Ticket Arena, the online ticket agent and event technology provider, generated £1m ($1.25m/€1.17m) of sales in the debut year of its Payment Plan service.
Payment Plan, which is accessed via the company’s online ticketing platform Event Genius, allows customers to secure their tickets without having to fork out hundreds of pounds in one go.
In a statement, Ticket Arena said that in 2016, the average monthly payment taken using Payment Plan events was just £36.75.
The Leeds- and London-based company said that “allowing customers to pay in a series of instalments removes the disincentive of breaking the bank and offers them a chance to secure a ticket without too much disruption to their regular budget”.
Event Genius was used by more than 2,500 promoters in 2016, including Parklife Festival, Wales Rally GB, The Warehouse Project, Hideout Festival and The Great European Carnival, Hong Kong.
Reshad Hossenally, managing director at Ticket Arena and Event Genius, said: “We designed Payment Plan to help festival organisers capitalise on consumer interest in their event, no matter when they announce their line-up.
“With more choice and cost pressures than ever, by offering potential customers a flexible option you’ll only be improving your service. The customer wins and you win, which is just what we want to see.”