Ticketfly has partnered with Lyte for a fan-friendly ticket exchange. The exclusive partnership will allow fans the opportunity to resell and purchase tickets to sold out shows without being gouged on the price or concerned with phony tickets. The implementation will help Ticketfly fans attend sold out shows and will help venues and promoters fill the room and collect customer data.
For sold out shows, venues can immediately have the Ticketfly ticketing page link to a Lyte button which will take them to the platform and help them acquire returned tickets. By integrating the two sites, Ticketfly fans will be directed to a trusted partner where they can enter a queue to purchase tickets sold back to Lyte. At a set price that undercuts the secondary market, fans can enter their information and receive a mobile ticket once their turn is up.
“What we are doing with the Lyte platform is offering fans a single price which we calculate and we’re always trying to get them as much money back as we can. But they don’t have to become a reseller,” Lyte Founder and CEO Ant Taylor told Amplify. “Because Ticketfly actually powers the virtual box offices of many of the venues that they work with, now rather than sending customers who show up just after the on-sale to the secondary market we can deploy a button that says Find Tickets on Lyte. So we don’t loose any potential customers to the secondary market. They click that button and they can see how many people are in line for a reservation, they can place their reservation at a set price.”
Lyte’s technology scans secondary market sales and the prices tickets actually go for and they work to dramatically undercut those prices. When Lyte is turned on it drives secondary ticket prices down closer to face value as scalpers see this and try to remain competitive.
“When we turn on Lyte we see a minimum reduction in the size of the secondary market of 40%,” Taylor said. “That’s 40% less of the problems like scalping, fake tickets, and fewer fans that could potentially have a crappy experience.”
Ticketfly’s VP of Corporate Development Andy Donner told Amplify that he has been approached by several key companies in the secondary market, but always felt a partnership would not solve the issues the secondary has yet to solve. Those issues include poor fan experience, high n0-show rates, price-gouging, and fake tickets.
“What we see in Lyte is that they address all of these problems,” Donner said. “They deliver a fantastic fan experience because what they have is an exchange where they buy tickets and then resell it to another consumer and make it incredibly easy. When that happens it optimizes fan turnout. They address the fraud issues and marginalize the scalping. They increase food and beverage revenue as well as revenue at the merch table and the data on who that buyer is passed on to the venue so they know who is attending.”
Taylor added that for customers who have utilized Lyte for at least two years, “When Lyte has turned on for our venue partners, we’ve seen an average reduction in no-show rate of 65%” which increases the amount of people who want to be in the room, the experience for the artist, and drives merch and food and beverage revenue for the venue.
For Donner, another huge component in choosing a fan exchange platform instead of a secondary ticketer was control for clients. Ticketfly clients can choose what shows they want to use Lyte for, decide what kind of tickets can go up on the platform, and determine what a “sold out” show is.
Also, through the Lyte partnership, Ticketfly helps venues with turnout and customer data. Lyte has been operating with many clients since 2013, but Ticketfly will be the first company with a deep integration. Their exclusive integration includes the Lyte button on the event detail page of the venue website, as well as marketing and manifests.
When a show that is utilizing Lyte is sold out, Ticketfly will send an email to ticket holders informing them that they can use Lyte to get a fair price on tickets if they can’t show up for any reason. Since Ticketfly originally issued the ticket, when it is sold back to Lyte they cancel that barcode and reissue a new one to the next buyer. Now the venue has the second buyer’s information and he/she walks into the venue with a valid, mobile ticket as if they were its primary purchaser.
“It’s one thing to know you sold out a show, it’s a whole other thing to know how many people wanted to be there,” Taylor said, adding “that effects how you do talent buying down the line and how you think about ticket prices. We think we’re filling in a giant missing data set.”
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