The year 2020 was certainly lonely for many people around the world, as the COVID-19 pandemic resulted in the cancellation of almost all social events and gatherings. As a result, online events have become the new normal for almost every industry. While some may view this as an innovative development, many industries have struggled to exist due to a lack of ticket sales for events.
For instance, the billion-dollar concert and event promotion industry has seen a decline in revenue at an annualized rate of 11.5%, reaching $17.1 billion in 2021. Data further shows that this decline is a direct result of the coronavirus. Despite COVID-19 vaccination rollouts, a number of major live events are still being canceled.
Blockchain for the ticketing industry
Given the current circumstances, ticketing platforms are seeking new ways to ensure revenue growth and customer satisfaction, while being able to adapt to today’s digital economy. Blockchain technology, in particular, is being leveraged by major ticketing platforms as a solution to