Navigating The Storm: The 5 Things You Need From A Ticketing Partner

In a year that’s testing the limits of event organizers worldwide, the pressure to sell out has never been more intense. For festival owners, the landscape is looking tougher than we’ve ever seen:

• In the US, icons like Firefly, Okeechobee and Riverbend have hit pause, with 10 festivals and counting calling off their events this year. Even Coachella, a name synonymous with sell out success, is experiencing slow sales.
• In the UK, the tally has risen to 21 festivals postponing, canceling or shutting down entirely in 2024 alone—a clear signal of the growing challenges within the festival circuit.
• In Australia, leading festivals such as Splendour In The Grass and Groovin the Moo—among 20 others—have canceled this year despite promising line ups.

These setbacks highlight a pivotal opportunity for festival owners to reset their ticketing strategy. So, what should you be looking for in a ticketing partner during these turbulent times? Here are the top five ticketing platform qualities that can make or break your festival’s success:

1) You need direct access to your cash; and you need it faster 

Staging a successful festival requires substantial financial resources. To select the right talent, venues, and vendors, festival owners need innovative financial solutions that help them accurately gauge fan demand and provide rapid access to funds. Your ticketing partner should offer features that allow for automatic payouts without holding reserves, ensuring you have the necessary capital to launch your festival effectively. Beyond initial cash advances, look for partners that provide real time, comprehensive insights and white glove account support to proactively outsmart market downturns.

2) You need data science 

If the past few years have taught us anything, it’s that the live events ecosystem is dynamic. Ticketing platforms with analog analytics simply don’t have what it takes to help you win in this crowded market. You need a leading edge data and insights partner to better control your on sale outcomes, so look for organizations that have heavily invested in data science teams that serve your organization, specifically. If your potential partner requests historical sales data, can provide insights and trends from similarly sized festivals and conducts extensive pricing and packaging simulations before and during your on sale to keep your desired revenue outcome on track, you’ve found the right team. This level of support and insight can make the difference between an ordinary event and a sell-out success.

3) Price your tickets dynamically 

Static pricing leads to less sales and price gouging damages your reputation. Your ticketing platform should offer your true dynamic pricing, similar to fan favorite marketplaces like Amazon. This means perfectly anticipating what your audience wants, offering tickets at just the right time and price. In a live events context, you’ll want to vet if the algorithm is optimizing for getting as many fans in or for the highest dollar amount in every transaction—ticketing platforms that prioritize the former are what you're looking for. By setting the most competitive prices, you'll increase your conversion rates and box out predatory secondary markets—safeguarding your festival’s reputation while making sure fans get the best deal directly from you.

4) You must get your fans buying faster

It’s no secret that fans are buying later than ever, especially in economic downturns. It’s essential to choose a ticketing partner equipped with features designed to boost your conversion rate and get fans buying faster. Prioritize platforms whose checkout experiences remove risk for buyers, like hassle-free returns, credit check free Layaway Plans and flexible Buy Now, Pay Later plans. Offering flexible options like these helps you meet each fan where they’re at in their decision making process, encouraging quicker purchase decisions while significantly growing your bottom line.

5) Spend less (and smarter) on marketing

Many ticketing partners boast email lists in the millions, but (a) they charge you for access and (b) only a fraction of these contacts are true potential fans. The right ticketing partner should extend the growth of your own marketing database—without draining your budget. Look for ticket providers that grant free and immediate access to a dedicated fanbase that aligns with your event’s genre, geographical area and purchase patterns. They should be working with your team to vet their targeting and provide purchaser data from day one for future marketing efforts. As your campaign progresses, they should be checking in on performance and offering suggestions for improvement at no additional cost. 

Your Partner in Sell Out Success

The road ahead may seem daunting, but with right ticketing partner, your festival can achieve unparalleled efficiency, profitability and attendee satisfaction. If you're in the market, we'd like to show you how Lyte how can help with all of the above—and then some!