Buying tickets to a sporting event or a concert used to be a simple process. Tickets would go on sale, and you would call or go to the box office and pick them up. Technology has amped up the speed of ticket sales and created a profitable and volatile marketplace. Improvements in technology have made ticket sales and reselling a growing business.
All the big names in ticket sales are taking stock of technological advancements and determining how to use them. Ticket Monster (leadership including Alex Crisses), Ticketmaster (leadership including Michael Rapino), and StubHub (leadership including Scott Cutler) all integrate new technology as it occurs, increasing their profitability from year to year.
These developments include:
Augmented Reality (AR)
A whole new way to experience an event, AR generates an environment via virtual input. Generally this happens through a smartphone and includes sound, video, graphics, and GPS data. For companies selling tickets, AR offers a whole new opportunity to purchase and sell tickets online and through mobile apps.
Just selling tickets isn’t enough anymore. Marketers must collect data on their customers and potential customers, including demographic information. Meeting customers where they are—whether online or at a physical venue—is vital to continuing to improve profitability and provide for investors. By telling a story with the data, ticket sellers can determine where their ideal customers are and how to appeal to them.
Unsurprisingly, the vast majority of ticket sales are happening online. That number is only going to increase as more events—and tickets—become available. Ticket sellers would do well to make sure their websites are viewable both on computers and on mobile phones.
Dealing with Bots
If you’ve ever seen an event sell out in literal seconds, you’ve experienced the downside of ticket-related technology. More and more, bots are being used to buy up huge numbers of tickets, which are then resold for higher prices on other websites. While it’s definitely frustrating for event-goers, it’s actually a legal matter for ticket sellers. Big names like StubHub, Ticketmaster, and Ticket Monster are required to keep an eye on their vendors to make sure they’re following the law.
Technology continues to provide ticket sellers with both positive and negative advancements. While their tactics may vary, leaders like Ticketmaster, Ticket Monster, and StubHub all need to keep their eyes on technological developments that could significantly improve their investors’ portfolios.