Fixing broken ticketing economics.
Problem Statement
The conventional ticketing ecosystem is characterized by high fees, with major platforms such as Ticketmaster and AXS retaining between 20-40% of gross ticket sales revenue. This model not only inflates costs for consumers but also diverts a substantial portion of potential earnings away from artists and event organizers. Furthermore, the secondary market is structured in a manner that benefits reselling platforms through transaction fees, without providing any revenue share to the original ticket issuers on resales.
Total Addressable Market (TAM)
$15B / $55B
US Ticket Market (2022) / Global Market (2022)
Solution
TicketDEX introduces a paradigm shift with its technology by implementing a low percentage fee on primary ticket sales, a stark contrast to the industry standard. More innovatively, our platform incorporates an optional royalty revenue model for secondary market sales, allowing artists and event organizers to receive a fixed percentage of resale transactions. This model incentivizes the legitimate resale of tickets, potentially maximizing venue occupancy and, by extension, revenue from ancillary sales, such as concessions and merchandise.
Founder
Armstrong
Armstrong is a serial entrepreneur with an extensive background in blockchain and finance. First seeing the value of Bitcoin in 2016 he has been enthralled by the innovations blockchain technology will create and hasn't looked back ever since.
Sales Traction
Strong interest from multiple venue owners and promoters resulting in about 12 LOIs.