Ticket Industry News
"Morten Lund, investor behind Skype, kickstarts LiveStub.com"
Chicago, IL August 25 - Morten Lund, the Danish investor who helped to propel the VoIP communications service Skype to worldwide success, has turned his sights on the business of reselling tickets by putting his financial muscle behind LiveStub.com, a new web site designed to revolutionize the secondary ticket industry.
When Levi Bergovoy launched LiveStub with Michael Hershfield in January, the duo wanted to simplify the secondary ticket market for both buyers and sellers. Other ticket resale sites tack on additional fees of up to 25 percent that cut into sellers’ profits and raise costs for buyers. LiveStub allows users to post their listings for free, cutting out what Hershfield calls "glorified middlemen."
AEG Live, which already has a considerable presence in the San Diego, CA area, has added another venue to its stable of facilities. The 800-seat, city owned Poway Center for the Performing Arts (POW!) in Poway, CA, near San Diego, and AEG have become partners for the venue’s upcoming season.
Under the partnership, AEG will assist venue’s POW! Foundation in booking performers for its 2008/2009 Professional Performance Series. A September 15 concert with Judy Collins and Leo Kottke kicks off the new partnership. Tickets are priced at $45 and $65.
Despite the secondary ticket market becoming a more popular choice for many people, there are still many others who are afraid to use any of the online ticket reselling Web sites. The independent non-profit organization Consumer Reports released a report on how buyers can find a great tickets online. (See video below)
Many people think that ticket reselling is still an illegal practice, but Consumer Reports is quick to point out that online ticket sites like StubHub, RazorGator and TicketsNow are "quite legitimate."
Live Nation has strengthened its presence in Mexico and Brazil by forming a five-year exclusive distribution deal with CIE (Corporación Interamericana de Entretenimiento SAB de C.V.) and T4F (Time For Fun). Brazil and Mexico are the fifth and 11th most populated countries in the world; CIE is the third largest concert promoter in the world, according to Billboard statistics. CIE holds an investment in Time for Fun, which also promotes in Argentina and Chile, and CIE and T4F collectively operate in more than 25 venues in Latin and South America.
As of 1pm, the stock was trading at $23.55 on volume of more than 2.43 million shares. The stock hovered in the $23 range throughout much of the day, and opened at $20.20. Its high today was $24.50.
Illinois senator and presidential candidate Barack Obama and his campaign have had a tough past few days. CNN today released its average of national surveys showing the Republican candidate John McCain has chipped into Obama's lead trailing now by only one percentage point. To make matters worse, CBS4 out of Denver reported that his campaign was soliciting Democratic Party supporters to buy tickets to the senator's August 28 acceptance speech at Invesco Field, tickets which were free to the public. (See video below)
According to the report, people were directed to an unpublicized part of Obama's official Web site in order to purchase tickets for $1,000 apiece.
Entrepreneurial and small business magazine Inc. has named Ticket Software LLC, parent company of TicketNetwork, to its prestigious "Inc. 5000" list of innovative and fast-growing companies for 2008. Ticket Software was ranked 27th overall based on Gross Dollars of Growth, and third of leading software companies.
The company, founded in 2002, sells Point-of-Sale 8.0 software, one of the leading software products for ticket brokers, operates a marketplace exchange with an inventory of more than 5 million tickets worth more than $1 billion, and operates more than 3,000 Web sites that sell tickets. It has grown at a staggering rate of 4,737.3 percent to generate annual revenues of $83.8 million. In six years, the company has grown from a handful of employees to more than 160, and it occupies a 40-acre campus in upstate Connecticut.
The closing ceremony for the 2008 Olympic Games are just around the corner on Sunday, August 24, and some travelers are still trying to nab last-minute tickets for the competitions. But with recent crackdowns on ticket reselling, potential buyers may have trouble tracking down legitimate tickets and safe options for buying them.
Days before the games began, scam sites like beijingticketing.com and beijing-tickets2008.com were charged with making more than $50 million in fraudulent ticket sales. According to published reports, Chinese officials arrested 276 scalping suspects and confiscated more than 600 tickets within the last five days. Convicted scalpers could face upwards of 10 days in a Chinese detention facility -- a penalty that many brokers are avoiding by staying out of Beijing.
A California woman who ordered two tickets to a Jersey Boys performance from an online broker late last year not only never received her tickets but has yet to receive a refund. But her persistence is a lesson in how fans should handle customer service lapses, as she told TicketNews this week.
Tracy Taylor of Ventura ordered two tickets to the popular show in November, 2007, from Chicago, IL-based ticket broker TicketSpecialists.com, paying a total of $544 for them. The purchase was a Christmas gift for her parents, and the costs broke down as $230 a piece for the tickets, $69 in obtaining fees and $15 in two-day delivery charges. The show was scheduled for August 5, 2008, at the Ahmanson Theatre in Los Angeles, and the seats were located in the Mezzanine in Row L.
Seldom do you hear good news about a story of a ticket buyer who was scammed out of tickets and money. Most of the time, that buyer usually contacts his state legislator or calls an attorney. For a consumer who went by the name of "J.B.", all he wanted was his tickets.
"We ordered tickets for two home New York Yankees games Aug. 15 and 16 from StubHub (an online ticket broker) and sent out our payment," he said in a letter written to the 'Action Line' at the South Bend Tribune. "And it turns out it was all fraud."
He went on to explain that he was scammed out of tickets by someone posing as StubHub, using their copyrighted information. The Tribune contacted the secondary ticket company, to see what could be done to help.