Ticketmaster Acquires Blockchain Startup to Combat Ticket Fraud

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Ticketmaster, the major global ticket sales distribution company, has recently acquired the blockchain company “Upgraded”. They plan to utilize their DLT and “smart tickets” technology in order to combat the rising fraud issue within the industry as well as claims that they have been scalping their own tickets .

Ticketmaster merged with Live Nation back in 2010 to form Live Nation Entertainment, which is the music behemoth that you see today. The company currently leases, operates, and has equity interest in many of the entertainment venues sold throughout the US. Ticketmaster also promotes 30,000+ concerts as well as sells hundreds of millions of dollars’ worth of tickets annually.

Live Nation Entertainment generates over $10 billion in revenue so the potential for blockchain technology through “Upgraded” will more than validate their results. Live Nation Entertainment has become so dominant within their market sector that their main competitors AEG, accused them of unethical practices which eventually led to the Department of Justice investigating the matter earlier this year.

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This acquisition has also come at a pivotal moment due to the fact that Live Nation was recently hit with a class-action lawsuit for allegedly operating their own ticket scalping scam. Only time will tell whether the blockchain company acquisition will help alleviate and reinvent this music giant as a company that prides itself on transparency.

The founder of Upgraded, Sandy Kaund, noted that the partnership between the 2 companies would bring “promise of blockchain to millions of music fans”.

Khaund, who founded Upgraded in 2016, hinted that many more applications for the technology would be released soon, as stated in this Forbes interview. The founder also highlighted that his company was not only useful for preventing fraud but also enabling the tickets to serve as a high-tech marketing tool.

He went on to state that the potential of our blockchain technology allows anyone to set price restrictions and hide their barcode until two hours before the event. The technology also has the ability to reveal the barcode within 1 km of the venue.

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