What Customer Expectations Mean for the Secondary Ticketing Market
Is it possible to have a fair, trustworthy and flexible secondary ticketing market that works for all live entertainment fans? You’d hope so. You’d think so. The idea of making fans jump through hoops does’t seem smart in today’s market of convenience. Think about it like this, what can the live ticketing resale market learn from how fashion retail treats returns and building loyal customers.
The overstock supply company B Stock estimates that the value of retail returns hit $400 billion in 2017, a 53% increase from 2015. Does that mean $400 billion in losses? Not quite. The wisest of retailers are doing their best to meet the rising expectations of modern consumers to improve the customer journey, leading to long-term loyalty and sparking new monetization methods.
According to Sergey Bludov, the SVP of the Media & Entertainment Practice at DataArt, the ticketing tides are turning for the secondary market. Acknowledging that the resale market has been a problematic feature of the music industry for ages, Bludov’s argument is grounded in how today’s environment is radically different thanks to online technology revolutionizing the marketing into a multi-billion-dollar industry, with a wealth of opportunities for all who embrace the change.
You can read the full article via Hypebot here.