Look out StubHub; you’re no longer the hotshot in town. SeatGeek, a competing online ticket vendor, just got a lot of help from some pretty good friends.
SeatGeek, unlike similar sites, is more than an online ticket retailer. The website compares prices from numerous sites to find users the best prices for concerts, theater performances, and sporting events. Since 2012 the company’s mobile app has received two million downloads and is responsible for 40% of the company’s transactions. In fact, mobile sales are growing exponentially; from July to August, sales rose more than an impressive 50%.
Despite all of the major growth the company has been experiencing recently, SeatGeek’s biggest news came at the end of August when a group of investors threw down $35 million to help grow the company. In today’s world of self-made millionaires and successful startups, $35 million might not sound like much. In this case however, it’s not the actual monetary amount that’s making waves – it’s the people behind the money.
NFL Quarterbacks and brothers Peyton and Eli Manning, hip-hop artist Nas, Melo7 Tech Partners (an investing venture run by Carmelo Anthony) and Accel Partners (the VC that invested in Facebook), are just some of the big names hoping to take SeatGeek to the next level. Their name recognition alone will help SeatGeek, but it’s their belief in the company’s success that will make this investment really pay off.
“As our world gets more complicated, tools that give consumers simple solutions to make big purchases are going to win in the market,” said Nas. “We believe SeatGeek is that solution for live event ticketing.”
SeatGeek doesn’t just sell tickets; it builds communities and personal profiles for its users, allowing them to follow their favorite artists and teams and alerting members when they come to town. SeatGeek makes it so you never have to chase down an event. Simply let the company know what you want to see and SeatGeek does all the work. All you have to do is buy the ticket
What do you think about SeatGeek? Will the simplicity of its services and high profile investors give competing companies a run for their money?