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Sports Illustrated Launches Ticket Marketplace With Partnership With Venmo
Sports Illustrated launched SI Tix, a new aftermarket to purchase tickets for sporting events, concerts and theater performances. The site debuts with nearly 20 million tickets available for over 100,000 events, for a total inventory of $ 2 billion; SI has also entered into an agreement to make Venmo its official payment partner.
Tickets are sold on sitickets.com and the SI Tix mobile application, available on the App Store and Google Play. SI Tix offers will be promoted on all Sports Illustrated platforms. A dish A service charge of $ 10 will be added to all ticket transactions paid with Venmo, the PayPal-owned app that has 70 million users. Alternatively, SI Tix will charge a 15% charge on all tickets purchased with PayPal or credit cards.
“If you use Venmo, whether you buy $ 200 or $ 2,000 in tickets, you will only pay a flat service fee of $ 10. And we’re going to show you that pricing throughout the experience, not at that last stage of the checkout, ”David Lane, CEO of SI Tix, told SportTechie.
Lane, who was previously vice president of FanDuel and CEO of sports ticket retailer Lunatix, says SI has spent the past two years looking to enter the ticketing space. SI Tix does not purchase the ticket inventory available on its site, but instead controls a network of sellers approved to resell tickets on its site.
“The iconic brand behind this ecosystem is very different from some of the other sellers in the market,” Lane said. With paper ticket stubs a memento from his past, he also envisions SI Tix embracing tickets as non-fungible tokens.
“We believe there is an important opportunity in this [NFT] space . . . to make sure you have something to take with you and commemorate an event, ”Lane says.