Lyte generates $750m in reservations with its platform

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Ticketing marketplace Lyte claims it has generated more than $750m (£590m/€700m) in reservations for live events on its unified ticketing platform.

Lyte began operating ticket reservations to solve challenges for fans having to queue up for ticket on sales.

“We are innovating in a space that is innovation-starved,” said Ant Taylor, chief executive and founder of Lyte.

“Our reservation system is so much more than just a waitlist. With Lyte, fans put down their credit card, save money, and receive greater flexibility and transparency. For event producers, they now understand what fans are willing to pay upfront, which brings them more revenue, earlier on. We help everyone win.”

The reservations allow Lyte users to hold their spot in line for tickets by putting a credit card on file. They then select the number of tickets they want and can share the link with friends.

When tickets meeting their criteria become available, they are able to make the purchase in minutes.

“Lyte’s ticketing platform creates a great experience for fans and a meaningful difference for our business,” said Chris Den Uijl, founder and owner of Baja Beach Fest, Sueños Music Festival and North Coast Music Festival.

“Lyte’s ticketing reservations and other innovations provide us with better visibility into event demand, more meaningful data, and we get to help our fans avoid scalpers. Our partnership with Lyte is expanding the realm of what’s possible.”

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