Company Name: GigStarter
The global concert industry is worth 23.5 billion annually, but it’s a risky business.
Promoters, be them the bands themselves or specialist firms, often lose money if tickets don’t sell. As a result, unless they are confident a show will not lose money, they won’t go ahead with it. Even then, they don’t get it right all the time (98% of our respondents said they had lost money). So, they’re risk averse. Artists lose shows and fans miss out.
The concert industry has not incorporated tech/data tools, to support their sales and marketing. Knowing who went to your last show, is very valuable information, but the industry leaders aren’t providing this to those that want it.
Gigstarter lets artists/promoters float the possibility of a show, setting a sales threshold, below which the show won’t go ahead. The fans commit, buy conditional tickets, but aren’t charged until the threshold is reached and the show is confirmed. Shows won’t lose money and fans are incentivised to promote the show to their peers. The result: Promoters can be more bullish, artists can play more, and fans can pool together to invite, and pay for, the artist they love to play their town. Turning the industry from supply push to demand pull.