Ticketmaster is scum. I hope they get destroyed by blockchain tech

After missing out on concerts for 2 years due to COVID-restrictions. I was recently reminded again why Ticketmaster is one of the most hated company in the world. I wish them a quick bankruptcy. I bought tickets for a concert and the tickets fees were more than 75% of the original ticket price. Which is absurd.

The internet is full of people complaining about Ticketmaster and their fees. For instance this hilariours woman:

Why are Badbunny tickets so expensive? Y’all making me want to sell pictures of my husbands feet on only fans – frustrated Ticketmaster customer

https://www.tiktok.com/@_j_e_n_n_/video/6950782961763601670?is_copy_url=1&is_from_webapp=v1

In the “Last Week Tonight” show, John Oliver explained the shady behavior of Ticketmaster in an entertaining way, including clips of frustrated Ticketmaster customers (like the one above).

A short recap:

– Average prices of tickets have more than tripled, since the 1990s (even before tickets hit the resale market)

– Ticket fees are determined in collaboration with Ticketmaster’s clients (Venues, Promoters, sometimes the artists)

– These other parties that share in the tickets fees are mostly owned by… Ticketmaster

– Ticketmaster facilitates professional scalpers and multiple account use

– In some cases less than 8% of all tickets for shows of major artists gets sold directly to the public. Where do the rest of the tickets go? To professional ticket scalpers

– Professional scalpers represent the overwhelming majority of sellers on secondary market places

– Scalpers mark-up the price on average with 49%, but sometimes even hike up the price more than 10x

– Secondary markets charge exorbitant fees

The result of this is that the ticketing industry is very inefficient. Parties that do not create any value for fans and artists receive a big cut of the revenue

https://www.youtube.com/watch?v=-_Y7uqqEFnY

How can blockchain technology improve the ticketing industry?

– Blockchains are transparent and immutable. Scammy practices such as direct selling on secondary markets or selling huge amounts of tickets to professional scalpers will be visible to fans

– Smart contracts can be programmed with a maximum resale price or maximum mark-up from the original price

– Blockchain cut out the middle men allowing artist to sell more directly to fans

– Tickets can include a royalty fee for artists, when tickets are sold resold (similar to royalty fees on NFT art).

– NFT tickets become tradeable digital collectibles, allowing artists to interact with their fans even after the event

R.I.P. Ticketsmaster. I hope we will soon be able to buy tickets for our favourite artists without ridiculous ticket fees.