How Mobile Millennials Are Transforming The Music Ticketing Industry
Technology and music reporter Cherie Hu looks at the future of the ticket industry with statistics pulled from Gametime, a ticketing app with a user base that's 75% comprised of millennials.This article originally appeared on Forbes
(Photo by Larry Busacca/Getty Images for TIDAL)
Just over two months ago, Beyoncé closed out her Formation World Tour, which grossed over $256 million from nearly 50 sold-out shows and ranked as the No. 1 tour in North America this year. Tickets were in particularly high demand, as the last time Beyoncé went on tour was in 2014 alongside celebrity husband Jay Z; within 24 hours of the on-sale date, secondary ticket prices were already averaging more than $400 apiece.
One could assume that Beyoncé’s fans would plan their months around these concerts, securing tickets and making travel and/or accommodation plans far in advance. Yet, data from mobile secondary ticket marketplace Gametime suggests that even diehard music fans are buying more of their tickets within a week or even a day of the event—not just for Beyoncé-level stadium shows, but for all concerts across the board.
Gametime is on track to sell over 1 million concert tickets by the end of 2016. While this figure pales in comparison to Ticketmaster's monthly ticket processing rate of 75 million, it still provides a baseline for studying modern ticket purchasing habits, especially considering that millennials comprise around 75% of Gametime’s user base...