Peer-to-peer ticket sales have cropped up all over the internet in recent years, adding to a growing secondary ticket market. How have online ticket sellers risen to the challenges and opportunities of the web-based peer-to-peer market?
What is Peer-to-Peer?
Peer-to-peer (P2P) selling is pretty simple: someone who purchases a ticket can sell their ticket directly to another person, who will attend the event in their stead. P2P transactions bypass a human mediator or scalper, someone who buys tickets upon release with the intent to sell them later. The idea behind online peer-to-peer transactions isn’t new – it’s existed online through platforms that directly connect people selling everything from used books to old bikes.
New technology is now making P2P transactions feasible for all kinds of new industries. Newer companies have begun operating online markets for the secondary ticket market, often to the benefit of ticket buyers. On average, buying tickets within a week of an event gives attendees the best deal. There are some expectations, however. Popular events can have a massive price inflation effect on secondary market tickets, especially when tickets are sold by scalpers, instead of in a P2P market. This kind of last minute transaction is made possible through peer-to-peer markets, which remain open up until the last moments before an event starts. Yet another benefit for last-minute purchasers: tickets are often printable or digitized, so these attendees need not wait for mailed or will-call tickets for an event beginning a few hours later.
What’s the Benefit for Sellers?
Besides the opportunity for fans to obtain tickets at a fair price, peer-to-peer marketplaces represent a huge opportunity for ticket sellers. Marketplace services often charge between 5–15% for each transaction, in order to turn a profit on the platform.
Event ticket platforms also have the opportunity to work with influencers by selling tickets directly to followers, fans, and friends – in exchange for VIP tickets, rewards, and other incentives. By working with influencers, platforms can rely on social media and word of mouth marketing to draw in even bigger crowds to their events. Companies have seen huge returns on having these ambassadors sell tickets directly to their crews, fostering a personal relationship often lacking through an automated online ticket retailer.
Future Steps and Integration
The future of peer-to-peer selling is boundless, for both the event ticket industry and others. Google is currently making strides in the development of an Android-based peer-to-peer payment network for everything from airline boarding passes to concert tickets. Other companies are looking for ways to make peer-to-peer selling more secure and efficient. Blockchain technology is one great opportunity for secondary platforms, as it offers a secure and stable way of maintaining the secondary peer-to-peer ticket market, helping to shut out ticket scalpers in the process.
Peer-to-peer marketplace platforms are also working on optimizing their services for mobile use for both buyers and sellers. Quick and easy transactions in peer-to-peer ticket sales increase the convenience of buying and selling. Storing e-tickets right in the app is another mobile-friendly feature, ensuring that both parties are fully engaged and therefore more likely to return to the same peer-to-peer marketplace in the future.
In the age of the sharing economy, peer-to-peer ticket selling is a natural progression. Ticket sellers need to be ahead of the changing desires of their markets, and in sync with the new technology that allows for peer-to-peer marketplaces to stay competitive, as new and disruptive technologies continue to emerge.