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Author Topic: Market Inefficiences  (Read 42 times)
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March 05, 2019, 04:29:34 PM

Each day millions of tickets are sold, processed, and accounted for in one way or another. The ticketing systems we have in play today are simply used because they are generally accepted and controlled by a select few major players. With this scenario it leaves the community of users very vulnerable to attacks on pricing and fraud. I recently checked out of for a concert that I wanted to go to and at the bottom of the invoice was a service fee of 21%. This was the most absurd thing that I had ever seen, with a hundred dollar ticket I had to pay $21 for simply booking through them. The industry as a whole is controlled by a small group of individuals and these companies can highlight the "importance" of these fees. Yes, there is always going to be a cost but the price is forced on to the community in a non-negotiable fashion.

There are certain artist out there who have had an ideology, similar in nature to why the blockchain was invented, that a concert should have to more people involved other than the band, the fan, and in some cases the venue owner. Ideally in the future music can be organized in categorical groups of artist that stand together and can have a stronger voice to be more involved with venue owners. Kidd Rock for instance quoted “$20 tickets and $5 beers”, so that his true fans always have access to see him. On the other side of that he is lucky to be able to have this power due to his massive success. Not all artist have this capability and are forced into this “Mob-style” industry. Blockchain really does bring a more direct connection between the artist and the fan.

Every time two people interact, no matter the situation, the factor of trust comes into play. As we all know, blockchain offers a “Trust-less” environment that is nearly impossible to change, hack, or delete. People don’t have to trust each other at all when using these protocols, thus creating a place that artist and fans can see exactly what is really going on to judge for themselves. After already meeting with tons of industry leaders they all see the need for a change.
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