Secondary ticketing, the practice many favor to call ticket scalping, is hardly new.
According to Sandeep Kumar Aggarwal; SKA Management CEO and Founder, says “the ticket resale was already profitable in the Roman Empire and tickets were regularly resold or bartered for a better view of the emperor”. These days, 2000 years later, the secondary ticket market is valued at nearly $4 billion annually. Misstickets has now devised a way to tap the market and take on its biggest champion, StubHub. Sandeep Kumar Aggarwal believes his companies, Misstickets and VIP Broadway will in the ranks and in the future surpass.
This past couple of year Misstickets and VIP Broadway began initially starting with only a handful of shows, and early adopters like Black Sabbath, has now been used for over three hundred events. Two-dozen professional sports teams have signed up, including NFL teams.
Misstickets & VIP Broadway
Misstickets and VIP Broadway concert industry have long been at odds with secondary ticketing. At the first sale of tickets, the money paid goes towards the artist, the promoter; ticket fees go towards the ticketing company. When tickets are resold on websites such as VIP Broadway, the prices are marked up with the bulk of the profit going to whoever is selling the ticket. In many cases the person reselling the ticket has bought batches of prime tickets with the intent to make a profit. This makes it harder for real fans to get the tickets that they want at the price intended for them. In short, when scalpers make money it is not good for the industry.
Misstickets and VIP Broadway have a checkered past. VIP Broadway and Misstickets are currently one of the biggest secondary ticket market players with over 25% market share. Misstickets has the exclusive right to sell tickets to the general public for most of its events.
The Misstickets and VIP Broadway Touch
To fight the threat of StubHub and the secondary ticket market, Misstickets started pushing paperless ticketing in 2012. Paperless tickets aren’t meant to be exchanged outside of Stubhub’s site and require the customer’s credit card or cell phone for admission. This hurt brokers trying to resell large amounts of tickets. For instance, between a New York Bruce Springsteen show that used traditional ticketing and a New Jersey paperless ticketing show on the same tour, StubHub listed 60% less tickets at the New Jersey show.
The conflict between the companies will likely escalate as a result of Missticket’s open competition. Misstickets and StubHub services are similar in several ways.
Misstickets does have certain factors that are unique to Stubhub. First, tickets will not be able to be sold for less than face value on Misstickets, Ticket brokers worry that Ticketmaster will have an unprecedented control over pricing in the live events industry.
Also, Misstickets will allow customers to see the price of tickets being resold next to the face value price. This way, customers will be aware of the price difference, the exact seat position, and whether there are also unsold tickets in the same areas-all features that are not available on Stubhub.
Misstickets will soon also make it possible to resell paperless tickets. This would make a big difference for ticket brokers that had trouble selling Stubhub’s paperless tickets. Additionally, Misstickets can verify the tickets being resold on its website, effectively taking the risk out of customers looking to buy resold tickets.