Ticketing platform and resale marketplace SeatGeek is revolutionizing the ticket-selling experience for fans with the introduction of three innovative features. These tools aim to simplify the process of reselling tickets, ultimately making it easier and more successful for users.
One of the most exciting additions is Smart Pricing, SeatGeek’s new algorithm that uses machine-learning models to automatically recommend the best price for tickets. The algorithm takes into account a variety of factors such as weather changes, seat location, and historical sales data for similar events. This means that ticket prices may change in response to factors like an artist’s sudden surge in popularity or a player’s injury. The result? Buyers get a fair price and sellers turn a profit without having to guess at the right price point.
Serge Derby, senior product manager at SeatGeek, shared with TechCrunch that “Applying machine learning algorithms to sales data is a common practice among businesses – especially in the online retail space — to set more competitive prices.” It only makes sense that SeatGeek, a leading name in the ticketing industry, would utilize this approach to help ticket resellers be successful. Other platforms like Facebook Marketplace and eBay have already implemented automated price suggestions with great success since 2018.
The Smart Pricing feature offers users three options for selling their tickets: choose to sell faster at a lower price, sell slower at a higher price, or find a more balanced pace and rate. While there’s never a guarantee that a ticket will sell on secondary markets, SeatGeek is confident that its Smart Priced listings will appeal to the right buyer at the right time. It is worth noting, however, that at this time, these listings can only be edited on the SeatGeek website through a desktop computer.
While Smart Pricing is in beta for select users and events, it will gradually roll out to the wider SeatGeek user base throughout 2024.
Another exciting feature that SeatGeek is launching is Seat Perks. This new addition aims to enhance the ticket-selling experience by automatically tagging each seat with any added special features. These perks could include everything from food and beverage credits to exclusive club access and other special amenities. Additionally, each seat will also be labeled with its own unique set of perks, such as aisle or front-row location, accessibility options, or a scenic view. This extra level of detail makes the tickets even more attractive to potential buyers.
There is one aspect of the new Seat Perks feature that may cause some controversy, and that is the Bulk Listing option. This feature incentivizes users to buy tickets in bulk and then resell them, potentially creating a negative experience for other buyers. While reselling tickets is often seen as unethical, there are times when it is understandable, such as when a fan can no longer attend the event and wants to sell their ticket at a slightly higher price to make a small profit. (SeatGeek also allows customers to return tickets up to 72 hours before the event.) Despite this, resellers are still more ethical than scalpers who unfairly hike up ticket prices for desperate fans.
The company has stated that the Bulk Listing feature saves users time by eliminating the need to create individual listings for each ticket. Currently, this feature is only available on the desktop version of the website, but it will be rolling out to mobile devices in the coming weeks.
The company’s co-founder, Russ D’Souza, explains, “Our goal for Next Fan Up is to make the ticket-selling experience easier. We’ve spent the last year reimagining the selling experience on SeatGeek and are now releasing another set of industry-first features before the start of the MLB season, which boasts the most games of any US-based sport. Now fans can quickly list, price, and sell their tickets for another fan to enjoy.”
The platform assures its users that the new features are all about making the ticket-selling process more convenient and user-friendly. By providing access to tools that are typically only available to venues, organizations, and licensed sellers, SeatGeek is leveling the playing field for sports and music fans. These features will apply to a wide range of events, including the upcoming Major League Baseball season, as well as NFL, NBA, NHL, MLS, and NASCAR events, among other partner events featured on SeatGeek.
Through its innovative tools like Smart Pricing, Seat Perks, and Bulk Listing, SeatGeek is revolutionizing the way fans buy and sell tickets. These features simplify the process and increase the chances of success for sellers, while also providing buyers with a more transparent and fair purchasing experience. Keep an eye out for these exciting new features as they roll out on SeatGeek’s website and mobile app!
