Latest news with #ticketresale
Entrepreneur
19-05-2025
- Business
- Entrepreneur
Fighting the Touts: How Twickets Took a Stand Against Ticket Resale Greed
Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur United Kingdom, an international franchise of Entrepreneur Media. "As a team we were sick of the profiteering in ticket resale," he says. "But we weren't sure whether enough event goers believed the same way, and whether there was a business in capping resale prices at face value." Twickets, founded in 2011, started not as a tech platform but as a Twitter account, @Twickets, where users could post spare tickets for sale - so long as they didn't charge more than face value. "As luck would have it, there was plenty of inventory to share to our followers, and we very quickly reached 10,000's of followers," Davies says. That early traction gave him and his team the confidence to invest in building out a full trading platform. Today, Twickets has evolved into a web and app-based service where buyers and sellers can exchange tickets safely, with the company acting as a trusted intermediary. But Twickets wasn't just solving a problem for fans. The team quickly realised that inflated resale prices were hurting the live events industry itself. "If event goers spend more on their tickets to a gig / festival etc then they'll have less money to buy tickets to future shows, on merchandise or even food and drinks at the venue," Davies explains. "So everyone was losing out other than the ticket touts." This insight became the foundation of Twickets' growth strategy. Rather than compete with industry stakeholders, they partnered with them. "We approached hundreds of artists, comedians, venues, festivals and even box offices to be their official resale partner," says Davies. "Receiving their endorsement meant not just a seal of authenticity but also a rapidly growing stream of inventory hitting our platform." Now a profitable and recognised player in the live entertainment world, Davies is also vocal about the lessons he's learned from past ventures - particularly when it comes to funding. "I learned from one of my previous start ups that wherever possible stay away from PE / VC funding, and keep control of your business," he says. "It's something I applied to Twickets and fortunately we've only ever had to take a small amount of investment... from high net worth individuals who can also help grow our business." His advice to UK startup founders? Keep it lean and grounded: "Test your concept as much as you possibly can before you launch. And when you're finally ready to go, start small and focused, looking to grow steadily and sustainably." And most importantly, he adds, "Where you can, either self-finance or seek investment from those you trust, in order to stay in control of your business." Twickets' success may not have come from disrupting an industry with flashy tech or aggressive VC backing - but in standing up for fairness and long-term trust. It turns out, that's a business model that fans and founders alike can believe in.
The Independent
14-05-2025
- Business
- The Independent
Co-op Live co-owner calls for regulation to help stop ticket touts
The boss of one of the co-owners behind Co-op Live has called for stronger powers to turn people away who have bought tickets from touts as he warned over the impact on the live music industry. Tim Leiweke, chief executive of Oak View Group, which co-owns the Manchester arena with City Football Group and pop star Harry Styles, said the so-called secondary market for ticket resales 'ruins the credibility of the industry'. He urged the Government to help the sector crack down on the market by drawing up regulations to stamp out illegal resales and said better technology was needed to spot tickets sold by touts. Mr Leiweke told the PA news agency: 'The biggest problem in our industry is secondary scalpers that have no skin in the game.' He said they were 'trying to take advantage of fans', adding that venues and artists make no money from ticket resales and have no say in the prices charged. 'It ruins the credibility of the industry and it ruins the experience for the fans,' he said. He told PA more advanced technology and greater regulation was needed to enable venues to ban entry for those with illegal ticket resales. 'Eventually with technology we'll be able to sell a ticket to a person and make sure that's the person that shows up and walks into our arena,' he said. 'But we need the Government to help us with this so we have the right to turn people away. 'Secondary ticket scalpers are not good for the economy, not good for the industry and sure as hell aren't good for the fans,' he added. He said a regulated platform was also needed for customers to resell tickets, in conjunction with the industry. 'There are companies out there that are doing it the right way,' he said. His comments came as an independent report commissioned by Co-op Live, Britain's biggest indoor arena, estimated that the venue has contributed more than £1.3 billion in turnover to the local and national economy since development first began in 2021. But the arena suffered a disastrous launch, its opening was delayed several times and the build cost swelled from £365 million initially to more than £450 million by the end of construction. Several major acts had to be postponed, including US pop star Olivia Rodrigo, whose gigs were cancelled because of a string of problems with the venue, which at one stage saw part of its ventilation and air conditioning system fall to the ground from the ceiling. The fiasco ended on May 14 2024, when British band Elbow opened the 23,500 capacity venue. 'Most people don't get to go to hell and back in one year, but we've certainly been in both places,' said Mr Leiweke. 'There were a lot of naysayers who didn't think we'd be successful.' The report by planning consultancy Lichfields calculates that Co-op Live has contributed £455 million in gross value to the UK economy and £852.2 million in sales since it opened its doors a year ago. Oak View Group and co-owners are now looking to invest another £5 million around the venue, which is based on the Etihad Campus in the heart of Manchester. Mr Leiweke added that Oak View Group is also setting its sights on opening another giant arena in London that will eclipse the Co-op Live and the O2 in size, with plans to invest more than £1 billion in further sites across the UK. 'London needs another venue on the north side,' he said. 'We respect the O2, but that's over 20 years old now. 'We're committed now to building a new world class arena like the Co-op Live in the future.'
Associated Press
14-05-2025
- Business
- Associated Press
Introducing Ticket Price Caps Could Cost the UK Economy Over £180 Million Across Sports and Live Music Events
LONDON--(BUSINESS WIRE)--May 14, 2025-- As the Government considers imposing a cap on the resale prices of live event tickets, new modelling by the Centre for Economics and Business Research (Cebr) warns the move could backfire - including a potential £183 million hit to the UK economy, should 25% of the ticket holders who currently sell on resale platforms, instead decide to neither attend nor resell their ticket to an event. The report highlights that a cap on ticket resale prices could reduce the number of tickets resold through regulated platforms, leading to more empty seats at events and greater risk for consumers. It also raises concerns that fans may be pushed toward unregulated resale channels—such as social media and informal platforms - where fraud is common and consumer protections are minimal or nonexistent. Cebr research has shown that fans purchasing tickets through regulated resale platforms spend an average of £629 per seat on related items such as travel, accommodation, and food, supporting vital sectors including events, hospitality, and tourism. The research also calculated that with secondary ticketing underpinning £733 million* in annual business turnover and 7,736 full time employees, even a modest drop in resales could deliver a substantial shock to these industries. The analysis outlines four key risks associated with imposing a price cap on resale tickets: Cebr warns that even a modest reduction in resale activity could have significant negative economic consequences for sectors that rely on event attendance and urges policymakers to carefully weigh the broader economic and consumer risks before implementing price restrictions. The analysis also breaks down the potential impact by sector, with music events accounting for the majority of economic activity supported by secondary ticketing (£563 million in turnover), compared to £170 million for sports. Both sectors could face significant reductions under various scenarios of ticket underuse, with music seeing the greatest potential decline, should buyers allow tickets to go to waste. Alongside the potential economic impact, Cebr's findings also point to a broader consumer risk: an increase in fraud if ticket resales are pushed off regulated platforms and onto unlicensed channels. As highlighted in recent analysis from Bradshaw Advisory, limiting resale options could drive fans towards informal sales on social media or messaging apps - spaces where there is little to no buyer protection. The report highlighted that in both Ireland and Victoria, Australia, where price caps have been imposed, reported ticketing fraud is four times higher than the UK. Taylor Swift's Eras Tour in Victoria, Australia is a real world example of the failure of price caps; $260,000 was reported to have been lost in scams by desperate fans trying to purchase tickets, as they sought tickets on non-regulated and underground sites. More recently, Lloyds Bank found that thousands of fans have fallen victim to ticket scams on social media for the Oasis reunion tour later this year, with the average victim losing £436 each. Without access to robust and well-functioning resale markets, fans are left exposed to fake tickets, and financial loss, ultimately making the live event industry less accessible. Professor Rob Wilson, Professor of Applied Sport Finance and sports business expert, commented: 'The research by Cebr highlights that even though an event could sell out, it doesn't guarantee attendance. If primary buyers don't feel the effort to resell matches the price, then fans who would be willing to pay the price miss out. Beyond this, conclusions from the independent Waterson Report illustrate that price caps simply do not work and instead drive ticket resales to underground and unregulated channels, where consumers have no protection or recourse if something goes wrong with their purchase. Rather than encouraging these dark alleys, the UK should regulate ticket resale platforms to act as safe and transparent marketplaces for buyers and sellers, helping fans, and to fill venues, which has a positive knock-on effect on local businesses and communities.' Owen Good, Head of Economic Advisory, Cebr, said: 'Our analysis demonstrates the significant and underreported risks of secondary market price caps. Beyond the frequently discussed risks of increased ticket fraud, which are well evidenced in other countries, the potential cost to the UK economy of even a small increase in unused tickets is extremely significant. Specifically, we find a potential £183 million risk to the UK economy should a quarter of ticket holders who currently resell tickets, instead not attend or resell. Businesses in the hospitality sector, such as in travel, food and drink and accommodation, would be particularly negatively impacted.' Notes to the editor: *Cebr. Head of Economic Advisory. Cebr research on the financial contribution of the secondary ticketing marketplace on the UK economy - 2024 About Cebr: Centre for Economics and Business Research is a leading independent consultancy with a reputation for sound economic analysis based on thorough and insightful research. Since 1992, Cebr has been at the forefront of business and public interest research. It provides analysis, forecasts and strategic advice to major UK and multinational companies, financial institutions, government departments and agencies, and trade bodies. For further information about Cebr please visit Research methodology While the research underscores potential risks, Cebr emphasises that outcomes would depend on how any price cap is designed and implemented. Potential business losses are calculated at £7.3m per 1% of tickets not being utilised by the buyer after being bought on the primary, and not being sold on the secondary market. The findings suggest that policymakers should carefully weigh the broader economic impacts before moving forward with proposed restrictions. The research was commissioned by viagogo with Cebr. View source version on CONTACT: Press Inquiries Contact: Cebr: Owen [email protected] Zeno: Lucy [email protected] KEYWORD: EUROPE IRELAND UNITED KINGDOM INDUSTRY KEYWORD: TECHNOLOGY RETAIL ENTERTAINMENT EVENTS/CONCERTS CONSUMER ONLINE RETAIL ELECTRONIC COMMERCE PROFESSIONAL SERVICES PAYMENTS THOUGHT LEADERSHIP OTHER RETAIL OTHER CONSUMER THEATRE MUSIC SOURCE: Cebr Copyright Business Wire 2025. PUB: 05/14/2025 06:05 AM/DISC: 05/14/2025 06:04 AM
