The Problem of Unwanted Broadway Tickets
Broadway shows often face the issue of ticketholders being unable to attend due to various circumstances such as illness, traffic, or emergencies. This problem was highlighted by Linda Taft MacKinnon, who plans group trips to Broadway shows and frequently hears from ticketholders who cannot make it on the day of the show. Unfortunately, many Broadway ticketing platforms do not offer insurance, and all ticket sales are final, making it challenging for ticketholders to unload unwanted tickets. This often leads to the tickets going to waste, causing frustrations for ticketholders and leaving empty seats in the theater.
Introducing Theatr: A Marketplace for Last-Minute Broadway Tickets
In response to this problem, Eva Wang, a theater management graduate student, decided to create a solution. She started an Instagram account in 2022 to help Broadway ticketholders sell their last-minute tickets. This Instagram account eventually evolved into a mobile application named Theatr, which was launched in March. Theatr aims to provide a marketplace for ticketholders to sell their unwanted tickets conveniently and at a fair price.
Affordable Pricing and Easy Transactions on Theatr
Theatr stands out from other ticketing platforms by ensuring that all tickets offered for sale on the platform are priced at or below their face value. This pricing strategy aims to make tickets accessible for potential buyers. The only fees charged on the platform are the transaction fees from the Stripe payment processing service, which currently amount to 2.9 percent of each transaction plus 30 cents. This transparent and affordable pricing structure sets Theatr apart from other platforms that may have exorbitant fees for buyers.
Organic Growth Through Social Media for Theatr
Since its launch in March, Theatr has seen impressive growth. Within the first five hours, over 1,000 users signed up, and more than $300,000 worth of tickets have been sold through the platform. The growth of Theatr has been primarily organic, driven by word-of-mouth recommendations and active promotion through social media channels like Reddit, Instagram, and TikTok. This grassroots approach has helped Theatr reach a wider audience and gain popularity among theatergoers.
Theatr: Catering to a Younger and Diverse Broadway Audience
Theatr’s target audience primarily consists of younger theatergoers, who now make up a larger share of Broadway audiences post-COVID-19. According to the Broadway League national trade association, about 43.6 percent of Broadway theatergoers in the last season were younger than 35 years old, up from about 41.3 percent in 2019. The average age of Broadway theatergoers in 2023 was also about 40 years old, two years lower than the average age in 2019. Theatr aims to cater to this younger and more diverse audience by providing a ticketing solution that is fair, flexible, and effortless for them.
In conclusion, Theatr has emerged as a promising solution to the problem of unwanted Broadway tickets. With its affordable pricing, easy transactions, and organic growth through social media, Theatr has quickly gained traction among younger theatergoers. By addressing the needs of this younger and diverse audience, Theatr is reshaping the way last-minute Broadway tickets are bought and sold, ensuring that empty seats are filled and the magic of live theater endures.
Analyst comment
Positive news.
Analyst: The introduction of Theatr, a marketplace for last-minute Broadway tickets, is expected to positively impact the market. The platform’s affordable pricing and transparent transaction fees attract younger theatergoers, contributing to organic growth and filling empty seats in theaters. This innovative solution addresses the problem of unwanted tickets and reshapes the way tickets are bought and sold, ensuring a vibrant theater experience.
