FlipTix, the tertiary ticketing firm that sells “unused time,” has partnered with events producer Danny Wimmer Presents (DWP).
Under the agreement, the proprietary ticket flipping option becomes available for DWP concert events, starting with Sonic Temple, the three-day festival at Mapfre Stadium in Columbus, Ohio, in May.
“FlipTix provides benefits for both the festival producers and fans,” said senior vice-president of event management at DWP, Brandy Blaylock. “Getting more people into the show is good for everyone.”
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 press “I’m gone” in the app, which notifies users outside the event that a ticket is available.
A company spokesperson told TheTicketingBusiness.com: “All tickets purchased through FlipTix are always valid. For wristbanded events, wristbands must be pre-registered before they can be flipped.”
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 spokesperson said that, as it stands, models for pricing are set on an event-by-event basis, with hopes for automation in the future.
They continued: “The main factor is time remaining in the event. Other factors include demand and weather. As far as demand, for the BUKU event in New Orleans, tickets were being purchased through FlipTix within two seconds, on average, of being posted, which elevated prices. More data will drive this to become more automated.”
FlipTix chief executive Jaime Siegel said: “Three-day festivals are the perfect environment for our ticketing platform. The dropoff at three-day festivals is statistically higher than two-day events. Partnering with an inaugural event that will be compared to Rock on the Range will undoubtedly bring out everyone’s best. We can’t wait to be a part of that.”
The firm’s spokesperson told TheTicketingBusiness.com that its revenue model varies depending on the event. “Promoters are partners in revenue sharing. But the original ticket holder is always rewarded (cash, credit, gift cards).”