GEX BOX OFFICE
Project Details
The global event ticketing segment is projected to reach US$65.04bn in 2022. Revenue is expected to show an annual growth rate (CAGR 2022-2027) of 5.31%, resulting in a projected market volume of US$84.26bn by 2027. The Event Tickets segment is expected to show a revenue growth of 14.1% in 2023. In the segment, the number of users is expected to amount to 796.5m users by 2027.
Problem
- predatory business practices by larger organisations;
- bullying of smaller independent venues;
- bullying of smaller artists by denying artist management;
- bullying of larger artists by controlling ticket prices;
- monetisation models that devalue creator content and social worth;
Background
Currently competition is being totally removed from the live event ecosystem. According to consumer organisations, Ticketmaster and Live Nation control over 70% of the primary ticketing and live event venues market. According to the Live Nation CFO they do not have an exact figure for Ticketmaster, but its estimated market share is 20-30%. Other sources state during the past twelve months they believe it to be between 47% and 66%.
The majority of event ticketing corporations are extracting the maximum capital from artist’s labor and they are not sharing it anymore. GEX is the first platform to seamlessly integrate the content value chain. GEX Box Office although a major part of the GEX Platform will offer a white label version named GEX Box Office to independent venues, artists and their fans.
Using blockchain and distributed ledger technology (DLT) combined with non-fungible tokens (NFT), GEX Box Office introduces a new ecosystem that seamlessly improves peoples financial lives through their mutual love for live entertainment.