Will Theatre Ticketing Ever Be Done With Cryptocurrency?

The theatre industry can benefit from cryptocurrency and blockchain technology as much as several other sectors currently integrating the technology. Blockchain can help revolutionise theatre, supporting the creation and maintenance of ticketing records on a secure and immutable network.

Applying crypto to theatre ticketing is similar to crypto’s growing integration with the online gambling sector. There are crypto casinos in Australia that enjoy perks like secure transactions and quick payments for bettors using Bitcoin and other digital assets, which expands the utility customers get from interacting with these platforms. Similarly, crypto theatre ticketing can encourage more patronage from a broad range of potential customers and bring increased efficiency, security, and transparency to the theatre industry. Despite these perks, predicting the integration of crypto with theatre ticketing is not straightforward and may require a concerted effort from various stakeholders.

Although commonly used, the conventional system of theatre ticketing suffers a few setbacks, including the following:

• Scalping: People sometimes take advantage of the limited seats at a theatre by buying several tickets at regular prices and selling them for exorbitant prices. In many cases, the high demand for these showings helps scalpers sell their expensive tickets quickly, and they end up making large profits because of their high markup. In 2016, the price of tickets to the Hamilton musical jumped from the $189 face value to $850 on the secondary market and kept climbing until it hit $10,900.
• Transaction Fees: Fans buying tickets online usually have to pay varying transaction fees in addition to the ticket’s face value. These charges can vary significantly, depending on availability or the third-party platform processing the
  transactions.
• Fraud: Unfortunately, the risk of buying fake, invalid, or stolen tickets is high, especially with theatre events in high demand. Scammers may use phishing or cloning techniques to sell counterfeit tickets to excited buyers unaware of the fraud. This also negatively affects the showrunners as they lose a lot of money and cannot entertain true fans.

Fortunately, cryptocurrency easily solves many of the issues facing traditional ticketing. The following are a few improvements obtainable from crypto integration:

• Better Security: Blockchain technology offers enhanced security to the theatre ticketing process. Each blockchain transaction is permanently recorded on a public and immutable ledger, making it nearly impossible for scammers to alter or forge tickets. In addition, blockchain can be used to eliminate fraud since prospective buyers can confirm the provenance of a ticket before making a purchase. This significantly reduces the risk of scalping.
• Cheap Fees: Instead of paying heavy fees to complete ticket transactions, theatre lovers purchasing tickets via crypto enjoy minimal fees on the blockchain because transactions need no intermediaries. This fee reduction also benefits the theatre companies because they are likely to sell more tickets if buyers are not discouraged by unfair costs.
• Improved Access and Inclusion: Via crypto, anyone with an internet connection and an enabled device can easily purchase tickets to enjoy their favourite performances. This is crucial if the sellers are concerned about inclusion since many payment processors and intermediaries on traditional ticketing websites usually require a credit card or a traditional bank account.
• Streamlined Operations: Sellers can use smart contracts to automate the ticketing process so that buyers automatically get their tickets immediately after their crypto payment is processed. This reduces paperwork, administrative overhead, and the need for human effort.

Like crypto gambling, using digital assets for theatre ticketing is a relatively new concept. Sellers looking to take advantage of digital assets and blockchain technology must consider the groundwork required for widespread adoption. These stakeholders should be willing to lobby government authorities for supportive regulation, and make an effort to educate prospective buyers on the perks of purchasing tickets using digital assets. If these efforts are successful, it becomes easier to figure out a timeline for the widespread use of crypto for theatre ticketing transactions.