Within the music industry, there is ongoing criticism of many popular ticketing platforms. Some of the criticism against them is of the lax security which allows ticket scalpers to buy concert tickets once they are released and then resell them at exploitative prices and also of the platforms themselves for charging high processing fees for selling concert tickets. For a significant amount of time, there has been talk of a better and more efficient system being put in place that will benefit both the musicians themselves and their fans and it seems that solution to this might just be in blockchain.
It has been announced on October 21, 2019, that the Chainsmokers, an American EDM-Pop group, have teamed up with their manager Adam Alpert to invest in Yellowticket, which is a new decentralized ticketing platform that is poised to bring more transparency into the concert business.
Get Your Tickets
This new platform works by making use of blockchain so that musicians and concerts organizers can directly control the sale of their tickets on this extends even to the secondary market. By doing this, they will be able to prevent exploitative ticket scalping and reselling at bogus prices. This, in turn, will make sure that music fans only will be able to buy concert tickets and are not exploited by greed individuals.
This platform is due to launch in 2020 and will also give musicians in concert organizes the power to set a maximum resale value on the secondary market which prevents price inflation and they will also receive a share of all resold tickets. It will also prevent the mass buying out of tickets by any single individual which means that all music fans will have a fair chance at getting tickets.
This is yet another example of blockchain being used to convert an industry-wide problem and should this platform prove to be successful and beneficial for both the producers and consumers, perhaps other well-known industry players will get behind the project and blockchain could help to stop ticket scalping and price exploitation as a whole.