SeatGeek forecasts the price of sports and concert ticket on the secondary market, analogous to what Farecast (now Bing Travel) does for airline tickets. For ticket buyers this helps determine whether to buy a ticket immediately or wait for a price drop. For sellers it helps identify the optimal time to unload their tickets.
SeatGeek’s crawlers have compiled millions of ticket transactions and have also aggregated other factors that influence prices. SeatGeek's patent-pending technology uses this data to accurately predict prices.
SeatGeek offers a free version for buyers and will soon release a premium version for brokers and other sellers.
SeatGeek has three primary ways of making money:
- Along with our price forecasts, we also aggregate the best deals available for each sports game and concert from sites like StubHub, eBay, and RazorGator. Every time a consumer buys a ticket through us, we keep 7-12% of the sale price.
- In February we are launching SeatGeek Ticket Portfolio, a subscription service for season ticket holders, that will enable them to maximize the money they make reselling their tickets.
- We are building a subscription service called SeatGeek Pro, geared towards professional ticket brokers. SeatGeek Pro will include the data and forecasts that brokers need to maximize profits.
The current state of the secondary ticket market mirrors where the online travel market was 4-5 years ago. Back then, companies like Kayak, Sidestep, and Mobissimo were focused on aggregating the best ticket deals for consumers. Farecast entered the market with an innovative offering--price forecasts--and was met with widespread consumer acclaim.
SeatGeek's position in the secondary ticket market is analogous to Farecast. Many companies are focused on secondary ticket market aggregation, but no one else is providing analytics and forecasts.
From an analtyics perspective, the secondary ticket market is currently at ground zero. The market has exploded over the past decade as it has been deregulated and yet all market participants--consumers, brokers, and sports teams themselves--have no market intelligence. No one comprehensively tracks prices or transaction volumes over time. SeatGeek's system captures comprehensive market information and uses a proprietary algorithm to deliver highly-accurate price forecasts that save consumers money.