Since the advent of illegal downloading in the late 90’s and music streaming in the early 10’s the music industry has changed beyond all recognition. Live music is now a key revenue generator for artists. Albums used to be the way artists made money and tours supported the album. The Internet has changed this paradigm and flipped it. A whole industry has been built around gigs and tours and, inevitably, so has fraud. It seems not a month goes by without a news story appears which illustrates how tickets for live events are changing hands for hundreds of % over face value. The only winner in this situation is the ticket tout. The industry has woken up to the threats posed by illegal touts, recently Ticket Master closed resale sites, Seatwave and Let Me In, but the problem of touting remains a big issue for artists and, most pertinently, consumers.
Tickets bought using blockchain and a smart contract could, in one simple stroke, remove the potential for fraud from this industry. Tickets could be purchased utilising a computer’s or mobile phone integrated camera. The ticket purchased could be secured using a cryptographic hash. Once the purchase has been cryptographically secured the ticket can only belong to the person who purchased it. The ticket could then be stored in a digital wallet and ‘redeemed’ at the event.
Scope and opportunity
The experiential economy has been the zeitgeist of the latter part of the decade. Conspicuous consumerism, in form of physical goods, especially for Millenials is no longer the norm. In parallel smartphone usage and technology continues to proliferate and Yotta believes the confluence of these factors presents a sizeable opportunity to disrupt.
© Yotta Laboratories