Live Nation’s “Verified Fan” program has blocked 90% of fake ticket buyers
Event manager and ticket seller Live Nation’s CEO Michael Rapino has announced that the company’s Verified Fan program – software that stops the purchasing of tickets by bots and brokers to later sell on at extortionate prices – has achieved a 90% success rate. This sets a new industry standard, and goes a long way to backing up Mr. Rapino’s claim that the company is “still poised for growth.”
Live Nation’s share price has appreciated by 56% so far this year
SOURCE: Yahoo Finance
Speaking on the KindredCast podcast, Mr. Rapino explained the importance of the Verified Fan program to Live Nation’s business model. He said:
"The challenge is we don't have a mile-wide front row -- the old problem in the business is supply and demand. There's no nice way to tell 9.6 million people you can't go. The challenge though is being more transparent. We start having a better dialogue. So you [the consumer] will feel better if you've registered and we tell you, you're one of 100,000 that are registered. We have 50,000 tickets here. And here's how you can now increase your spot in the line."
Rapino thinks that Live Nation has much more room to expand, saying “we’re only about 30% global market share, so we have a lot of growth ahead of us.”
Rapino sees Live Nation’s business model as hugely competitive because it requires very little in the way of collateral. He told listeners: “I don’t need a factory in Columbia. I don’t need a media broadcast license. I have no limitations. We can open up a Live Nation office in Columbia tomorrow. And the product that’s exported there is Rihanna.”
Dominion holds Live Nation in its Global Trends Ecommerce Fund.
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