Promoter 101 #62 - Ticketmaster's President of North America Jared Smith
Dec 9, 2017
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Jared Smith, Ticketmaster's President of North America, discusses cutting-edge ticketing and the pressures of his role. They also cover the recent shake-up at WME Agency and spotlight Wayne Forte from Entourage Talent. smith talks about the importance of relationships in the industry and how Ticketmaster is addressing criticisms. They also touch on the Ticketmaster lawsuit and the challenges of the ticketing industry. The hosts discuss communication and respect in the music industry.
Ticketmaster focuses on specialization in different segments of the ticketing industry to cater to the diverse needs of clients and customers.
TM Plus, a product offered by Ticketmaster, attracts more traffic and encourages fans to explore different ticket offerings, resulting in increased primary ticket sales.
The merger between Live Nation and Ticketmaster in 2010 enabled Ticketmaster to invest more in technology and develop specialized products to meet the diverse needs of its clients and customers.
Deep dives
Ticketmaster's Evolution and Competition in the Ticketing Industry
Ticketmaster has evolved over the years to become a specialized and competitive player in the ticketing industry. With increasing competition, Ticketmaster recognizes the need to specialize in different areas of ticketing to cater to the diverse needs of clients and customers. The company competes in various segments, such as software for venues, primary and resale markets, offering different experiences and services within each segment. While there are many great companies in the ticketing space, Ticketmaster's focus is on continually innovating and investing in technology to better serve the artist, venue, promoter, and ticket buyer. The acquisition of Ticketfly by Eventbrite is seen as a positive step for both companies, bringing together their respective strengths and expertise. Ticketmaster's goal is to strike a balance between simplicity and specialization, ensuring ease of use for ticket buyers while meeting the specific needs of clients in different sectors of the industry.
TM Plus: Enhancing the Ticket Buying Experience and Boosting Revenue
TM Plus, a product offered by Ticketmaster, aims to provide a better ticket buying experience and increase revenue for clients. By offering a wide range of options and inventory, TM Plus attracts more traffic and encourages fans to explore different ticket offerings. Through empirical evidence, it has been shown that activating the secondary market actually results in increased primary ticket sales, as fans have more choices and options available to them. TM Plus serves as a powerful advertising tool, bringing more fans to the website and driving conversions. By focusing on the needs of both primary and secondary markets, Ticketmaster aims to create a win-win situation for all stakeholders in the industry, ensuring long-term sustainability and growth.
The Impact of the Live Nation and Ticketmaster Merger
The merger between Live Nation and Ticketmaster in 2010 had a significant impact on both companies. One notable effect was the infusion of Live Nation's content-focused DNA into Ticketmaster. The merger created an opportunity for Ticketmaster to better serve artists and build stronger relationships within the industry. Ticketmaster's goal shifted to providing value for artists, venues, promoters, and ticket buyers. The combination of Live Nation and Ticketmaster resources enabled the company to invest more in technology and develop specialized products to meet the diverse needs of its clients and customers. The merger also fostered a culture of collaboration and transparent communication within the company. While facing challenges and potential conflicts among various stakeholders, Ticketmaster strives to find the right balance to ensure the long-term health and sustainability of the industry as a whole.
The Impact of Investment in Technology on Ticketmaster
The investment made by Live Nation into the Ticketmaster business has had a significant impact. With this investment, Ticketmaster has been able to launch more products, rebuild their infrastructure and platforms, and invest in cutting-edge technology. This has allowed them to adapt to the changing market, increase mobile traffic, and offer performance-based marketing. The investment in technology has also changed how Ticketmaster views customers and stakeholders, leading to new initiatives like verified fan and digital ticketing.
Addressing Ticketmaster's Reputation
Ticketmaster acknowledges that their brand has taken a hit in terms of consumer reputation, particularly in relation to fees and ticket availability. They have conducted brand studies to understand customer perceptions and have identified trust and reliability as key brand attributes. While fees are often criticized, the main concern for customers is not being able to secure good tickets. Ticketmaster has implemented initiatives like TM Plus and resale to combat this and improve the overall customer experience.
Battling Bots and Scalpers
Ticketmaster recognizes the importance of combating bots and scalpers, as it impacts the long-term success of their business. They are investing significant resources and technology to address this issue. However, the sophistication of technology used by scalpers poses a challenge. Ticketmaster has developed the verified fan program to prioritize the distribution of tickets to genuine fans. While the problem is complex and there is no perfect solution, initiatives like verified fan have significantly reduced the presence of scalped tickets on resale platforms.
This week on Promoter 101 Ticketmaster's President of North America Jared Smith recorded at Aspen Live on Friday December 8th, plus Dan and Luke cover the News of the Week.
