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Tickets Site SeatGeek Raising Another Giant Investment to Take on StubHub

Thursday, May 14, 2015   (0 Comments)

Re/code (02/07/15) Del Rey, Jason

SeatGeek is following a $35 million investment from Accel and the Manning brothers with a new funding round valued at more than $200 million, in the hope of becoming a more competitive rival to StubHub. StubHub has weathered difficulties lately with the entry of Ticketmaster into the secondary ticket sale market, and the lack of a permanent CEO. Also potentially giving SeatGeek an advantage is its mobile app, which should draw more customers as people become increasingly acclimated to phone transactions. For now SeatGeek reroutes many customers to a different ticket site to complete purchases of tickets they found on SeatGeek, but the company has begun directing some of the transactions onto its own site and app. Additional challenges for SeatGeek include Ticketmaster's ability to sell both primary and resale tickets. Ticketmaster owner Live Nation previously discussed a possible merger with SeatGeek, but neither side could agree on a price, partly due to SeatGeek's current business model, in which it receives only a small portion of the ticket price when it sends customers to make their purchase elsewhere.

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