Tickets to the NBA final went for $4,500. Right now, we’re focusing on ticket brokers who make such a significant margin on each ticket, the idea of throwing a portion of the cost back to us is no big deal. When PDFs first came out, sellers charged $3 or $4 more for them. The other three options should not exist.Īdams: Why would ticket buyers choose your option if it means they have to pay more for their tickets? In the long term, I want to be the only option. In the short term, I want to be the fourth option. When you go to Ticketmaster, you get a drop-down that says PDF, postal service or will call. It’s to be the Intel chip inside of ticketing. My goal isn’t to replace Ticketmaster or StubHub. The market will tell us how much we can charge.Īdams: Are you trying to compete with Ticketmaster? Khaund: We have to prove that we provide extra value. The fans pay the fee.Īdams: Don’t fans already resent how much more they pay over the cost at the box office to a service like Ticketmaster?
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Khaund: A flat fee of $2 to $4 a ticket, plus a percentage of the ticket fee. Khaund: The Dream Bowl, a college football game held in January. Khaund: In April, we ran a test with an NBA team, with more features that delivered richer data back to them.Īdams: Who was your first paying customer? Have you struggled to sign up more teams since then? The team could also try to sell you more tickets.Īdams: That seems promising. If the team knows you’ve gone to 14 Yankees games this year, it may want to sell you an Aaron Judge jersey. The ticket is then a way to do targeted marketing. Khaund: Since the ticket is interactive, it can become a conduit between the team and the fans.
The team doesn’t know who those people are.Īdams: Why does the team care who uses the tickets? Typically, I’d buy three tickets and give two to other people. But more important, they want to know who’s going to their games. We did that test for free.Īdams: Why would a sports team want to pay for your product? Khaund: We talked to a half dozen major league teams and one of them said it would give us 100 tickets to one of its less popular games to see if the technology would work. Subscribe Now: Forbes Entrepreneurs & Small Business NewslettersĪll the trials and triumphs of building a business – delivered to your inbox.Īdams: How did you get your first customer? There are not a lot of people who can answer your questions. The biggest challenge was working with nascent technology.
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And we could make it so that you have to be within one kilometer of the venue for the bar code to appear. We can also hide the bar code until two hours before the event. It makes the ticket much more than a dumb token. Ethereum is to Bitcoin what a credit card is to a dollar bill. Khaund: We made a prototype but then we discovered a new technology called Ethereum. I thought, we need that for tickets.Īdams: How difficult was it to create your software? If I give you a Bitcoin and then try to give a duplicate to someone else, the ledger says I can’t. It works like a huge ledger with debits and credits. We realized one way the tech world has overcome this is with Bitcoin, which uses blockchain technology. Khaund: The issue is that ticket sellers don’t have a digital asset that’s singular. At least StubHub has a money-back guarantee but those people didn’t get to go to the game.Īdams: How did you figure out you could solve those problems? Last year at game seven of the NBA Western Conference championship between the Golden State Warriors and the Oklahoma City Thunder, 86 people got rejected at the gate with tickets they’d bought from StubHub.
In this interview, which has been edited and condensed, he explains why it’s been a struggle to recruit customers and why he’s not trying to put ticket reseller StubHub out of business.
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Since his software can collect data on individual ticket holders and communicate with them directly, it also allows event owners to target fans with pitches for products or additional tickets. He got the idea to use blockchain technology, the technology behind Bitcoin, to create one-of-a-kind digital tickets. A veteran of Microsoft, Intel, Turner Broadcasting and InStadium, a Chicago marketing company that works with sports venues, Khaund, 45, became interested in ticketing when he realized how easy it was for resellers to print fake tickets from PDFs. Sandy Khaund believes his technology can turn event tickets into high tech marketing tools that prevent fraud. AFP / Mark Ralston (Photo credit should read MARK RALSTON/AFP/Getty Images)