fan3 raises $5M from Improbable to fix broken ticketing
Entertainment technology company fan3 has secured $5 million in funding from Improbable to address the challenges within the live events ticketing industry. This investment aims to restore fairness to ticketing by verifying genuine fans, combating bots and scalpers, and rewarding loyalty with exclusive experiences. fan3's platform centers around a digital pass that integrates seamlessly with existing ticketing systems, offering priority access to presales through major platforms like Ticketmaster, AXS, Eventim, and Etix. The company uses blockchain technology to securely record fan identity and access data, ensuring authenticity. Furthermore, fraud prevention measures have reduced tickets reaching secondary markets to under 5 percent, a significant improvement over the industry average. This initiative primarily affects artists, promoters, and fans, who often face issues with inflated resale prices and difficulty accessing tickets. By acting as a gateway, fan3 allows artists to directly engage with their audiences, providing fans with fair access. This approach aims to create a more transparent and equitable system for live entertainment, addressing key issues such as bot activity and the prevalence of secondary markets.
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