Revenue / 10.06.21
SeatGeek Gives Ticket Holders the Option to Return Their Tickets for a Credit
Wall Street Journal (10/04/21) Alcántara, Ann-Marie
In response to the pandemic, SeatGeek has started offering buyers the option to return their tickets for any reason as credit toward another event. Its new SeatGeek Swaps feature gives buyers who return their tickets at least 72 hours prior to events a promotional credit equal to the purchase price and any fees paid. Analysts suggest SeatGeek Swaps could ripple across the ticketing and reselling sector, as many ticket sellers and marketplaces presently offer refunds only under specific conditions and sell ticket insurance that covers certain changes in plans. IBISWorld's Claire O'Connor expects competition among ticket-sellers to intensify, and services like SeatGeek Swaps could influence customers on which ticket providers they patronize. SeatGeek said sellers on its platform receive payment for their tickets even if buyers return them, and the company will re-list the returned tickets for sale. The swaps program has automatically added ticket brokers and fans, but not all venues may be able to adjust to the program seamlessly. For example, SeatGeek is consulting with venues that sell season tickets to determine how it could work for them. Company executives said the decision to exchange returned tickets for credit rather than cash was made to avoid potential fraud issues.
Read the full story from the Wall Street Journal.
Tags: News , Leadership