizing our vision for live events: fans never miss a show, and the house is always packed.
Are you a current Ticketfly client who is interested in turning on Lyte for your sold-out events? Get in touch with your rep. Not working with us yet? Join the movement.
Posted by Andy Donner, VP of Business Development, Ticketfly