With updated technology all around us and an ability to connect and communicate with everyone or anyone in the world instantaneously, how do the secondary market, quick-purchase concert and event ticket platforms (I mean, let’s call them by what they really are… scalpers.) How do the scalpers still manage to buy up so many regularly-priced tickets out from under so many more hungry music fans, inflate ticketing costs astronomically, and somehow, ironically, drive attendance through the basement of most concert venues?
The truth is that secondary market ticket scalpers are only one of the many reasons that ticket prices for live events are out of control and getting worse. Today, the ticketing for live events industry is operating from a place of fundamental flaw. The heart of the ticketing industry is sick and until now, no doctor could find a way to get to the center of the issues and bring the industry back to health. Until now.
The Heart of the Industry is Fundamentally Flawed
The ticket industry is composed of a massive secondary market. These middlemen overcharge concert-goers, do not share profit with artists, and manipulate the ticket marketplace. Sites like StubHub, Vivid, Seat Geek act as portals, allowing tickets to be resold – but often at a higher price. Fans are forced to overpay for good seats. The artists they love do not get any of this extra money. The ticket industry is at a tipping point and YellowHeart is ready to put the power back in the hands of the fans.
But, wait! Before we tell you about the magical solution, about the doctor who came in and operated on the heart of the industry and pulled out every last scalper who was clogging up all the tickets and not allowing them to flow freely to you, the fans, you have to understand the many diseases that made up this fundamentally flawed industry.
Fact: People will pay top dollar for the right tickets to go see their all-time favorite band. Thus, Scalping is lucrative. The scarier fact is that the secondary ticketing market’s annual revenue increased by over 20% from 2017 to 2018.
Scalpers made how much money? What?
It’s hard to believe, but when price gouging is the most lucrative art form in the room, people gonna gouge.
The only thing that might be worse for today’s ticketing industry other than the scalpers, is the 1968-made ‘ big as your bedroom’ computer technology that still powers the industry from the inside, but provides a lackluster customer service experience for you and me. I am sure that the technology has seen updates since 1968, but well-known historical underinvestment in the ticketing technology simply from a lack of competition has resulted in limping software that cannot keep up with the growth of the time or the industry.
Counterfeiting and speculative ticketing, monstrous amounts of hidden fees with no itemized lists to clarify cost in sight, and an inability to gather ticketing data / no ticketing data exists for artists to understand their fan-basis and act accordingly, also play a nice part of the aorta-sized blockage that is not allowing the ticketing industry to pump out tickets safely and at the actual price on the ticket, to the correct people like you and me, the fans.
But now, there is a doctor in the house that has the potential to root out the scalpers, or at least dull their roar immensely. The surgeon is a new, much more secure ticket-purchasing platform that will allow us the chance to purchase tickets to see their favorite artists and to pay face value for the ticket and not a penny more.
Sound the trumpets and roll out the red carpet for… I mean, roll out the yellow carpet for the surgeon who is revolutionizing the ticketing process with the assistance of blockchain technology and its distributed ledger technology. The doctor is in the house!
Ladies and Gentlemen, Introducing YellowHeart,!
A New Age of Secure Concert-Ticket Buying Practices Could Emerge
YellowHeart is a New York City-based blockchain ticketing platform that aims to kick the reseller to the curb (figuratively!) and put tickets directly in the hands of you, the fans, skipping the trials, tribulations, and costs that current ticketing services perpetuate. Partners Josh Katz (also CEO of Yellowheart), Adam Alpert, Andrew Taggart, and Alex Pall (Taggart and Pall are part of the band, The Chainsmokers) have been working on the platform for years, and Yellowheart is finally set to launch in 2020.
YellowHeart’s premise is simple and effective. Lower fees, more data for industry professionals, and comparatively shorter-term contracts between all money-making parties to ensure mutually-beneficial rates are negotiated regularly. That will coordinate with clear-cut digital-ownership guidelines and ticket transparency from end to end to render the ticket-buying process successfully operated on by the doctor and recovering nicely in Room 708. I joke, but YellowHeart takes it one step further. Ticket-ownership information will be publicly accessible on the platform, and resale rates will be capped based upon a ticket’s initial price.
In practice, these and many other factors will make it next to impossible for resellers to buy and unload tickets at an increased cost. More fans will be able to reserve the seats they want at the prices they deserve.
Goodbye Scalpers, Hello YellowHeart!
By Artists, for Fans
YellowHeart is created by artists but for you, the FANS.
An interesting fact about the leader of the YellowHeart gang: CEO Josh Katz founded El Media Group and has promoted some of the biggest names in the music industry and is responsible for the music in some of the world’s finest restaurants and for DJs and curated music playlists for events produced by South Beach Wine and Food Festival, NYC Wine and Food Festival, and the James Beard Foundation.
These individuals’ cumulative knowledge of the music industry has resulted in a smart, secure platform that is mutually beneficial for artists and fans alike. Artists can be assured that the tickets sold to their concerts are reaching as many true supporters as possible, and selling out more venues in the process. (Interesting Note: When scalpers are unable to resell tickets, they often return them at the last second, leaving actual fans little or no time to purchase, thereby lowering a show’s attendance.)
With YellowHeart on the scene and using blockchain technology to police the scalpers and send them running, the real winners here are the fans! Perks include more affordable, more widely available tickets, and better seating choices to see all of your favorite artists.
Yellowheart will keep the right tickets at the right price for the right people! It’s finally a good day to be a live-music loving, concert-goer thanks to YellowHeart and it’s creators.
Everyone, the artists, the fans, and the promoters all stand to benefit from the arrival
The Bottom Line
YellowHeart’s value is apparent, but only time will reveal the extent of the fundamental change it will bring to the music industry. An entertainment world without excessive ticket fees and secondhand markups will be a better every-going world for us all. And we don’t have to wait long for its arrival.
YellowHeart plans to launch at the top of 2020. Yes, that’s next year!
Very soon, the YellowHeart vision will be a living and breathing reality helping you buy cheaper concert tickets every single time.
Here’s to that!
YellowHeart Mission Statement
YellowHeart is a made-in-NYC, blockchain live event ticketing platform powered by distributed ledger technology and built exclusively for the benefit of artists, teams and their authentic fans. Our mission is to eliminate scalping and bad players in ticketing and put artists back in control of how their tickets are distributed and traded. This platform is built BY ARTISTS, FOR FANS.