FlipTix has launched its new mobile app that enables tickets or “unused time” to be resold during sports or entertainment events.

FlipTix allows users to either sell or buy tickets when attendees exit a venue. Ticket holders who exit prior to the end of an event simply press “I’m gone” in the app, which notifies users outside the event that a ticket is available.

Prices will be set automatically based on the amount of time remaining (in combination with the score for sports events or weather for outdoor events). Sellers receive remuneration in the form of cash, credit, merchandise or gift cards. Buyers either pick up their activated wristband at a designated FlipTix location at the event venue or get a digital ticket delivered directly on their phone.

The technology will kick off during the KAABOO-Del Mar Festival in California from September 14 to 15. The company also announced a contest to give away two three-day wristbands to the festival.

The KAABOO-Del Mar Festival is a three-day cultural event held at the Del Mar Fairgrounds and features concert headliners Foo Fighters, Imagine Dragons and Katy Perry.

“Launching at KAABOO-Del Mar is a fantastic way to introduce FlipTix into music festivals,” said chief executive Jaime Siegel. “We’re looking forward to expanding with more premier events like KAABOO – Del Mar and adding many other festivals, venues and events around the country as we roll out.”

FlipTix recently closed its seed round of VC financing at an oversubscribed $1.15m. The seed round was led by an investment group from the east coast and by 4 Clover Capital Corporation of Denver.

“The tertiary ticket market in sports, entertainment and special events has needed this type of simple solution for years,” said Brian Siegel, president of FlipTix.

“Now, with digital connectivity and personal devices that enable instant value exchange, FlipTix lets people attend events regardless of whether they are sold out and lets those who leave early recoup some value.

“Higher attendance benefits concessionaires and merchandise vendors and attracting more people to event locations helps local economies – all without additional cost to the event producer.”

Image: Kuriboh500