Blockchain ticketing offers the security and regulation that the events industry has been craving.
The secondary ticketing market is projected to grow to $15 billion globally in 2020. In December of 2019, Ed Sheeran tickets went for $9,000 on the secondary market.
Scalping is one of the top concerns in the events industry, and fans and event-goers are demanding fairness. Meanwhile, organizers, artists and promoters are tired of complaints about something they can't control and want their fair share of the sales.
Why event organizers are turning to blockchain ticketing
Blockchain ticketing is not about the process of configuring events and the selling process for tickets. Rather, it’s how you process the distribution of tickets. Instead of printing out tickets or sending them electronically, ticket buyers get them in their mobile ticket wallet or an app on their smartphone.
Before, a ticket was just a printout or screenshot of a code. Now with blockchain, a mobile ticket truly cannot be replicated in any other way.
These are the reasons why blockchain ticketing is on the rise.
Regulation and control
First up: blockchain ticketing allows ticketing agencies, distributors, venues, and large scale event organizers to finally crack down on reselling.
They can regulate or disallow reselling within the technology of the ticket itself. If you're unfamiliar with blockchain and how it enables transparency in multiple industries, here's a brief explanation. Think of a blockchain like a ledger. It records all of the transactions or contracts that take place, and unlike standard databases, that record can never be modified. Additional actions can only be added to the previously registered transactions giving full transparency of the lifecycle of the ticket.
Event organizers can put rules on how tickets are handled afterward. For example, they can block a ticket from being resold at a higher price or decide that the ticket can be used only by the ticket holder, or potentially be gifted to a friend.
This technology not only clamps down on reselling but also on fraudulent tickets. It's impossible to duplicate a ticket in the blockchain.
Allow reselling only for certain segments or dates
Now, there are some instances where an event organizer may want to allow reselling. Maybe VIP members or season pass holders get more tickets in a season than they need, and so only this segment of ticket holders is allowed to resell a ticket for a higher price.
Or maybe tickets could be resold up until one month before an event, to allow some reselling in case a ticket holder can no longer attend the event, but to mitigate the last-minute spike in scalping prices that takes place in the days and weeks preceding an event.
Transaction history is one of the main components of security in blockchain technology.
An event organizer can see the transaction data associated with the ticket in order to verify the identity of the ticket holder. The event organizer could also monitor the transaction history of each individual ticket, to see whether or not a ticket was resold and what the reselling price was.
Get up and running quickly
Blockchain ticketing is currently not offered by legacy ticketing providers. It isn't being built into old, clunky software. Rather, the only platforms that offer it are by SaaS companies that operate fully in the cloud and tend to design software in a very user-friendly, and yet highly scalable way.
This means that ticketing agencies and large event organizers are able to implement blockchain technology rather quickly. An event set up on the Oxynade Platform can be set up in minutes. Sometimes, software solutions can be time-consuming to implement. Just think of how long it takes a marketing or product team to migrate 300 segmented email messages from one marketing automation platform to another.
Security and accessibility for ticket holders
Blockchain ticketing platforms also provide a greater level of security for ticket holders, whose tickets can be hacked or otherwise stolen.
Because of the way that transaction history data is recorded in the blockchain, the ticket can't be transferred without the ticketholder's say so. The ticket is stored securely in the mobile wallet on their phone.
The QR or barcode for the ticket in the blockchain is only shown to the ticket holder a few minutes or hours before the start of the event, which further reduces reselling.
Dynamic barcodes can also be utilized. These change every few seconds, limiting the resale of tickets even further.
On another note, a blockchain ticketing solution offers an easy way for customers to purchase and view their tickets online, including on mobile devices. There's no need to print anything.
What to look for in a blockchain ticketing platform
When exploring blockchain ticketing technology, you need to consider other factors besides how it will help you clamp down on scalping.
As an event organizer, there's plenty more to worry about. You need to make sure that you're saving time on event management, mitigating any potential issues on the day of the event, maximizing the order value of each customer, and providing a seamless digital experience.
In addition to blockchain ticketing for security and control, you should also vet a potential platform for these features as well:
- Seating plan creator: Creating a seat map can be one of the more complicated tasks when managing ticketing. Look for a SaaS Ticketing Solution that includes a seat map creator so you can categorize seats, add appropriate pricing, color-code the map, include entrances and stage locations, etc.
- Fully white-labeled: When customers are purchasing an event ticket, they want to be able to trust the website they're buying from. A white-labeled solution allows you to add your own branding and brand name to every component of the digital experience so that customers know they're buying from the right source.
- API: When signing up for any SaaS product that's important to your business, it's always smart to check that it has an API, which lets you integrate to other critical systems you might be used to manage events or track financial transactions.
- Scalable: It's important that whatever solution you choose to be able to scale easily. There should be a limitless number of events that you can create and tickets you can scale. That way, you're prepared for future growth.
- Cloud-based: A cloud-based solution can be accessed from any device, anywhere. This is essential for team collaboration.
- Reporting: Check that the blockchain ticketing solution you're considering offers the reporting features that matter to you. You might want details on where purchases are originating from, the time and location of purchase, and more.
- Timed entry: For very large events, you'll need to admit ticket holders at different types to reduce chaos. Make sure your platform has this capability.
- Marketing analytics and automation: To upsell, cross-sell, and accurately communicate with your ticket holders, you need to access data about who they are, how they came to the purchase page, and what sort of ticket(s) they bought. Look for segmenting and automation features.
- Season cards or other subscriptions: Do you sell season passes, annual passes, or recurring subscriptions? Then make sure your platform can too.
- Online and mobile purchasing: It's a mobile world. Event tickets, particularly, are frequently purchased online. Customers shouldn't have to download a mobile app to make a purchase. Rather, the website should function perfectly on any mobile device.
- Cost savings and a short time to market: When switching to a SaaS Ticketing Platform, you will be able to save money versus whatever ticketing solution you're using now and you will be up and running faster than you could ever imagine.
Manage ticket sales on a SaaS ticketing platform built on the technology you need to grow your ticketing business. Learn more about Oxynade's white-labeled, scalable solution for secure ticket sales.