Blockchain has revolutionized the music industry in ways we could have never imagined. Digitalization has led to a significant change in the way artists and their fans interact and while this leads to other start-ups squabbling over who can build the best music streaming/rights management/artist compensation blockchain, Tracer has different plans. They have something else
Blockchain has revolutionized the music industry in ways we could have never imagined. Digitalization has led to a significant change in the way artists and their fans interact and while this leads to other start-ups squabbling over who can build the best music streaming/rights management/artist compensation blockchain, Tracer has different plans. They have something else in mind.
Tracer targets the entertainment ticket industry, with blockchain-based solutions sure to transform forever how we buy and sell tickets.
This is the first time, promoters, ticketing companies, and artists can set prices not only on initial ticket sales, but also on resales. Whether tickets can be resold, for how much, and what happens to the profits are all governed by blockchain policies.
Since the history of each ticket is tracked through the Tracer blockchain, fraudulent tickets become a thing of the past.
Tracer then went on to upgrade its features by introducing the Smart Ticket
Tracer has developed the Smart Ticket to give you 100% control over the entire ticket journey.
By leveraging the power of blockchain technology, promoters and ticketing companies can define exact rules for each ticket individually. For instance, whether a ticket can be resold, the price it sells at and what happens to the profits each time it is sold on.
The artist or promoter can now trace the ticket’s entire journey as well as the customer’s ownership data, no matter where the ticket is sold, or how many times a ticket is re-sold.
Fans no longer have to worry about buying fraudulent tickets. For them, the process is seamless. Everything happens behind the scenes thanks to discreet but highly powerful blockchain tech.
Tracer chief executive and former Ticketbis vice president Jorge Díaz told Ticket News that his goal for the new firm is to create a way for artists and promoters to have control over their tickets.
He said that there should be a way for both artists and promoters to participate in the secondary industry by having transparencies of the transactions.
Diaz reportedly described the secondary industry as a “lucrative business.”
“I don’t believe that the secondary market companies are trying to fix that,” Díaz explained.
“They’re only trying to leverage the inefficiency of the industry. We think we can distribute that money – 12 billion dollars that people are spending on secondary tickets every year – we can distribute that more efficiently, which is going to be less money, less costs for the fans, more money for the artists.”
He firmly believes that it’s time for a change. “It’s time to change the distribution of power in the industry.” He added.
So why is the Smart Ticket actually called so? Well, first and foremost it is believed to be decentralized and 100% safe.
Every time the Smart Ticket has a new owner, all transactional data is recorded on an immutable, decentralized database: a blockchain, in other words.
Because of blockchain’s inherent anti-counterfeit nature, no one owns this database. This data cannot be re-written or abused in any way.
Also there is a misconception that using blockchain technology doesn’t mean customers pay in cryptocurrencies. Tracer deploys blockchain as the underlying payment structure for whatever the payment currency is, be it euros, dollars or sterling.
Airlines tickets aren’t sold from just one website. So why should your concert tickets be sold from just one channel? Thanks to Tracer, your tickets can automatically be distributed across multiple sales channels, of your own choosing.
And the best thing, it’s an effortless process. All you have to do is assess the incoming sales analysis from your control panel, helping you target and market your key audience in a way not previously possible.
Tracer is led by the team who successfully scaled global ticketing platform Ticketbis to $100M in annual revenue and 400 employees across 48 countries.
On 17 June, 2018 Tracer’s Smart Ticket was used by more than 9,000 people of all ages to get into The Cambridge Club festival in Cambridge, United Kingdom. It was the first time that blockchain and a dynamic QR code was used at a massive gig event, beating competition from all over the world.
Tracer’s Smart Ticket was recently used at The Cambridge Club festival in Cambridge, reportedly the first time that blockchain and a dynamic QR code was used at a major music festival. Reportedly around 9,000 tickets were sold through Tracer.
With Tracer it seems that the countdown to change the ticketing industry has started.