Music industry executives are launching a live event ticketing platform designed to combat third-party fraudulent sales.
The YellowHeart platform is autonomous, fully decentralised and runs on a public Blockchain that enables artists and teams to identify, market and sell directly to their fans. Artists can define a set of rules to govern how their tickets are sold, traded and who shares in the profits. They can also set maximum resale prices, ensure tickets are distributed to genuine fans and elect to earn a share of tickets resold in YellowHeart’s secondary marketplace.
The YellowHeart platform has been formulated to ensure the traditional user experience is not impacted. No additional steps or added layers will be applied to the process of finding and purchasing tickets to see a favourite band, sports team or show.
“The plague of the scalping industry is something I’ve talked to artists and friends about for years, and with the unprecedented growth of this underground system, we knew it was time to find a real solution,” said Josh Katz, founder and CEO of YellowHeart. “While technology and secondary ticketing sites are to blame for the growth of scalpers, we believe that technology is also our solution. Blockchain offers us the unique ability to track the entire ticketing lifecycle, which means the tickets end up in the hands of the fans, and no one else.”
The secondary ticketing market is expected to grow to US$15bn in the next year due to the evolution of mobile ticket sales.
