Lyte, the San Francisco-based ticket exchange, is reported to have matched its entire 2018 revenue figure in just the first quarter of 2019.
The company has been boosted by a series of major partnerships with festivals such as Coachella and Stagecoach, as well as artists such as Mumford & Sons and Robert Plant.
Its growth is highlighted by its increase in festival partners from just six in 2017 to 50 at present. Just recently it expanded its deal with Elevate.
According to a Pollstar report, a Lyte source said it took just three months for the company to this year match its turnover from last year, although no official figures have been released.
Lyte’s partners offer fans the opportunity to return unwanted tickets, plus fees, to the original point of purchase for an immediate refund.
Resale prices are determined by an algorithm that monitors other websites and by stakeholders themselves. The Lyte resale figure is “higher than face value, but lower than other secondary sites,” Lawrence Peryer, Lyte’s head of business and corporate development, told Pollstar.
Resale money is divided between Lyte and the stakeholders, such as venues, promoters and artists.