2020 was definitely one year for many people around the world when the COVID-19 pandemic canceled nearly all public events and gatherings. As a result, online events are the new standard in nearly every industry. While some might see this as an innovative development, many industries have struggled to survive due to a lack of ticket sales for events.
For example, in the $ 1 billion in concert and event marketing industry, revenues fell 11.5% year-on-year to $ 17.1 billion in 2021. The data also shows that this decline is a direct result of the Coronavirus. Despite the rollout of COVID-19 vaccines, a number of major live events are still being canceled.
Blockchain for the Ticket Industry
Given today’s conditions, ticket platforms are looking for new ways to increase revenue growth and customer satisfaction with the ability to adapt to today’s digital economy. In particular, blockchain technology is being used by major ticket platforms as a solution to deliver digital tickets, specials, updates, and more to attendees at the event.
For example, Live Nation Entertainment – one of the world’s leading entertainment companies consisting of Ticketmaster, Live Nation Concerts, and Live Nation – will use the blockchain network to engage, connect with, and reward ticket holders in the future.
Specifically, Live Nation SAS (France) will use TixTo.Me, a digital entertainment wallet created by ticket company FanDragon Technologies and Aventus Network, which is a class II blockchain protocol.
FanDragon CEO Alan Rakoff told Cointelegraph that Live Nation France wanted to find a way to preserve ticket holders, noting that the biggest challenge the ticket industry faced in 2020 was paying for tickets for concerts that were canceled due to the coronavirus:
We use the blockchain to make sure we know who the ticket holder is, and then provide captivating messages to help them hold the ticket. We can even send new tickets to ticket holders via the blockchain if an event is planned. ”
Rakov explained that TixTo.Me ensures that all tickets and coupons are stored on one platform, regardless of where they are purchased. “The Blockchain is being used as a verification tool between ticket sales and fans. Fans just enter a barcode and then we confirm this information to issue a ticket on the blockchain,” said Rakoff.
The Aventus Network then processes each transaction. Live Nation France is expected to offer hundreds of thousands of tickets annually through the TixTo.Me digital wallet.
Interact with ticket holders through the blockchain network
While this is an innovative approach, it is important to note that using the blockchain network to issue secure, verifiable tickets is not a new development. For example, in December 2019, Ticketmasters’ vice president of Blockchain Products explained how the company is using blockchain for trial use.
The Confederation of European Football Associations, or UEFA, also announced in February 2020 that 1 million football match tickets will be distributed to fans via a mobile app that supports the blockchain.
Although the concept of issuing tickets across the blockchain network has been applied in the past, the COVID-19 pandemic has prompted customers to hold tickets. So innovations like TixTo.Me go even further, allowing organizations and artists to send live shows, updates, and engaging content to ticket holders to ensure storage. Rakoff stated:
Live Nation France can interact with its customers through branding offers and advertisements, which is a big step forward for the industry. We now have a complete system for presenting content via a streaming ticket in a mobile app. ”
In addition to Live Nation France, Boston Symphony Orchestra, or BSO, also plans to use blockchain to improve ticket delivery later this year. BSO recently partnered with True Tickets, a blockchain-based ticketing platform powered by Hyperledger Fabric, to enable post-COVID-19 compliant ticketing.
Matt Zarashina, co-founder and CEO of True Tickets, told Cointelegraph that the solution would allow BSO to better know who has a ticket from the point of sale before the ticket is scanned:
“This makes it possible for BSO to understand who is actually participating in the show. This addresses some of the common problems companies face today, including taking back control of used tickets, while providing a better overview of who the corporate borrowers are.”