For a long time, ticket marketing is facing an old problem, the ticket scalping or also known the ticket touting in secondary market. Ticket price in secondary market is often marked up to 30-300%, depend on the value of the events.
In primary market, event organizers or content creators issue original tickets on the primary market, at a price that they set themselves. Event organizers then engage ticketing companies to sell and distribute the tickets for the event, and the ticketing company typically charges transaction and administration costs in addition to the original ticket price. In some cases, these added costs are distributed between the event organizer and the ticketing company without the consumer knowing.
Thirty percent of all tickets are sold through the secondary market. The ticket resellers that belong to this market, such as touts and scalpers, acquire quantities of the original tickets with the intention of selling them for a much higher price. Ticket touts advertise ticket sales for upcoming events before the primary market even issues the tickets and, in some cases, touts make a deal with primary ticketing companies to acquire a certain number of original tickets before they are available for purchase by fans.
In 2009, Europe Economics undertook a study to gain a better understanding of the structure and scale of the secondary ticketing market. Their findings: For popular music festivals, 20-30% of tickets are resold at a markup of 30%; For high-end events (e.g. Kings of Leon), 20-40% of tickets are resold at a markup of100-250; For very high-end events (e.g. Madonna), 60-70% of tickets are resold, often with a markup exceeding 500%.
GUTS Tickets is a blockchain-based ticketing company founded in March 2016 by three Dutch entrepreneurs. The company employs eight developers and has won multiple innovation awards both in the Netherlands as well as throughout Europe. GUTS Tickets has partnered with some of the most famous comedians in the Netherlands to support the mission of truly transparent ticketing. Visit the GUTS website to view the events previously ticketed by GUTS, and use the Ethereum blockchain explorer to view the tickets on the chain.
GUTS is a ticketing system which uses blockchain technology to register ownership of SMART-tickets. GUTS makes ticket fraud impossible. The ticket can only be resold at a fixed price, so no more disgraceful prices for (secondary) tickets.
When a ticket is bought with GUTS the ticketholder is guaranteed to enter the venue. Every ticket generates a special code for each ticketholder. No matter how many times a ticket is (re)sold. If something came up, ticketholders can sell their tickets via GUTS at any time. You just can’t make a profit by doing so.
GUTS registers the ownership and the properties of the tickets in blockchain. This decentralized network makes it impossible to change the properties of a ticket, but allows ownership to be transferred honestly and transparent.
GUTS knows who is actually attending the event, regardless of how often a ticket is resold. The result is great userdata from the actual attendees, making future promotion a breeze.
Promoters and venues can use GUTS without having to invest in expensive scanners or other hardware. All that is needed is a smartphone.
Experience and Partners
Over the last year of its existence, GUTS has acquired both actual real-world experience in the business of selling tickets for events and, by running successful demos, has collected a set of important and influential stakeholders in the Dutch market, including Hekwerk Theatre Productions.
This company organizes 800 theatre shows annually and has 20 major artists and comedians under management. GUTS completed a successful pilot program with A-venue(organizer of East Ville and Latin Village festivals), which organizes several festivals that draw over 30,000 attendees. In addition GUTS has upcoming events in the pipeline in cooperation with major event organizer and partner Innofest.
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Author : ICOmagazine (UID 991082)