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Discount ticket marketplace ScoreBig raises $18M

ScoreBig allows people to bid on tickets, says it saves 40% on average

Financial trends and news by Steven Loeb
October 29, 2014
Short URL: http://vator.tv/n/3a0a

Ticket prices are insane these days. I am going to be in New York for a week in December, so I decided to look into seeing Billy Joel now that he's doing a show a month at Madison Square Garden. I was not prepared for just how expensive it would be: on Ticketmaster the cheapest seat is $81. Sure, you can try a reseller site like StubHub, but they usually jack up th prices. On there the  Billy Joel tickets start at $175.

It makes you wonder why there isn't a site  that is dedicated to actually helping people get  cheaper tickets to. Except that there is a site like that; it's called ScoreBig. It is a site that allows people to bid and name their own price for tickets, allowing customers to save around 40% on average.

The company announced on Tuesday that it has raised $18 million in a funding round that was led by Hearst Ventures, along with participation from both new and existing investors.

ScoreBig had previously raised $31.5 million, from investors that included U.S. Venture Partners, Bain Capital and Checketts Partners Investment Fund. The company has now raised a total of $49.5 million in venture capital funding. 

Founded in 2009 by former National Basketball Association executive Adam Kanner, and founder of SeasonTicket.com Joel Milne, the members-only site offers up to 60% savings on tickets for sporting events, concerts, and theater performances.

Here's how it works: all the user has to do is go to the site, choose their event and seating area. They will then make a big below the box office price. Either the bid will be accepted by the event organizer, and the user will gets their tickets. Or the bid will be rejected and the user is not required to pay anything. 

The Los Angeles ScoreBig currently says that it has contracts with leading event presenters and professional resellers.

“Many of us at ScoreBig have spent our entire careers in the live entertainment industry, and everyone on the team loves live entertainment.  We are passionate about our mission–getting millions of new consumers out to enjoy the thrill of live entertainment, more often," David Goldberg, CEO of ScoreBig, said in a statement.

“Just as the travel industry transformed itself with more innovative pricing and sales channels years ago, we will work with our partners to transform the live entertainment industry."

VatorNews has reached out to ScoreBig for more details on this funding round. We will update this story if we learn more. 

(Image source: scorebig.com)


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