North American concert tickets sales reached a record $7.3 billion in 2016. This represents a growth rate of almost 10% annually since 2000. The most successful tour, as measured in revenue, was Beyonce’s “The Formation World Tour” which topped out at around $170 million. The most popular tour by ticket sales was Luke Bryan, whose shows sold over 1.4 million tickets. Bryan narrowly beat out Garth Brooks, who also sold 1.4 million tickets in 2016.
However, the ticket industry is being met with growing pains, as venues aren’t always able to keep up with increasing demand. This in turn drives up ticket prices, which directly impacts concert goers. Part of the reason is real estate–it costs a lot of money to put on a concert, especially when groundskeeping and parking costs are thrown in. Crowded cities like Los Angeles, San Francisco, and Austin also have growing populations, increasing demand for housing. It is not uncommon for concert venues to be replaced with apartment complexes.
Until recently, the answer to these problems wasn’t immediately clear–real estate is a nonrenewable asset in that land cannot be created. However, with the rise of virtual reality and the advent of blockchain technology several years ago, things are looking way up for the concert industry. One existing company, CEEK is looking to upgrade their platform to incorporate blockchain technology.
The company has already launched a successful VR kit that is sold by major retailers like Best Buy, Target, and Amazon. Additionally, they’ve partnered with big name companies such as T-Mobile and Apple to provide customers with top-quality VR experiences. The next step is to tokenize their platform to spread the reach of entertainment events. By implementing CEEK tokens throughout their virtual reality experience, the team has created a way to turn local concerts into global events and financially incentivize platform users.
How CEEK Changes the Way the World Goes to Concerts
The beauty of CEEK’s VR platform is that it allows anyone in the world to virtually attend concerts. Not only does this solve the problem of crowded concert venues–it also allows labels, concert hosts, and artists to make additional money without needing book another show. Most importantly, viewers in states and countries where an artist isn’t performing still get a chance to watch an incredible show.
The CEEK platform will allow artists and labels to create custom coins that serve as event tickets. Artists can access fan markets that were previously unattainable due to real estate and location specific constraints. What’s more, remote VR concert goers only have to pay a fraction of the cost of an ordinary ticket. Because the platform will operate on a decentralized blockchain, third parties like ticket brokers are eliminated, resulting in higher margins for artists and lower costs for consumers.
But what about the in person concert experience like buying merchandise and interacting with other fans? The CEEK platform has a tool called the Celebrity Coin Mint. This feature allows artists and their labels to create custom virtual goods and merchandise. The fan community, called CEEKERS, will also be able to create custom skins, virtual goods, and gaming items that can be sold for CEEK coins in the VR marketplace. The result is a community based concert experience that rivals the real thing. The only different is that VR goers don’t have to put up with hidden ticket fees, obnoxious fans, and the parking lot nightmare that ensues after a show is over.
All transactions that take place in the CEEK marketplace are logged on the blockchain, providing each user a proof-of-ownership record. The rarity and authenticity of such merchandise is viewable to all platform participants, giving users a way to gauge the price of the marketplace’s offerings.
The combination of CEEK’s forthcoming blockchain platform and their virtual reality kit means that music fans can watch a concert from anywhere in the world. By broadening the concert goer base, CEEK will revolutionize the way people enjoy concerts. Artists and live concert goers will go on as if nothing has changed, but a new population will be able to interact with their favorite artists like never before. At just a fraction of the cost of a real world ticket, remote VR viewers will be treated to a special concert experience.