Most of us have purchased tickets to a live event. Think about it: Do you know anyone who hasn?t attended a concert, festival, convention, or sporting event?
Now think about this: Do you really know where those tickets came from?
You?re not alone. The BBC in 2017 reported that nearly half of ticket buyers who took part in a fan survey didn?t know the difference between the primary and secondary ticket markets.
So what IS the difference, anyway? Here, we look at the definitions of each ? and explain where and how the Lyte exchange platform fits in.
The Primary Market
Traditionally, the ?primary market? has referred to the ecosystem in which a rights holder ? the promoter, event producer, sports team, or other entity that puts on a live event ? has sold tickets to consumers, typically through its ticketing partner(s) and the official ticketer of the venue the event is in.
Lyte partners Elevate Tickets, Eventbrite, Front Gate Tickets, SquadUp Ticketfly, and Universe are examples of primary ticketers.
Tickets put up for sale on the primary market are priced by the rights holder or the producer of the event. Primary tickets are sold in a limited number of outlets dictated by the rights holder or the venue where the event is being held. Primary tickets are always valid at the door and backed by the full faith and assurance of the rights holder and venue.
The Secondary Market
The ?secondary market? is commonly understood as the ecosystem in which ticket holders, and usually professional resellers (ticket brokers and scalpers), have resold tickets at a higher price for profit. StubHub and Vivid Seats are examples of secondary ticket sites, each with considerable portions of the market share.
Secondary market ticket prices are determined or manipulated by third-parties who have purchased tickets in bulk from the primary market. Those same tickets often show up in multiple outlets as the sellers have many sites available to sell through. Because of that, there is more room for fraudulent activity, consumer exploitation, and exorbitant prices due to lack of oversight combined with profit opportunity.
Lawmakers in Ireland, Australia and other countries have taken action to outlaw or restrict shady secondary market practices. In the U.S., though, these activities face little regulation outside of some efforts by a few state governments.
Progress is being made. In 2019, the Truthful Ticketing Alliance was created to protect fans from fraud, deceptive tactics, and to improve the entire ticket resale experience. The alliance is made up of live event industry companies and other key stakeholders who are working to expose secondary market sources that are hurting consumers. By serving as passionate advocates for fans, the alliance aims to reform the ticketing industry so it becomes safer, more affordable, and more responsible.
Lyte is proud to be a member of the Truthful Ticketing Alliance, as it represents everything we have been working toward since day one.
What is Lyte?
Lyte is a technology platform that seeks to return sanity to ticket pricing by partnering with the official primary ticketers to some of the most exciting live events in North America. By acting as an extension of the official box office, our automated platform offers fans real tickets at fair prices. We only provide fans with authentic tickets at optimized prices that are issued by the original, official ticketing source, thus eliminating the risk of fraud.
Currently, Lyte is as a platform claims 60 percent of the $13 billion secondary market for the events we power.
Coachella, a Lyte festival partner
Lyte is changing the way tickets are bought and sold through the benefit of returnability. The ticketing industry ? primary and secondary ? is one of the few consumer industries that has never allowed people to return their tickets for a refund. Our returnability feature has helped fans both buying and selling save nearly $2 million annually.
Ready to learn more ? or buy and sell tickets to a live event? Visit our website. While you?re there, take a look at all of the awesome live events currently on our platform. And, check out our Medium profile for more on Lyte, our company, and our people.
Lyte?s mission is to fill every seat and make ticketing delightful, making it easier for fans to attend more events. In an industry where a ?no refunds and no cancellations? policy is the standard, Lyte enables fans to return their event tickets, no questions asked, to the official point of purchase. Lyte also provides a safe and official reservation booking system, offering fans who sign up a fair price for in-demand tickets. Lyte has delivered well over $8MM in fan savings since inception. One hundred percent of the tickets bought and sold through Lyte are issued through ticketing partners and delivered directly to fans with no chance of being fraudulent. Visit lyte.com.