As tickets for Ed Sheeran’s latest Mathematics tour went on sale at the weekend, the British singer songwriter has pushed tough new rules to crack down on ticket touting. For 2022, fans of Ed Sheeran that wish to attend the tour will have to accompany the person that bought the ticket, even if that person is not entering to watch the show.
“The promoters of Ed Sheeran are committed to combating unethical secondary ticketing and resale. For the 2022 tour we will be operating a new mobile digital ticket sold only via our approved outlets.”
Ed Sheeran and his team have been extremely vocal over the years in their efforts to tackle ticket touts. Stuart Camp, Sheeran’s manager, also spoke in court about his stance against resale prices, in a trial of Peter Hunter and David Smith. The pair had traded as Ticket Wiz and BZZ using secondary ticketing websites Viagogo and StubHub and were charged with fraudulent trading related to ticketing. Hunter was jailed for four years and Smith was given a 30-month custodial sentence.
Building The Solution
We are building the BPM Wallet as a solution to deter ticket touting and introduce control and security for both event promotors and consumers by issuing tickets as NFT’s (Non-Fungible Tokens).
Secondary Ticket Market
The Global Secondary Ticket Market was valued at USD 5.24 Billion in 2020 and expected to reach USD 9.70 Billion by 2027 with a CAGR of 9.2% over the forecast period.
The current secondary ticket marketplace options have come under scrutiny from The Competition and Markets Authority and music industry groups, who have highlighted concerns about consumers being misled and their relationships with powerful touts accused of exploiting genuine fans.
BPM wallet is building a marketplace that works for genuine fans where tickets can only be traded within the BPM Wallet Marketplace at a maximum of face value.