SeatGeek introduces new tools to assist fans in reselling tickets at optimal prices

SeatGeek, a ticketing platform and resale marketplace, is rolling out three new features aimed at simplifying the ticket-selling process for users looking to resell tickets. These features include a smart pricing tool that recommends the best price based on various factors, automatic tags highlighting extra perks associated with tickets, and the ability to list tickets for multiple events simultaneously.

Known as “Next Fan Up,” SeatGeek’s latest product release offers fans access to advanced selling tools previously available only to venues, organizations, and licensed sellers. These features will be applicable to a wide range of events, including Major League Baseball, NFL, NBA, NHL, MLS, NASCAR, and other events partnered with SeatGeek.

The cornerstone of these new features is Smart Pricing, an algorithm that employs multiple machine-learning models to dynamically adjust ticket prices. It analyzes historical sales data of similar events, as well as factors like weather changes and seat location. Moreover, ticket prices may be adjusted in response to unforeseen events such as player injuries or the sudden popularity of an artist’s song before a concert. This advanced pricing mechanism aims to optimize ticket sales for sellers while providing buyers with fair and competitive pricing.

SeatGeek’s introduction of Smart Pricing reflects a common practice in the business world, especially in online retail, where machine learning algorithms are utilized to set competitive prices. This move aligns with strategies employed by platforms like Facebook Marketplace and eBay, which have integrated automated price suggestions since 2018.

The Smart Pricing feature offers sellers three options: selling quickly at a lower price, selling gradually at a higher price, or adopting a balanced approach. While success in secondary ticket markets is not guaranteed, SeatGeek aims to facilitate sellers in attracting the right buyers at the optimal time. Currently, Smart Priced listings can only be managed via SeatGeek’s desktop website.

For those preferring manual price setting, the option to disable Smart Pricing exists, although SeatGeek still provides price recommendations in a separate box. The company charges sellers a 10% commission fee.

Currently in beta for select users and events, Smart Pricing will be gradually expanded to SeatGeek’s broader user base throughout 2024.

Seat Perks is another new feature designed to enhance the ticket-selling experience by automatically tagging seats with included special features, such as food and beverage credits or access to premium areas like the Delta Sky360 Club at Citi Field. This aims to make tickets more appealing to potential buyers.

The introduction of Bulk Listing may raise some concerns, as it incentivizes bulk purchases solely for resale purposes. While ticket reselling can sometimes be viewed negatively, particularly when driven by profit-seeking motives, SeatGeek also offers customers the option to return tickets up to 72 hours before the event. Ultimately, the platform seeks to balance the interests of sellers and buyers while maintaining a positive user experience.