Last week I read an article in the Winston-Salem Journal about an incredible event coming to Winston-Salem. This event is Chris Paul's charity pick-up all-star game. The game features NBA all-stars Chris Paul, LeBron James, Carmelo Anthony, Kevin Durant, Josh Howard, and John Wall, and will be played in the 3,200 seat basketball arena on the campus of Winston-Salem State University. Given that I'm one of the biggest basketball fans you will find, this was an event I had to attend. Unfortunately, the tickets went on sale at a time when I was unable to purchase them, and the event sold out in just under 3 hours. Five years ago, it would have been extremely difficult to find someone willing to sell a ticket, even if the event was taking place in my area. However, thanks to StubHub, millions of fans now have the ability to purchase tickets to events that were previously ‘sold out.’ Although I had to pay more than face value for the ticket, I still found that the price was very reasonable, and that the value gained from the experience would far outweigh the money spent on the ticket.
Consumers are able to purchase tickets to see Paul McCartney live. Millions of Beatles fans now have the opportunity to see a legend live in concert.
With StubHub, everyone wins. I’m able to attend an event which I was previously unable to attend, and the re-seller is able to make a profit. There are also plenty of instances where the re-seller is not necessarily looking to make a profit, but it just happens that a conflict arises, and that person wants someone to be able to enjoy the event. I’ve seen tickets on StubHub going for as little as $1. This is another, yet different, example of everyone benefiting from StubHub. A consumer gets a phenomenal deal, the original ticket holder feels satisfied because someone was able to enjoy the event, and the event venue will now gain revenue from parking and concessions (StubHub also gains a commission). Some would argue that the original ticket vendor is losing potential revenue, but I would disagree. I believe that the original ticket vendor did not do an adequate job at determining the correct price points and demand of the given event. This leads us to StubHub’s great realization.
Football fans across the country can now cross going to the Super Bowl off of their bucket lists thanks to StubHub.
StubHub realized a critical insight about the pricing and availability of tickets. Often times the face value of the ticket does not adequately represent how much that ticket is truly worth. The purchase of a ticket can give you more than just a photo to post on Facebook or Twitter. It gives the consumer a story to tell and a memory that will be with them for the rest of their life. Two years ago my best friend and I took a trip to Indianapolis to see Peyton Manning play. He’s our favorite football player of all-time, and we would have never gotten to see him play if it were not for StubHub. Every person who has ever used StubHub could share a similar story. On their Facebook page it says ‘share your passion with other fans.’ The company does just that; they allow the consumer to connect with people who share a passion for the same artist or sports team. StubHub has unlocked what consumers were truly looking for and have provided a safe and legal environment of ticket exchange. StubHub does far more than provide tickets-they provide memories.
-Robert Reinhard
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