It is estimated that about 40% of all concert tickets go unsold annually. ScoreBig has developed a platform that it hopes will help solve the problem and now AEG, the second largest concert promoter in the US, had adopted its "Name A Ticket Price" option.
AEG's ticketing system AXS has partnered with inventory management specialists ScoreBig in a deal that the company hopes will help to generate additional revenue from the primary ticket market.
ScoreBig allows event producers and venues to discreetly re-price and sell their unsold tickets on the primary market through integration of its 'Name a Ticket Price' platform into existing primary ticketing systems. The company says its system allows vendors to avoid the cannibalization and/or brand impairment risks associated with traditional ticket discounting.
Under terms of the partnership, ScoreBig will work directly with AXS’ clients who choose to distribute their ticket inventory via ScoreBig through real time transactional APIs that are enabled through AXS’s open ticketing technology platform. These tickets will be available for purchase on ScoreBig through the company’s unique Name a Ticket Price platform.
Ticket buyers on AXS.com and on AXS’s client ticketing sites will also be directed to ScoreBig’s Name a Ticket Price platform through a variety of ScoreBig plugins.
“ScoreBig’s partnership with AXS, makes it clear that the live entertainment industry is recognizing what other marketplaces like travel and apparel have long recognized: liquid value channels are a critical component of healthy retail markets, especially those that deal in perishable goods like tickets. Empty seats are lost opportunities to drive all kinds of direct and indirect revenue, and there is a large and meaningful base of consumers who are willing to attend events if they can find the right seat at the right price,” said David Marcus, chief commercial officer at ScoreBig. “It’s not a zero-sum game either. When a value channel like ScoreBig enters the market, it’s a win-win that benefits both the ticket sellers and the consumers.”