TicketRev has launched its new mobile app following a successful pre-seed funding round that raised $1.1 million.
The live event ticket platform aims to help fans find better deals on live event tickets by allowing them to name their price and preferred seating location, which enables ticket sellers and teams to accept these requests and liquidate unsold inventory.
Unlike traditional ticketing platforms, TicketRev takes a buyer-first approach, creating a transparent marketplace that is more efficient for buyers and sellers.
The new app improves the process of ticket buying, allowing users to place offers for tickets across multiple events at once, with a suggested price range provided by TicketRev to ensure offers are fair. The funding will enable TicketRev to continue to develop its platform and reach more people with its buyer-focused model by making new hires across engineering and marketing teams.
“Our new funding will help us to continue empowering more people to save money when they buy tickets. We recognize that coming out of a pandemic, live events bring people together and we want to help make tickets more accessible,” commented TicketRev Co-Founder and CEO Jason Shatsky.
The size of the sports ticketing industry can vary depending on various factors such as the geographic region, the popularity of sports, and the level of professional competition. However, as of 2021, the global sports ticketing market was valued at approximately $22.5 billion USD, and it is projected to reach a value of $37.2 billion USD by 2027, growing at a compound annual growth rate (CAGR) of 7.6% from 2020 to 2027.
This growth is attributed to factors such as increasing sports events, growing sports tourism, and the rising popularity of online ticketing platforms.
