You don’t need to introduce Ticketmaster to any concert-goer. It is one of the most recognisable ticket sales and distribution companies in the world. It sells millions of tickets each year while promoting over 30k concerts. And since forming Live Nation Entertainment, after merging with Live Nation, the company brings in over $10 billion in revenue.
Now, Live Nation Entertainment acquired Upgraded, a blockchain startup. According to Upgraded founder Sandy Khaund, the partnership will “bring the unique promise of blockchain to millions of fans.”.
“The issue is that ticket sellers don’t have a digital asset that’s singular. We realized one way the tech world has overcome this is with Bitcoin, which uses blockchain technology. It works like a huge ledger with debits and credits. If I give you a Bitcoin and then try to give a duplicate to someone else, the ledger says I can’t. I thought, we need that for tickets.” – Khaund explained in an interview with Forbes.
Live Nation was accused by its main competitor, AEG, of shady practices. It was also hit with a lawsuit for an alleged secret scalping program by disgruntled customers.
The allegations are that the company had scalpers purchase tickets from Ticketmaster and then resell them at a higher price, essentially cashing in on the profits twice.
Introducing blockchain technology could help the company regain trust hurt by the allegations.
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