NEWPORT BEACH, Calif., Jan. 14, 2020 /PRNewswire/ -- EventSprout and local company Protecht have formed a strategic partnership that will help more consumers obtain reimbursements for event tickets they bought but cannot use.
The two companies are teaming up to offer Protecht's ticket insurance products to the estimated one million people who buy tickets to concerts, sports competitions and other events sold by organizers through the EventSprout ticketing platform.
"We were seeking to connect with a best-in-class partner so we could provide peace of mind to ticket buyers, and we found it in Protecht," said EventSprout CEO Ben Ackermann. "As a result of this partnership, consumers will be able to insure their ticket purchase through Protecht against unforeseen circumstances that could prevent them from attending an event."
The two parties expect to fully implement the agreement before the end of the 2020 year.
"This partnership will enable us to provide our industry-leading ticket and registration insurance to even more consumers across the nation," said Protecht founder and CEO Bryan Derbyshire. "It will also enhance our market share. I'm excited about the potential here."
Consumers Spend $33 Billion on Tickets
Protecht's technology was built to power insurance for a significant portion of the $33 billion that IBISWorld estimates consumers spent in 2019 to purchase tickets to concerts and other events.
With the live events and experiences industry expanding globally, millions of people are experiencing an increase in ticket prices. The average ticket price in 2019 among the top 10 grossing concert tours in North America was more than $100, according to Pollstar.
Founded in 2016, Protecht is a technology leader committed to building a better experience in the world of live events. Protecht is a privately held company headquartered in Newport Beach, Calif. For more information, visit www.protecht.io.
Founded in 2009, leaders and experts in the experiential entertainment industry started EventSprout after they were having trouble finding a ticketing platform that fit their unique needs. Today, EventSprout is used by organizers of a variety of events, large and small, including air shows, endurance events, fairs, festivals, expos and more. For more information, go to www.eventsprout.com.