There is a new service out called OptionIt and pro teams may have found a new ticket revenue source. Click on the link and check it out for yourself.
If you are a consistently sold-out sports team or event, this is a way to bring in additional seat revenue and keep the seats full. Here is how it works. A customer can put an option on a seat or seat price for a sold-out event. If the seat becomes open, they have the option to buy the seat at face value, sell their option, or just pass. The customer of course pays for the option. This cost is over and above the face value of the seat if it becomes available.
The first question that popped in my head is where do these “good” seats come from? I understand that OptionIt is in partnership with the team or event but if these seats are “sold-out” how do they become available? Yes, I know that teams and events hold seats for various things but they usually don’t hold too many if the team sells out on a regular basis. The website claims that you usually exercise your option a week or two before the event. When do “holds” get released?
According to their website they have signed three NFL teams, two NHL teams, and one NBA team. They also have the SAP Open (tennis) and Strikeforce (martial arts).
Don’t get me wrong, I like this concept. This is an interesting twist on ticket brokers and aftermarket ticketing. Of course knowing our industry, the cynic in me wonders how many teams or shows will hold seats back just to make some additional revenue?
As we enter the New Year it will be interesting to see where this new ticketing option goes.