TicketsNow Raises $34 Mill: Model Proven by StubHub
TicketsNow.com, a company of over 200 individuals created by Mike Domek will soon be moving to a 70,400 sq. foot Corporate Center and is also now backed with $34 million in funding. Not bad for a company that is about 15 years old and started with a $100 investment. This move is an indication that the company is intensely rivaling against StubHub, who was acquired by eBay for $310 million on January 10.
“If Ticketmaster wanted to get into the secondary market in a big way, weâ€™d be a way to do it,â€ stated Christopher Girgenti, a managing partner for New World Ventures. TicketsNow is gunning for an IPO by the end of the year and is also looking to be acquired by a fat wallet on the web such as Yahoo! or Amazon.
What is the difference between StubHub and TicketsNow?Â “While StubHub built a system designed to let individual ticketholders sell their unwanted seats on its site, TicketsNow works primarily with licensed ticket brokers, who list their inventory on the TicketsNow web site and many of whom use the companyâ€™s point-of-sale software to track inventory and accounting” writes Ken Schachter of Red Herring.Â I believe what this means is that while StubHub sellers are more scalper-like, TicketsNow sellers are more bulk-buyer-like.
TicketsNow has an interesting future and Pulse 2.0 will make sure to stay up-to-date with them.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry