Word: ticketing
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Mazzoli called it a “shame” that he could never be elected U.S. President on a Democratic ticket because he would fail the pro-choice “litmus test.” Michelman said, “If I had my druthers, abortion would not be in the political realm...
...measures, the $10 billion secondary market for live events is a model of inefficiency. "There's a great deal of time and energy wasted," says Princeton University economist Alan Krueger, who has studied ticket prices. But an upstart business, StubHub.com which was launched near the end of the Internet boom, may yet succeed in changing this landscape. The site is a NASDAQ for tickets, and unlike eBay, StubHub guarantees the transaction and thus a seat. Its home page directs you to concerts, sports or theater events, and after its program crunches the credit-card numbers and finalizes a trade...
Teams benefit because StubHub gives them a cut of its 25% commission. On average, the eight professional teams with StubHub deals get about 10% of a ticket's resale price. More important, the teams fill some empty seats and lock up the ancillary revenues (from, say, parking, a set of ThunderStix, a couple of beers). StubHub benefits because the team markets the website to its most loyal customers, validating the operation...
StubHub's success has attracted a hungry giant--Ticketmaster, a company that dominates the primary ticket business and is owned by Barry Diller's InterActiveCorp. After StubHub inked deals with the Arizona Diamondbacks, the Seattle Mariners and the L.A. Clippers, several Ticketmaster clients asked Diller's company to launch a secondary platform for their season-ticket holders. The game...
While the big gun has signed up more teams than StubHub has, the upstart sells more tickets because anyone, not just Ticketmaster clients' season-ticket holders, can use the site. But don't expect StubHub to return serve and make a play in the primary market. "We've got a huge stand-alone opportunity," says Baker, who runs the company with colleague Jeff Fluhr, a Stanford Business School classmate. His immediate goals include signing more teams and finalizing a Web advertising deal with a major online distributor. "Sure, you can call us Ivy League scalpers," says Baker. "But this...