Lights Out For Ticket Touts?
On 1st November 2004 .myticketbroker is setting a new standard for the UK ticket industry with the launch of the .myticketbroker exchange.
.myticketbroker - (www.myticketbroker.co.uk) is an innovative online market that aims to regulate the transfer of event tickets in the UK. Tickets for ‘sold out’ events are regularly re-sold at a massive premium using online auctions. The auction system has allowed ticket touting to flourish as desperate fans, drawn into emotional bidding wars, push prices ever higher. The .myticketbroker market introduces a sophisticated alternative to the auction system that promotes a fair and effective exchange for buyers and sellers.
Instead, .myticketbroker assigns an average price to each event. Each average price is regularly updated and adjusts according to market demand. This price guide allows buyers to identify and avoid 'scalpers' charging unreasonable amounts. It is a powerful system that creates an internal dynamic within the market and prevents exorbitant pricing. Every buyer knows the current going rate so sellers are encouraged to set realistic prices in order to attract sales.
The problems associated with ticket touting are magnified by the auction system. Although several people may bid for a ticket, only one can be the winner. This system inevitably leads to gross overpricing. Furthermore, a buyer cannot guarantee that he will be the highest bidder and must wait days before the auction ends. This uncertainty encourages an auction frenzy as competing bidders scramble to secure tickets.
.myticketbroker offers a controlled environment where buyers can make an informed purchase. All tickets available on the .myticketbroker have a clearly displayed asking price. By comparing the asking price with the average price buyers can identify and avoid overpriced tickets. The .myticketbroker listing structure allows sellers to group multiple tickets in the same listing. So each buyer can select the number of tickets he requires at the displayed asking price and secure them instantly.
Key Benefits for Buyers:
Avoid ‘scalpers’ – the average price system identifies overpriced tickets
Avoid delays – find multiple tickets and secure them instantly
Avoid ‘bidding wars’ – the displayed price is the asking price.
The .myticketbroker exchange is equally committed to sellers that set reasonable prices. There are four pricing options that allow sellers to adapt to current demand or their own circumstances. Each option has its own advantages and they all give flexibility without unduly exploiting buyers. The four options are fixed, peggedTM, fallingTM and face value. A pegged priceTM allows sellers to link their asking price to the average so that it can automatically react to changes in demand. A falling priceTM allows a seller to set a starting price that gradually reduces until reserved by a buyer. All four options produce a displayed asking price that a buyer can easily compare with the current average price for each event.
Key Benefits for Sellers:
Unique pricing options target demand and increase sales at realistic prices
Quicker sales – multiple tickets can be reserved instantly by buyers
No sales fee – receive the full asking price for each ticket
The .myticketbroker exchange has been developed in response to the alarming growth of online ticket touting that is preventing many genuine fans from attending UK events. As Darren Withers, CEO of .myticketbroker explains:
‘Most leading events sell out in a matter of days or even hours. The majority of tickets are bought by professional and amateur resellers looking to profit from genuine fans who are desperate to attend. Using online auctions they capitalise on the demand created when an event is officially ‘sold out’ and prices soar as fans compete to secure their tickets. The auction system has fuelled the problem because there is no upper limit on prices and tickets regularly sell for two or three times their face value. Instead .myticketbroker balances the interests of buyers and sellers and allows fans to attend UK events without paying the outrageous sums produced by auctions.’
Darren Withers, one of a growing number of UK entrepreneurs developing internet businesses, consultated leading web design firm Design For Life to construct the .myticketbroker exchange. David Nixen, CEO of Design for Life comments:
‘.myticketbroker is a bold attempt to address the problem of exorbitant ticket touting that is ruining the enjoyment of many genuine fans.’
Notes to Editors
For topical information regarding the growing problem of ticket touting and government response please visit www.donfoster.co.uk/newsmedia_read_news.asp?id=237
Published on: 12:00AM on 19th October 2004