Revenue / 11.19.18
Ticketek to Launch a Price-Capped Ticket Exchange to 'Protect Fans'
The Music Network (11/19/18) Heyman, Martin
Australia's TEG subsidiary Ticketek will launch a ticket exchange system called Ticketek Marketplace at the end of November, capping resold tickets at 10 percent above face value. “Many sports and entertainment fans have fallen victim of resale scalping practices based on highly inflated ticket prices, misleading marketing, a lack of transparency and often outright fraud,” notes TEG CEO Geoff Jones. “TEG believes that fans want a secondary ticket marketplace they can trust, where the authenticity of tickets is guaranteed and where the prices are fair. Ticketek Marketplace delivers these requirements to fans.” Once tickets are purchased on Ticketek Marketplace, the original barcodes are cancelled and new barcodes reissued into the name of the new customer, ensuring validity. The company says a single Ticketek user ID and login will be applicable across both Ticketek and Ticketek Marketplace “to further underpin the integrity of the new platform.” Ticketek Australia managing director Cameron Hoy says the model can work successfully in previous collaborations with industry partners on select events. “This is a consumer-led, price-capped and ethical ticket exchange service for fans with a genuine need to buy or sell on the secondary market,” he notes.
Read the full article on The Music Network website.
Tags: Reselling, News, Secondary Ticketing