SoftJourn’s Ticketing Trends in 2024 - one is ‘open’ - what can blockchain do?

Ticketing trends 2024(SoftJourn): Open - what can blockchain do?

In 2023 Softjourn wrote a great article about the event ticketing trends to keep an eye on in 2024. It comes down to:

• The Rise of Open Distribution
• Technology Advancements to Prevent Fraud
• Engaging Millenials With Advanced Technology
• Balancing High and Low-Demand Events: Dynamic Pricing and Timed-Entry
• Technologies to Connect In-Person & Virtual Events
• Improved Access Control to Improve Fan Experience
• Utilizing AI Tools and Real-Time Data
• Technology Upgrades for Compliance & Better User Experience
• A Greater Focus on Accessibility

During the last bull run we saw many projects using blockchain approaches to fill in these trends. After 3 years we’ve seen them coming and going.

I still see lots of potential growing with projects that are still out there, and new ones too.

The first one: OPEN !! Is one that I like. So lets dive in there, why this is a good idea.

The author states: <quote>

‘we are witnessing the ticketing industry shift towards more open distribution strategies.

Traditional secondary markets are evolving, and ticket exchanges are no longer confined to being secondary. Open or multichannel distribution strategies have become beneficial for both buyers and sellers.

These technologies create a trusted relationship across the entire ecosystem, broadening access to inventory where consumers shop. With more events appearing on multiple exchanges, the industry is adapting to a decentralized ticket-buying experience.’

They dive deeper into it by explaining the 5 advantages they see:

While open distribution can bring some challenges, ticketing platforms will also see these advantages, copied from the article:

Increased Inventory Turnover: With the ability to distribute tickets through various channels, ticketing companies can optimize the utilization of ticket inventory. This means tickets are sold more quickly, leading to improved inventory turnover and, in turn, increased revenue.

Data Monetization: Open distribution provides access to a wealth of data from various channels and platforms. Ticketing companies can leverage this data for analytics and insights. They can monetize this information by offering data-driven services and reports to event organizers and promoters.

Partnership Opportunities: Collaboration within the open distribution ecosystem can lead to partnerships with event organizers, venues, and other stakeholders. These partnerships can be lucrative and mutually beneficial, resulting in shared revenue streams and access to a broader customer base.

Flexibility in Pricing: Open distribution strategies enable ticketing companies to have more control over pricing. They can adjust prices dynamically based on market demand, competitor pricing, and other factors, allowing them to maximize their profit margins.

Reduced Fraud and Counterfeiting: By implementing secure ticketing technologies and blockchain-based systems, ticketing companies can reduce the risk of fraudulent ticket sales. This not only protects consumers but also helps ticketing companies maintain their reputation and credibility.

Bringing tickets on chain seems the way to go when you’re after 2024 trends in ticketing. We did not even discuss the others that were listed. The AI is interesting too.

I would like to hear if there are other projects out there with a similar approach to open.