Industry Press / 03.16.20
Qcue Initiates Collaborations of Live Entertainment Businesses in the Face of the Industry's Unprecedented Halt
AUSTIN, TX – March 16, 2020 – Austin-based dynamic pricing company, Qcue, has announced that in response to the unprecedented halting of the live entertainment industry in the face of the COVID-19, it has launched a program designed to facilitate collaboration among small to medium-sized ticketing and event-related businesses as the industry looks to weather a storm.
Already venues are beginning to furlough and lay off staff, with teams, event organizers, and vendors soon to follow as the revenue has come to a halt for much of the industry. Even the large players are not immune, with publicly traded entertainment companies losing more than 50% of their market capitalization in the last 21 days.
According to Derek Palmer, Qcue’s COO and the Past Chair of the International Ticketing Association, INTIX, “No one in the industry planned for this type of doomsday scenario and only a few players are well enough capitalized to withstand an indefinite cancellation of live events. Our hope with this initiative is to create a path forward for some of the small to mid-sized companies that have had a significant positive impact on this industry.”
The facts of history and experience bear out the reality that hesitation and slow decisionmaking are the greatest risks in the event of a downturn,” stated Palmer. “More typical, is overreaction later on which only adds to the expense of recovery when the industry rebounds. This is less about Qcue, than it is about trying to bring the industry together in a positive way to confront this crisis.”
Qcue, a profitable 14-year-old company, acquired Everfest, an online festival discovery site and community for vendors, artists, and festivals, last December. “The manner in which we have been able to incorporate the Everfest product and personnel make us feel confident in the team we have in place and our ability to form the backbone of much larger, more complex business,” said Dan Meehan, Qcue’s VP, Products. “It’s a position that we would not have been comfortable in a few years ago, but as we have expanded our internal offerings and brought Everfest into the fold, we believe we are up to the challenge that is in front of all of us.”
Qcue brought dynamic pricing to the live entertainment industry back in 2009 with the San Francisco Giants; both the company and its CEO, Barry Kahn, have received accolades for that transformative innovation. In the face of this global pandemic, Qcue again seeks to rewrite the history of ticketing for live entertainment.
The ticketing industry has been rife with issues ranging from excessive service fees and lack of transparency to infighting about transferability amongst the major players that have led to consumer complaints, congressional hearings, and an influx of state laws.
“The lesson of reform is the same in every crisis. From the savings and loan crisis of 198695 to the Asian financial crisis of 1990-1999 to the global financial crisis of 2007-2009, every economic crisis has been followed by reorganization and reform of the troubled sectors. Rather than await that change, by proactively moving small and medium-sized players now we have the opportunity to seize the initiative and do something special,” Kahn said.
“Our industry is broken,” Kahn continued. “One only needs to look as far as the recent hearings before Congress to see that the ticketing industry has lost touch with what its purpose should be; to help provide fans access to live entertainment. We truly believe that the industry is going to be forced to change following this pandemic and, unfortunate a situation as this is, there is a historic opportunity for some good to come out of this if we can seize the moment to redefine the industry.”
For more information on how to participate, contact Derek Palmer at firstname.lastname@example.org.
Qcue created the world’s first dynamic pricing engine for live entertainment events, forever changing the way sports and entertainment tickets are priced. Recognized as one of the 50 Most Innovative Companies in the World, Qcue’s pricing and revenue management solutions are used by sports teams, performing arts organizations, venues, and promoters around the world. Its festival division, Everfest, has become the industry’s leading festival authority, serving fans, vendors, artists, and festivals. For more information, visit www.qcue.com.