ScoreBig, an Internet startup that sells cut-rate tickets to sporting events and concerts, is trying to get bigger.
The name-your-price discounter is lifting the invitation-only restriction on its Web site on Monday and is launching an app for iPhones that highlights deals of the day in local markets. The app will work in San Francisco and Los Angeles at first, to be followed by New York.
The Los Angeles-based company launched its Web site in October 2010 with the goal of helping teams and concert promoters sell some of the 40 percent of tickets that go unsold for most events. It`s like Priceline for live events.
Because it requires fans to bid on tickets, the site helps event managers avoid the embarrassment of slashing prices publicly to fill stadiums. But it knows well in advance when a venue is not going to sell out and, using a secret-sauce formula, it sets a minimum price known as a reserve so it can turn down bids that aren`t high enough.
"We have a very robust algorithm and lots of data," including how similar events are selling and the price of tickets that are resold on the secondary market, says ScoreBig`s vice president of marketing, Peter Sinclair.
ScoreBig was founded by SeasonTicket.com founder Joel Milne and a former NBA business development vice president, Adam Kanner. It makes money by splitting the revenue on ticket sales with the ticket providers, which include venues, sports teams and concert promoters. It doesn`t work with the biggest concert promoter in the business, Live Nation Entertainment Inc., or its ticketing subsidiary, Ticketmaster.
The service promises savings of 10 percent to 60 percent off the combined cost of the ticket`s face value and fees. It charges no fees on top of the bid price and sometimes covers the cost of delivery if time is an...
Posted by Asha 397 days ago (http://www.newsfactor.com)
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