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Why Seatgeek's Business Model is so successful?

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Seatgeek’s Company Overview


SeatGeek, established in 2009, is a prominent ticket search engine and aggregator that transforms the way users discover, buy, and sell tickets for live events. With a user-friendly platform and robust technology, SeatGeek provides a comprehensive view of ticket options, including pricing, seat locations, and other relevant details. The company strives to enhance the event-going experience by simplifying the ticket-buying process. SeatGeek is a ticket search engine that makes finding tickets to live entertainment a cinch. They search dozens of the biggest ticket sites and present the results all in one place. SeatGeek also has a Deal Score system, which ranks ticket deals by value and presents shoppers with the best bargains front and center. SeatGeek has a number of leading partners in sports, music, and theater, including Yahoo! Sports, Fox Sports, and Deadspin. SeatGeek operates on a two-sided marketplace business model. On one side, it aggregates tickets from various primary and secondary market sources, including major ticket sellers, individual sellers, and other platforms. On the other side, it caters to consumers searching for tickets to events. The platform utilizes advanced algorithms and interactive seat maps to help users make informed decisions about their ticket purchases. SeatGeek's business model revolves around creating a transparent and efficient marketplace for both buyers and sellers of event tickets. SeatGeek generates revenue primarily through fees and commissions on ticket transactions. When users purchase tickets through the platform, SeatGeek charges a service fee, which is a percentage of the ticket price. Additionally, the platform may charge sellers a commission on the sale of tickets through its marketplace. SeatGeek's revenue model emphasizes providing value to users through a seamless ticket-buying experience while monetizing its platform by facilitating transactions and ensuring the integrity of the ticket marketplace. The company's commitment to transparency and user satisfaction has contributed to its success in the competitive ticketing industry.

https://seatgeek.com/

Country: New York

Foundations date: 2009

Type: Private

Sector: Consumer Services

Categories: eCommerce


Seatgeek’s Customer Needs


Social impact:

Life changing: affiliation/belonging

Emotional: fun/entertainment, rewards me, badge value, nostalgia

Functional: saves time, simplifies, reduces risk, reduces effort, avoids hassles, informs


Seatgeek’s Related Competitors



Seatgeek’s Business Operations


Channel aggregation:

Consolidating numerous distribution routes into one to achieve greater economic efficiency. A business model for internet commerce in which a company (that does not manufacture or warehouse any item) gathers (aggregates) information about products and services from many competing sources and displays it on its website. The firm's strength is in its power to create an 'environment' that attracts users to its website and develop a system that facilitates pricing and specification matching.

Ecosystem:

A business ecosystem is a collection of related entities ? suppliers, distributors, customers, rivals, and government agencies ? collaborating and providing a particular product or service. The concept is that each entity in the ecosystem influences and is impacted by the others, resulting in an ever-changing connection. Therefore, each entity must be adaptive and flexible to live, much like a biological ecosystem. These connections are often backed by a shared technical platform and are based on the flow of information, resources, and artifacts in the software ecosystem.

Experience:

Disrupts by offering a better understanding that customers are willing to pay for. Experience companies that have progressed may begin charging for the value of the transformation that an experience provides. An experienced company charges for the feelings consumers get as a result of their interaction with it.

Network builders:

This pattern is used to connecting individuals. It offers essential services for free but charges for extra services. The network effect is a paradox that occurs when more people utilize a product or service, the more valuable it becomes.

Online marketplace:

An online marketplace (or online e-commerce marketplace) is a kind of e-commerce website in which product or service information is supplied by various third parties or, in some instances, the brand itself, while the marketplace operator handles transactions. Additionally, this pattern encompasses peer-to-peer (P2P) e-commerce between businesses or people. By and large, since marketplaces aggregate goods from a diverse range of suppliers, the variety and availability are typically greater than in vendor-specific online retail shops. Additionally, pricing might be more competitive.

Platform as a Service (PaaS):

Platform as a Service (PaaS) is a class of cloud computing services that enable users to create, operate, and manage apps without the burden of establishing and maintaining the infrastructure usually involved with designing and developing an app.

Transaction facilitator:

The business acts as an acquirer, processing payments on behalf of online merchants, auction sites, and other commercial users for a fee. This encompasses all elements of purchasing, selling, and exchanging currencies at current or predetermined exchange rates. By far the biggest market in the world in terms of trade volume. The largest multinational banks are the leading players in this industry. Around the globe, financial hubs serve as anchors for trade between a diverse range of various kinds of buyers and sellers 24 hours a day, save on weekends.

Two-sided market:

Two-sided marketplaces, also called two-sided networks, are commercial platforms featuring two different user groups that mutually profit from the web. A multi-sided platform is an organization that generates value mainly via the facilitation of direct contacts between two (or more) distinct kinds of connected consumers (MSP). A two-sided market enables interactions between many interdependent consumer groups. The platform's value grows as more groups or individual members of each group use it. For example, eBay is a marketplace that links buyers and sellers. Google connects advertising and searchers. Social media platforms such as Twitter and Facebook are also bidirectional, linking consumers and marketers.

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