Ticketing platform and resale marketplace SeatGeek is introducing three features to simplify the ticket selling experience for those looking to resell. This includes tools to recommend the best price, automatic tags to list additional benefits (like padded cushions and exclusive club access), and the ability to list tickets for multiple events at once.
SeatGeek's latest product release, which the company is calling “Next Fan Up,” gives sports and music fans access to tools used by venues, organizations and licensees alike.
This feature will be available for a variety of events, including the upcoming Major League Baseball season, NFL, NBA, NHL, MLS, NASCAR events, and other SeatGeek partner events.
Smart Pricing is a new algorithm from SeatGeek that utilizes several machine learning models to automatically track ticket prices using historical sales data from similar events and information such as weather changes and seat location. and adjustments, Serge Derby, senior product manager at SeatGeek, told TechCrunch. . Ticket prices could also change if a player gets injured or if an artist's song goes viral before the concert, the company spokesperson added.
Applying machine learning algorithms to sales data is a common practice among companies to set more competitive prices, especially in the online retail industry, so SeatGeek believes ticket resellers can take the guesswork out of the process. It makes sense to introduce unique tools that can help you make more money without having to do anything. Facebook Marketplace and eBay have implemented automatic price suggestions since 2018.
This feature allows you to choose from three selling options: sell faster at a lower price, sell more slowly at a higher price, or sell at a more balanced pace and rate. While there's no guarantee that you'll be able to successfully sell tickets on the secondary market, SeatGeek hopes the new tools will make it easier to reach the right buyers at the right time. At this time, SmartPrice listings can only be edited via desktop on the SeatGeek website.
If you prefer to set prices manually, simply disable this feature. However, SeatGeek will still recommend the best price in a separate box below. The company receives a 10% commission from sellers.
Smart Pricing is currently available in beta for some users and events. The platform will gradually roll out this feature to a broader user base throughout 2024.
Additionally, the new Seat Perks feature further improves SeatGeek's ticketing experience by automatically tagging every seat with all included special features, making tickets more appealing to buyers. The purpose is that. For example, you can link food and beverage credits to tickets or provide access to the Delta Sky 360 Club at Citi Field. Other perks include aisle or front row seating, accessibility, and skyline views.
One potentially controversial feature is SeatGeek's new bulk listing option. This is because it encourages more people to buy products in bulk just to sell them and can ruin the experience for other users. Ticket reselling can leave a bad taste in people's mouths when it blatantly exploits increased demand and limited ticket availability for financial gain. It is also understandable that fans who are unable to attend the event may want to sell tickets at a slightly higher price to make a small profit. (SeatGeek also allows customers to return tickets up to his 72 hours before the event.) In any case, resellers are selling tickets to cough up their hard-earned money on desperate fans. It's not as bad as a sleazy scalper who sells you at a significantly higher price.
The company says this new feature saves users time by eliminating the need to repeat the process of creating new lists. Bulk listings are currently only available on his web via desktop. It will be rolled out to mobile devices in the coming weeks.
“Next Fan Up's goal is to make the ticketing experience easier,” co-founder Russ D'Souza said in the announcement. “We spent the last year reimagining the sales experience at SeatGeek and are now introducing new industry-first features ahead of the start of the MLB season, which currently has the most games in any U.S.-based sport. Now, fans can instantly list their tickets, set a price, and sell them for another fan to enjoy.”