GeoTix Closes $1 Million Financing to Expand Footprint and Capitalize on $5 Billion Online Event Ticket Sales Market Opportunity -- Emerging SaaS Solutions Provider Poised to Disrupt Global Ticket Service Industry with Localized Ticket Sales Platform, Enabling Media Outlets to Generate New Revenue Streams
GeoTix, announced today it has received $1 million in financing from Boomerang-Catapult and strategic investor Casey Cowell, co-founder of U.S. Robotics. The company will utilize the funding to drive marketing and sales efforts, capitalize on a $5 billion market opportunity and build on its rapidly growing media customer base that currently spans more than 20 cities across the U.S.
According to a research report from IBIS World, the online event ticket sales industry has strongly grown due to a significant shift from physical tickets and at-home printing to digitized mobile ticketing. Over the past five years, personal disposable incomes have increased alongside the music industry's continued shift toward live performance. The IBIS World report asserts that as the economy is expected to continue expanding and as consumer disposable incomes increase, online ticket sellers will remain the primary source of tickets for sporting events, concerts, festivals, public appearances and more.
“While the market for online ticket sales continues to rise, media companies are persistently seeking approaches that will monetize content with new dollars and create greater audience development,” said Casey Cowell, Principal at Boomerang-Catapult. “GeoTix has developed a solution that elegantly addresses this need, enabling media companies to create new revenue streams based on community content they already produce. Furthermore, instead of consumer dollars going to a small group of national ticket sales giants or social media behemoths, those dollars stay within the local community -- a win-win for both consumers and the local media companies that serve them.”
“The beauty of our solution is that we’ve made it a very natural process and there are no barriers to purchase -- media companies can generate new revenue leveraging the content they already have, and the fact that consumer dollars stay local makes it all the better,” said Deb Fellows, CEO of Geotix. “We’re not just providing a software solution, we're providing a business opportunity that strengthens local media brands and builds community at the same time. We’re excited about the seed funding as it represents validation of our strategy, our technology and the market opportunity we address.”
GeoTix’s ticketing platform is specifically designed for local and regional media companies who are looking for an innovative, smart way to grow both their digital portfolio and non-advertising revenue. Customers, which include media companies in Cleveland, Detroit, Jacksonville, Louisville, Minneapolis, Omaha, New York and more, have achieved a significant increase in revenue -- as much as 127 percent in just three years.
GeoTix is a gold sponsor of Media Transformation 2017 in Chicago, August 15-17 and will be available to offer product demos.
Founded in 2015, GeoTix is a provider of software-as-a-service (SaaS) solutions that generate new, non-advertising revenue streams for media companies through local event discovery to ticket purchase. Removing the national ticket seller from the sales process, GeoTix empowers media companies to more strongly connect with their audience, reflect their commitment to community, and leverage existing content to create new revenue streams. In return, they gain the benefits of increased income, greater brand building, higher levels of web site traffic, and the ability to foster community relationships.