Anytickets.com has announced the closing of a new credit line secured through Bank of America/Merrill Lynch in the amount of $40 million – to be used primarily to expand and improve its partner program, which has driven 200% growth for the company since its inception in 2017.
“A lot of brokers out there know how to buy great tickets, and have opportunities, but can’t because they’re not properly funded,” says Marcus Stern, President of Anytickets. “There’s good brokers out there that we’d love to bring on, and this will allow us to fund those kinds of things and help our partners realize their profits almost immediately.”
Stern said he believes the line of credit is one of – if not the – largest credit lines for any ticket brokerage firm in the country.
His company’s broker affiliate/partner program focuses on establishing connections with brokers that allow them to focus on the acquisition of ticket inventory, and leaving the rest to Anytickets. That means full scale inventory management ranging from analytics, pricing, and order fulfillment, as well as fully funding inventory costs.
“When [Anytickets co-founder] Chris [Bonner] and I started this company, we were good at buying tickets. We knew how to find shows, and might have a great month,” Stern says. “But for most brokers, you have to reinvest that success in more and more tickets, to build the nest egg and eventually pay dividends. But with this program, partners are able to realize their profits immediately.”
“Bank of America Merrill Lynch is pleased to work with AnyTickets, a company with innovative products and services, professional staff and great leadership,” says Brian P. Barrow, Vice President Global Banking & Markets at Bank of America Merrill Lynch. “We look forward to helping them with their next phase of growth.”
Since the inception of its partner program in 2016 – after 14 years in the business – Anytickets has seen outstanding growth. A press release announcing the line of credit indicated a goal of 2020 growth pushing the company to $250 million.
“We just want to focus on our core,” Stern says. “Stick to good quality inventory, price it right, and we’ll just see what else is on the horizon.”
Photo: Anytickets staff were joined by Dennis Rodman at Ticket Summit in 2018. Marcus Stern is the individual directly to Rodman’s left in the photo.
Last Updated on October 24, 2019 by Sean Burns