04-06-2022, 12:06 PM
Ticketmaster is scum. I hope they get destroyed by blockchain tech
<!-- SC_OFF --><div class="md"><p>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. </p> <p>The internet is full of people complaining about Ticketmaster and their fees. For instance this hilariours woman:</p> <blockquote> <p>Why are Badbunny tickets so expensive? Y’all making me want to sell pictures of my husbands feet on only fans – frustrated Ticketmaster customer</p> </blockquote> <p><a href="https://www.tiktok.com/@_j_e_n_n_/video/6950782961763601670?is_copy_url=1&is_from_webapp=v1">https://www.tiktok.com/@_j_e_n_n_/video/6950782961763601670?is_copy_url=1&is_from_webapp=v1</a></p> <p>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). </p> <p><strong>A short recap:</strong></p> <p>- Average prices of tickets have more than tripled, since the 1990s (even before tickets hit the resale market)</p> <p>- Ticket fees are determined in collaboration with Ticketmaster’s clients (Venues, Promoters, sometimes the artists)</p> <p>- These other parties that share in the tickets fees are mostly owned by… Ticketmaster</p> <p>- Ticketmaster facilitates professional scalpers and multiple account use</p> <p>- 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</p> <p>- Professional scalpers represent the overwhelming majority of sellers on secondary market places</p> <p>- Scalpers mark-up the price on average with 49%, but sometimes even hike up the price more than 10x</p> <p>- Secondary markets charge exorbitant fees</p> <p>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 </p> <p><a href="https://www.youtube.com/watch?v=-_Y7uqqEFnY">https://www.youtube.com/watch?v=-_Y7uqqEFnY</a></p> <p><strong>How can blockchain technology improve the ticketing industry?</strong></p> <p>- 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</p> <p>- Smart contracts can be programmed with a maximum resale price or maximum mark-up from the original price </p> <p>- Blockchain cut out the middle men allowing artist to sell more directly to fans</p> <p>- Tickets can include a royalty fee for artists, when tickets are sold resold (similar to royalty fees on NFT art). </p> <p>- NFT tickets become tradeable digital collectibles, allowing artists to interact with their fans even after the event</p> <p>R.I.P. Ticketsmaster. I hope we will soon be able to buy tickets for our favourite artists without ridiculous ticket fees.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Lekantekue"> /u/Lekantekue </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/txjbsr/ticketmaster_is_scum_i_hope_they_get_destroyed_by/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/txjbsr/ticketmaster_is_scum_i_hope_they_get_destroyed_by/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>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. </p> <p>The internet is full of people complaining about Ticketmaster and their fees. For instance this hilariours woman:</p> <blockquote> <p>Why are Badbunny tickets so expensive? Y’all making me want to sell pictures of my husbands feet on only fans – frustrated Ticketmaster customer</p> </blockquote> <p><a href="https://www.tiktok.com/@_j_e_n_n_/video/6950782961763601670?is_copy_url=1&is_from_webapp=v1">https://www.tiktok.com/@_j_e_n_n_/video/6950782961763601670?is_copy_url=1&is_from_webapp=v1</a></p> <p>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). </p> <p><strong>A short recap:</strong></p> <p>- Average prices of tickets have more than tripled, since the 1990s (even before tickets hit the resale market)</p> <p>- Ticket fees are determined in collaboration with Ticketmaster’s clients (Venues, Promoters, sometimes the artists)</p> <p>- These other parties that share in the tickets fees are mostly owned by… Ticketmaster</p> <p>- Ticketmaster facilitates professional scalpers and multiple account use</p> <p>- 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</p> <p>- Professional scalpers represent the overwhelming majority of sellers on secondary market places</p> <p>- Scalpers mark-up the price on average with 49%, but sometimes even hike up the price more than 10x</p> <p>- Secondary markets charge exorbitant fees</p> <p>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 </p> <p><a href="https://www.youtube.com/watch?v=-_Y7uqqEFnY">https://www.youtube.com/watch?v=-_Y7uqqEFnY</a></p> <p><strong>How can blockchain technology improve the ticketing industry?</strong></p> <p>- 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</p> <p>- Smart contracts can be programmed with a maximum resale price or maximum mark-up from the original price </p> <p>- Blockchain cut out the middle men allowing artist to sell more directly to fans</p> <p>- Tickets can include a royalty fee for artists, when tickets are sold resold (similar to royalty fees on NFT art). </p> <p>- NFT tickets become tradeable digital collectibles, allowing artists to interact with their fans even after the event</p> <p>R.I.P. Ticketsmaster. I hope we will soon be able to buy tickets for our favourite artists without ridiculous ticket fees.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Lekantekue"> /u/Lekantekue </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/txjbsr/ticketmaster_is_scum_i_hope_they_get_destroyed_by/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/txjbsr/ticketmaster_is_scum_i_hope_they_get_destroyed_by/">[comments]</a></span>Kind Regards R