CitySide Tickets, Inc., a nationwide ticket seller poised to quickly become one of the top event ticket providers via acquisition of smaller ticket firms, announced the signing of a Letter of Intent with StadiumTickets.com to acquire 100% ownership.
For CitySide, which owns and operates e-commerce site CitySidetickets.com where users can obtain and also sell tickets to the best in today’s music, sports and theater events, the agreement with StadiumTickets.com, which went live March 1 and began accepting broker orders, is a natural evolution.
Key aspects of StadiumTickets.com include event ticket and real-time entertainment ticket brokering via a secure US/Europe network which is designed to allow brokers to see ticket availability, trade and negotiate rates all through a single, intuitive and feature-rich online portal.
The ticket industry stretches back to the foundations of western civilization, and, while the basic ideas haven’t changed much, the game sure has, with the secondary ticket market seeing massive developments since the 90s. In fact, where it was once dominated by illegal scalpers, it has now transformed into a 21st century business space dominated by technological innovation and e-commerce.
As increasing numbers of people switch to getting their tickets online through secondary brokerages which offer better unique, options and often prices, this sector is experiencing rising demand.
The ticket resale business is ideally suited to e-commerce solutions, according to US research outfit Forrester Research, and with a projected 2012 market value of $4.5 billion in sales and recent industry consolidation like the $265M acquisition of online ticket scalper TicketsNow (2nd largest behind StubHub with $200M in sales in 06) by Ticketmaster, and eBay’s $310M acquisition of StubHub last year, there is clearly potential for massive growth in the sector.
To give an idea of the proportion of overall market activity, StubHub and TicketsNow ranked 4th and 5th among all ticket sites according to internet market research firm Hitwise.
Forrester Research data indicates that advances in computer hardware/software (which drives competition), and the increased tendencies of the consumer base to shop online, are allowing state-of-the-art e-commerce innovators to access the massive growth of this sector.
Given the awesome influx of capital into the sector, and abundant growth potential, CIST is confident that carving out even a small slice of this huge pie will translate effectively into impressive ROI and that even a small percentage of the overall market share will completely validate this aggressive ownership strategy for StadiumTickets.com.
CEO of CIST, Michael DeAmicis, expressed his pleasure over the signing of this Letter of Intent, indicating that this sort of international venture is precisely what the Company had been longing for, and that the real-time connectivity with European brokers would significantly bolster existing “event offerings and ability to procure tickets”, especially in cases where someone wants to get tickets to all the performances in a popular artist’s international tour.
The intuitive CitySidetickets.com lets users search for their favorite artists, venues or all upcoming events within a given ZIP code, and even lets users post tickets to be sold, a boon anyone who has ever bought tickets and missed – or was unable to attend the event – can immediately understand.
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