Press Release (ePRNews.com) - SOHO, England - Oct 04, 2016 - • 10% of the company is now owned by fans thanks to a Crowdcube campaign which has raised £610,080 in four weeks
• Finalist in the Virgin Media Business VOOM 2016 competition has been labelled the Airbnb of concert tickets. Vibe Tickets aspires to educate consumers on ethical ticket reselling while remaining open and free to use.
• Peter Kelly, Managing Director Virgin Media Business “We congratulate Vibe Tickets on achieving this great investment result. This will help them grow their business and realise their goal of creating a revolutionary ticketing marketplace.”
• Free open marketplace believes in fan community to self-regulate and to promote ethical ticket re-selling values. Harris Interactive research offers hope and shows that 8 out of 10 young British fans (18-34 years old) are likely to use Vibe Tickets to buy and sell spare tickets at face value.
Lancaster based start up Vibe Tickets has successfully completed a crowdfunding campaign via the Crowdcube platform which has attracted 316 fan investors and raised a total of £610,080. The company, valued at £6 million, has offered a 10% equity stake to fans, who were able to participate from as little as £10.
The start up has developed a mobile app which connects fans buying or selling spare tickets for concerts and other live shows.Vibe Tickets follows the steps of the likes of Airbnb by providing a true peer-to-peer marketplace where you can see the faces and identities of the people you are buying from or selling to. This is a unique feature in the UK ticketing marketplace. The start up is also against adding fees or commissions to future in-app transactions.
After the crowdfunding campaign finished, Harris Interactive conducted market research about attitudes towards ‘The Ethics of Re-selling Tickets’ amongst British fans, with positive interesting results about the future of an open free marketplace like Vibe Tickets. Among young fans, 18-34 years old, 80% claimed that they preferred to make another fan happy by selling their spare ticket at face value than to profit from the resell. Fans of Adele, Coldplay, Ed Sheeran and U2 were found to be most ethical ticket buyers in the research. The research is aligned with the success of this crowdfunding campaign which shows fans care enough to take action and invest their own money in an open peer-to-peer marketplace.
Luke Massie, Founder and MD of Vibe Tickets says:
“Many warned us of the risk of crowdfunding in such a public manner. But this company was built on openness and transparency. In the Vibe office, we live our motto “for fans by fans”, and this crowdfunding campaign was about making sure we involve the users in our journey so we don’t ever lose touch with them.”
Rosa Martinez,Marketing Director of Vibe Tickets says
“This success attracting fan investors, prove that users are still not satisfied with the state of secondary ticketing market and want to re-invent the rules. Professional touts hide behind anonymity on these other websites with total impunity. The results of the Harris Interactive research are very encouraging. The fact that 80% of of young fans would rather make another fan happy by selling a ticket at original face value than to profit from the opportunity, just shows that there are a high number of young fans who value ethical commerce. Vibe Tickets exists to empower and serve this community, while remaining an open, free to use marketplace.”
MARKET RESEARCH MENTIONED ON THE PRESS RELEASE
Survey Methodology: Harris 24 Service
Harris Interactive conducted the study online between 27th -28th September 2016, among a nationally representative sample of 1,000 GB adults aged 18+, using the Harris 24 Service. The Harris 24 service can cover 1000-2000 responses in less than 24 hours.
About Vibe Tickets
Vibe Tickets is a Lancaster based start up founded in 2013 by young entrepreneur Luke Massie.
The company started as a Twitter hashtag connecting people looking to buy tickets for sold out events with those looking to sell spare tickets they could no longer use. Vibe Tickets is a live community, as well as an open marketplace where fans can make offers on spare tickets. The company promotes ‘ethical ticket reselling’ and trusts the fan community to self-regulate and report scammers.
On June 2016, Vibe Tickets won a place as a top 3 finalist in the Virgin Media Business VOOM competition, which was broadcast on national television. Luke Massie representing Vibe Tickets got to pitch to Sir Richard Branson, wining a £20,000 prize. Virgin Media Business and the VOOM team continue to work closely mentoring and supporting Vibe Tickets since then.
On 2nd of August, Vibe Tickets launched an iOs mobile app, which has been downloaded by 33,000 British fans so far. The app continues to be improved every two weeks, and a secure payment system is due to be released next. Besides the ethical values of the company, what makes Vibe Tickets different from other ticketing marketplaces is the transparency: fans can see the faces of the people they are selling to and buying from.
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Business Info : Vibe Tickets