Ticket service creates innovative business model for artists

Nowadays, we live in a time of (illegally) downloading and artists often lose income through unauthorized online distribution of their work. They try to make a living through CD sales and touring. A new initiative by Ticketometer might make concerts more lucrative, as they’ve created a 'win-win situation‘ for artists, their fans and the location managers.

This is how it works: the ticket service allows artists to set a minimum number of tickets to be sold, so they don’t perform for nothing. If the minimum is not met, there will be no concert. The fans also benefit, because they will get their money back if there is not enough interest for the concert. The loss is of course that they will miss out on a concert of their favorite artist. Furthermore, the location managers benefit from a minimum amount of sold tickets, because they are then sure of income.

More and more we see artists around the world trying to create options to generate income to make a living out of their music. They often do this by focusing on fans online, including Twitter and Facebook. I think it is very import that artists invest in their fans, as they will be willing to pay a lot for a (digital) album or concert. Great examples thereof are Eminem and Lady Gaga.  It’s clear they do not have to worry about low attendances at their performances.

Reference: Nuzakelijk