Ticketfly has teamed up with fan-to-fan ticket exchange Lyte to create a platform that lets fans safely resell and purchase tickets for sold out shows.
The two operators aim to solve two longstanding problems with live events, by allowing fans return tickets for events they can no longer attend, and buy tickets for sold-out shows.
By verifying transferred tickets and keeping them within the fan community, the companies said they hope to help 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”.
Ticketfly said the system will be beneficial as 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. Venues and promoters will also get accurate data on who actually attended the show, and a better understanding of the true pricing and demand for their events.
The Lyte platform only turns on when an event sells out. This verifies that there is actually demand for tickets. It also eliminates “needless” competition for venues and concert promoters, who often see tickets on StubHub before an event even sells out.
“For many years I have mulled over how to best tackle the safe and secure resale of tickets for our clients and ticket buyers,” said Andrew Dreskin, chief executive and co-founder of Ticketfly. “One 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. We are delighted to be in business with these guys.”
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.
Lyte said that when it is enabled, no-show rates have dropped by as much as 65 per cent, which means artists will be more likely to play to a full house and enjoy increased spending at the merch booth. In addition, it said, 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 chief executive of Lyte, said: “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 catalyses our mission. We are proud to apply our technology in the service of their incredible client base.”