Technology / 01.11.22
Lyte's Private Exchange Giving Fans Flexibility
VenuesNow (01/05/22) Zoltak, James
Event solutions platform Lyte has stepped up its new Private Exchange ticket resale service, through which fans can unload tickets to events they cannot attend. Individuals can sell or transfer verified tickets through a customized link that can be shared inside or outside Lyte's reservations platform, while also letting event organizers record data on transfers in real time. Lyte's Chief Strategy Officer Lawrence Peryer said a beta version of the service underwent experimentation in 2019, and an at-scale post-COVID rollout was undertaken in 2021. He explained that Private Exchange guarantees tickets are real and being sold at a fair price through Lyte's application programming interface with primary ticketing firms, "so you as the buyer of a ticket from another person know that the ticket is being validated and issued by the primary ticketing platform." To discourage large-volume brokers, Peryer said the system implements automated backend safeguards like pattern recognition and credit card monitoring, while pricing caps can be set at whatever level buyers want, supporting "a much more transparent and controlled marketplace." He continued, "the event organizer gets the insight into what's going on with the tickets after they are first sold. We want to try and capture all of that information, that data about who's using the ticket, who's moving the ticket, where in the life cycle between the event and the initial on-sale that happens."
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Tags: Reselling , News