TicketsNow

About TicketsNow

TicketsNow operates as an online marketplace specializing in the secondary market for event tickets. The company provides a platform for consumers to buy and sell tickets for a wide array of live entertainment, including sporting events, concerts, and theater productions. The business model is centered on facilitating transactions between ticket holders, primarily licensed ticket brokers, and buyers seeking premium or sold-out seats. Revenue is generated through fees and commissions on the tickets resold through its platform.

The company was established in 1992 by Mike Domek, who, inspired by his interest in the entertainment industry, started the business from his apartment with a small $100 investment. Initially named VIP Tour Company, Domek transformed the venture into a professional, full-service ticketing agency. A significant milestone was the launch of the TicketsNow.com website in 1999, which propelled the company's growth in the online secondary ticketing space. This move distinguished TicketsNow by primarily collaborating with licensed ticket brokers, providing them with software to manage inventory, which differed from competitors like StubHub that focused more on individual fan-to-fan sales. The company's rapid growth was recognized with placements on the Inc. 500 list in 2004 and 2006.

In March 2007, TicketsNow secured $34 million in a Series A funding round from investors including Adams Street Partners, Pritzker Group, and DFJ Portage Ventures. This investment fueled its competition with other major players in the market. A pivotal moment in the company's history occurred in February 2008 when it was acquired by Ticketmaster for approximately $265 million. The acquisition positioned Ticketmaster as a major force in the secondary ticket market, competing directly with eBay's StubHub. Following the acquisition, TicketsNow continued to operate as a subsidiary of Ticketmaster, which later merged with Live Nation to become Live Nation Entertainment. The deal, however, also sparked controversy, particularly in 2009 when customers trying to buy Bruce Springsteen tickets on Ticketmaster were redirected to TicketsNow, where the same tickets were listed at inflated prices, raising concerns about a conflict of interest.