The 12 months 2020 was definitely lonely for many individuals all over the world, because the COVID-19 pandemic resulted within the cancellation of virtually all social occasions and gatherings. As a outcome, online occasions have turn out to be the brand new regular for nearly each trade. While some might view this as an progressive improvement, many industries have struggled to exist due to an absence of ticket gross sales for occasions.
For occasion, the billion-dollar live performance and occasion promotion trade has seen a decline in income at an annualized charge of 11.5%, reaching $17.1 billion in 2021. Data additional exhibits that this decline is a direct results of the coronavirus. Despite COVID-19 vaccination rollouts, plenty of main dwell occasions are nonetheless being canceled.
Blockchain for the ticketing trade
Given the present circumstances, ticketing platforms are searching for new methods to guarantee income progress and buyer satisfaction, whereas having the ability to adapt to right now’s digital financial system. Blockchain know-how, particularly, is being leveraged by main ticketing platforms as an answer to ship digital tickets, particular affords, updates and extra to event-goers.
For instance, Live Nation Entertainment — one of many world’s main dwell leisure corporations consisting of Ticketmaster, Live Nation Concerts and Live Nation Sponsorship — will use a blockchain community to engage, talk and reward ticket holders transferring ahead.
Specifically, Live Nation SAS (France) will leverage TixTo.Me, a digital leisure pockets created by the ticketing firm FanDragon Technologies and Aventus Network, a layer-two blockchain protocol.
Alan Rakov, CEO of FanDragon, advised Cointelegraph that Live Nation France needed to discover a method to retain its ticket holders, noting that the one largest situation dealing with the ticketing trade in 2020 was refunding ticket holders for live shows that had been canceled due to the coronavirus:
“We use blockchain to make sure we know who a ticket holder is, and then to deliver engaging messages to help them retain their ticket. We can even send ticket holders new tickets via the blockchain for when an event is rescheduled.”
Rakov defined that TixTo.Me ensures all tickets and vouchers are secured on a single platform, no matter the place they had been bought. “Blockchain is leveraged as a verification device between ticketing and fans. Fans simply enter a barcode and then we verify that information to issue a ticket on the blockchain,” stated Rakov.
The Aventus Network then processes every transaction. Live Nation France is anticipated to ship lots of of hundreds of tickets per 12 months by way of the TixTo.Me digital pockets.
Engaging with ticket holders by way of a blockchain community
While progressive, it’s essential to level out that utilizing a blockchain community to situation safe, verifiable tickets will not be a brand new improvement. For occasion, in December 2019, Ticketmaster’s vp of blockchain merchandise defined how the corporate has been utilizing blockchain for pilot use cases.
The Union of European Football Associations, or extra generally referred to as UEFA, additionally introduced in February 2020 that 1 million soccer match tickets could be distributed to fans via a blockchain-enabled mobile application.
Although the idea of issuing tickets via a blockchain community has been accomplished earlier than, the COVID-19 pandemic has created the necessity for customers to retain their tickets. As such, improvements like TixTo.Me are going a step additional by permitting organizations and artists to instantly ship ticket holders particular affords, updates and fascinating content material to guarantee retention. Rakov talked about:
“Live Nation France can engage with their customers through brand offers and advertising, which is a big leap for the industry. We now have a whole content delivery system through a streaming ticket within a mobile app.”
In addition to Live Nation France, the Boston Symphony Orchestra, or BSO, additionally plans to use blockchain to improve ticket supply later this 12 months. The BSO lately formed a partnership with True Tickets, a blockchain-based ticketing platform powered by Hyperledger Fabric, to create a ticket-buying expertise to meet post-COVID-19 necessities.
Matt Zarracina, co-founder and CEO of True Tickets, advised Cointelegraph that the answer will allow the BSO to achieve higher information into who possesses a ticket from point-of-sale to when tickets are scanned:
“This efficiently allows the BSO to understand who actually attends a performance. This solves some of the common challenges that venues face today, including reclaiming control of tickets from the secondary market while providing better visibility into who a venue’s patrons are.”
While True Tickets’ blockchain platform will in the end permit BSO patrons to bypass will name and bodily ticket transactions, digital ticketing may even let the BSO talk with ticket holders earlier than, after and through occasions. Ticket holders will instantly learn of up to date insurance policies and procedures relating to pandemic-related protocols. The True Tickets platform may even inform people about plans for reopening, which is anticipated to occur this summer season at Tanglewood, the BSO’s house since 1937.
Concerns relating to shopper privateness
Although plenty of main ticketing platforms have begun leveraging blockchain, issues round knowledge privateness stay. This shouldn’t come as a shock, although, as knowledge privateness legal guidelines stay fragmented, whereas new applied sciences, akin to blockchain networks continue to be targeted by sophisticated hackers.
Alan Vey, co-founder and CEO of Aventus Network, advised Cointelegraph that FanDragon ensures that there’s a cryptographic hyperlink to every digital ticket, alongside with proof of affiliation with every consumer within the FanDragon system. However, no personally identifiable information is current within the blockchain’s public area.
Rakov additional remarked that FanDragon is compliant with the General Data Protection Regulation within the European Union and that the platform itself doesn’t promote tickets. “Different companies sell their own tickets; we just deliver these. We don’t have any transactional level data.” Echoing Rakov, Zarracina famous that True Tickets neither captures nor shops personally identifiable information from venue companions or shoppers.
Moreover, platforms akin to TixTo.Me and True Tickets might very nicely allow a brand new period of digital ticketing. According to Rakov, Live Nation France is at the moment utilizing TixTo.Me, and the corporate plans to incorporate new options to meet Live Nation’s ongoing wants.
Zarracina additional shared that True Tickets’ venue partners have gone from seeing the corporate’s service as “nice to have” to a requirement due to the pandemic:
“While the doors have been shut on the majority of live events, there has been an acceleration in technological and digital transformation behind the scenes. We have a number of new partners that we will announce this year, adding to a roster of venues that are working with True Tickets.”