What they do: Ticket Fairy is a marketing and analytics solution for the events and ticketing industry. They help event organizers book more attendees and secure their ticket income in advance by incentivizing anyone as a promoter.
Why it’s a big deal: Running events come with huge upfront risks. Costs can be massive (in the millions of dollars) and multiple factors affect attendance — even something as simple as rain can result in a 25% drop in on-the-door sales.
The Ticket Fairy solves this by paying anyone to bring friends to events. Promoters let The Ticket Fairy sell their tickets, run their analytics, and handle ad buying in exchange for a fee on each ticket sold. The Ticket Fairy’s goal is to make sure all its clients’ events sell out.
Over $3.2 million in ticket sales to date.
35,000+ ticket buyers, 60+ event clients.
Investors include: Y Combinator, 500 Startups, Justin Kan.
The Ticket Fairy aims to reduce the risks involved in promoting an event and increase ticket sales through incentivising word-of-mouth transactions and automated ad campaigns.
Patel knows these risks all too well, having run over 400 events since 2000. He says he once lost the equivalent of a year’s rent on just one event.
The Sydney-founded San Francisco-based startup is a ticketing, marketing and rewards system that Patel says can increase revenue by 15-25% through incentivising word-of-mouth sales and creating intelligently automated advertising campaigns using a host of demographical data.
“Our business is really complex, but we get pigeon-holed into the likes of Moshtix,” Patel says.
“What we actually are is a full service marketing company and data platform that happens to have an ecommerce front-end.”
There are four main aspects to the business model. Referral marketing involves incentivising people to convince their friends to also buy tickets to an event by giving them a monetary reward.
A look at one of the Y Combinator companies launching tomorrow.
New ticket and promotion platform: Ticket Fairy. Just was discussed in Techcrunch at http://techcrunch.com/2015/08/17/full-stack-event-marketing-platform/
More at https://www.theticketfairy.com/ Ritesh Patel shows it to me here.
The Ticket Fairy’s goal is to make sure all its clients’ events sell out. Promoters let The Ticket Fairy sell their tickets, run their analytics, and handle ad buying in exchange for a fee on each ticket sold.
The startup sells 100 percent of an event’s inventory when it can, but sometimes exclusivity contracts with ticketers like TicketMaster mean it can only sell the 20 percent that a promoter has the right to distribute on its own. Eventually, though, co-founders Ritesh and Jigar Patel say The Ticket Fairy hopes to earn promoters so much money that they ditch their contracts and sell everything through its platform.
Ritesh built The Ticket Fairy to solve his own problems after running more than 400 events since 2000. Now it’s handled over $3.2 million in ticket sales, mostly for concerts, but it’s also breaking into big eSports competitions.
We’ve already seen plenty of success stories come out of our first Collision conference, with at least $120 million being collectively raised by some of our exhibitors. However, great success doesn’t just come from great sums of money. Sometimes having the right advisor on board or becoming part of a larger company can be the right move forward for a startup on the journey to success.
This is the kind of progress that two more of our exhibitors have made.
There are a few major players in the ticketing space, but The Ticket Fairy are beginning to shake the market up by connecting users on their ticket-selling platforms in a way that hasn’t been done before. Things are now on the up even more as they’ve announced the addition of Richard D. Titus to their advisory board.
Richard is not only the co-founder of Razorfish (LA) and at the helm of prompt.ly, but after having launched BBC iPlayer and the BBC’s customisable homepage, he later became Controller of Future Media, Audio, Music & Mobile, where he sat on the board of BBC Audio & Music. The Ticket Fairy CEO, Ritesh Patel, hopes this news will help “to grow the company and become the most advanced events platform on the planet”.
From ticket platforms, to shopping, to dry cleaning, to your one stop shop app store - Collide is bringing together the world’s most exciting up and coming startups, and with it some of the ideas that are going to shape the eCommerce landscape in the comi.
Ritesh Patel’s business plans are way behind schedule. The Ticket Fairy website sells tickets to events and functions, but with a twist – customers who share news of the event via social media, and whose friends also buy tickets to the event, get a rebate. In the social media age, it is a great idea.
The problem, Patel says, is getting access to the banking system. Delays in accessing bank facilities that will allow The Ticket Fairy to take money and pay refunds has held the development of his business back by 12 months. “It’s been our biggest sticking point,” Patel says.
Any small business has to jump through hoops to get banking and credit facilities. The situation for start-up companies in Australia is even worse, many of them say, as a system dominated by the big banks can’t give these nascent businesses the merchant accounts they require.
July 11, 2013
Meet the Founders
Founder & CEO The Ticket Fairy • 15 years in event management/marketing • Scalability/Cloud Engineer • Ex AdLux • Ex BBC • University of Bristol.
Ambitious entrepreneur. MBA candidate University of Warwick. DJ. 13+ years' experience in business.
CEO of Twitch
Founder and former CEO of Parse (acquired by FB for $85M). Co-founder Scribd.com. Angel in Reddit, Tilt, Optimizely, ZenPayroll & 50 more.
Founded Exec and Justin.tv. Part time partner at Y Combinator.
Founder Prompt.ly Razorfish (LA), Schematic, Digital business unit leader BBC & DailyMail Pre-IPO investor: Facebook, Tesla Motors Razorfish\
Founded reddit.com and Hipmunk.
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