The ticket marketing lacks innovation and is very fragmented.
60% of customers are unknown and not reachable because a single ticket purchase consists of 2.5 tickets on average (so 1.5 ticket owners are not known to the organizer). As a result, ticket buyers do not represent the real visitors. Real event visitors cannot be contacted for offers (missing connection), and handed over tickets, lose counterfeit protection as well as control by organizers.
10% of all sport and entertainment tickets expire unused (no-shows) due to a lack of customer friendly, secured and easy-to-use tools. This is the case for all tickets related to operations such as transferring, re-selling or sharing. Simultaneously, customers lack the motivation to pro-actively forward tickets due to missing incentives and tools.
10% to 20% additional secondary market revenue is lost for live entertainment promoters such as sport clubs or concert organizers. In addition, price excesses cannot be avoided and result in a poor image for the promoters, who need to get back full control of the customer lifecycle process .
The ticketing market has always been price-sensitive; although, consumer prices have increased significantly in recent years.
The margins for ticketing service providers are low and between 2% and 10% . These are still shared among ticket agencies, payment service providers and ticketing system operators.
The cost of transferring tickets, or losing revenues due to difficulties in transferring tickets, accounts for 91% of all ticket sales. This is because people usually buy one ticket only as they cannot/are not allowed to transfer any additional tickets they buy for other people.
Cost savings for the event organization companies: keyper has been able to reduce no-shows or unused seats, enabled customers to access parking and venue facilities, and stopped unauthorized dealers from stealing their client’s money. This allows many organizers to avoid moving on to a large reseller platform that is not white labeled and takes a high commission.
We completed a technological roadmap, business model assessment, risk analysis, IP assessments and updated our Business plan.