One of well known global ticket sales and distribution company, Ticketmaster, has accepted Upgraded, a blockchain startup employing DLT and “smart tickets” to prevent fraud in the ticket industry.
Ticketmaster has started the business in 2010 with Live Nation to launch Live Nation Entertainment. It is a live music behemoth which leases, operates or has equal interest in many entertainment venues in the United States. The company advertises more than 30,000 concerts and merchandise millions of tickets every year. Live Nation Entertainment makes profits over $10 billion.
It is safe to say that Upgraded and other potential of its technology have been more than qualified as a result of the acquisition. In fact, the company has become irreplaceable in the market. The main competitor, AEG, has prosecuted for the Live Nation for unethical practices and it went through the investigation by the Department of Justice in the beginning of this year.
Ticketmaster and Live Nation were successful with a class-action lawsuit for activating its own ticket-scalping program. The company also had an event for free tickets and discount codes. Time will tell whether partnership with Upgraded has been a great decision to become more transparent company.
Sandy Khaund, the founder of Upgraded viewed Ticketmaster as “the undoubtful leader in live event ticketing” and stated that this partnership would bring millions of followers into the blockchain. Khaund added that the blockchain technology will not only advantageous for avoiding scams but also enable the tickets to serve as high-tech marketing tools. He said that the price restrictions can be set and also a function that the barcode only activates within one kilometre of the venue. Justin Burleigh, the chief product officer at Ticketmaster pointed out that the company is continuously searching for emerging technologies like blockchain technology.
Author: Jieun Lee