NEW YORK, Oct. 18, 2019 /PRNewswire/ -- Today, music industry executives along with Grammy Award-winning artist/producer duo The Chainsmokers, announce YellowHeart, the first socially responsible live event ticketing platform. The first platform controlling end-to-end ticketing on a Blockchain will solve an issue that artists and ticketing providers have battled for years, while allowing fans to buy the best tickets for face value.
The secondary ticketing market is expected to grow to $15 billion in the next year due to the evolution of mobile ticket sales. Staggering statistics like this have awakened industry uproar and an increased demand for the YellowHeart platform.
"The plague of the scalping industry is something I've talked to artists and friends about for years, and with the unprecedented growth of this underground system, we knew it was time to find a real solution," said Josh Katz, YellowHeart Founder and CEO. "While technology and secondary ticketing sites are to blame for the growth of scalpers, we believe that technology is also our solution. Blockchain offers us the unique ability to track the entire ticketing lifecycle, which means the tickets end up in the hands of the fans, and no one else."
"With The Chainsmokers, we've been outspoken about the issue of scalpers for years, and are excited to partner with YellowHeart to provide a smart and effective solution that gives control back to artists and fans. As we continue to build this platform, we are focused on the issues that matter to us and our peers across genres. As you would expect, we've received incredible support from others in the industry who plan on joining our mission over the coming year," said Adam Alpert, CEO at Disruptor Records and The Chainsmokers' Manager.
The YellowHeart platform is an autonomous, fully decentralized and runs on a public Blockchain – which enables artists and teams to identify, market and sell directly to their fans. Artists can define a set of rules to govern how their tickets are sold, traded and who shares in the profits. Artists can set maximum resale prices, ensure tickets are distributed to genuine fans and elect to earn a share of tickets resold in YellowHeart's secondary marketplace. The YellowHeart platform will not impact the traditional user experience – no additional steps or added layers will be applied to finding and purchasing tickets to see a favorite band, sports team or show.
For more information, visit YellowHeart.io.
Founded in 2018 by Josh Katz, CEO, alongside partners Adam Alpert, CEO at Disruptor Records, and The Chainsmokers, Grammy Award-winning artist/producer duo, YellowHeart is the first socially responsible live event ticketing platform. YellowHeart is an autonomous, fully decentralized platform that runs on a public blockchain – which enables artists and teams to identify, market and sell directly to their fans. The platform is set to launch in 2020.