Technology / 02.15.23
This Austin Tech Startup Is Changing the Way Fans Buy Concert Tickets
Built in Austin (02/08/23) Rodriguez, Abel
The Austin, Texas-based festivalPass technology startup sells event tickets to fans through a monthly membership model, and has incorporated blockchain into its platform to grow a fanbase. “The live music industry is a $200 billion global industry that hasn't been innovated in the last few decades,” said CEO Ed Vincent. “Ticketing experiences have been very transactional. What I felt was missing and needed was a membership community in the live event space that allows people to feel a part of the experience.” The festivalPass platform lets fans sign up for monthly and annual memberships, offering points to purchase concert tickets. Members are not assessed extra fees at checkout and gain discounts for hotels and access to exclusive events. Memberships range from $19 a month to a lifetime pass that gives members an exclusive non-fungible token (NFT) and $1,200 in credits each year provided they retain the NFT. The company currently lists more than 80,000 live events on its platform, while Vincent said it is working to add more local artists and events. Looking ahead, festivalPass will expand into blockchain development and produce custodial wallets through which members can pay membership fees.
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Tags: Memberships , Technology