Lyte has helped folks in the industry from name brand festivals to independent venues navigate these strange COVID-19 times. It’s difficult for event producers and promoters to balance cash flow decisions while having a heart for their fans. And that’s exactly where Lyte comes in.
Lyte provides many options to your fans to encourage them to hold onto their tickets or to choose from other options that help you preserve cash flow. We’ve supported events like Coachella, Bonnaroo, Newport Folk Fest, Electric Forest, and Bottlerock Napa and venues like Bowery Ballroom, 9:30 Club, and First Avenue through their postponements.
Lyte is an event’s “postponement home” where we offer the following options to fans.
- Refunds - Lyte will collect all refund requests and work with you to facilitate refunds.
- Charitable option - instead of a full refund, Lyte gives fans the ability to donate up to 100% of the ticket price to a designated charity. This could be your employee COVID-19 relief fund or organizations of your choice.
- Swaps - Lyte gives fans the opportunity to upgrade their 2021 ticket, opt for a 2022 ticket instead, or any other option that the event organizer would like to offer for a swap. This is useful for single-day tickets too.
- Send Tickets - Our fan-to-fan function enables fans to transfer or sell their tickets to another fan. Fans set the selling price, if any, and will be given a unique URL that they can share with friends via email, social media, text, etc.
- Incentives - If you decide to offer an incentive to fans to keep their ticket instead of receiving a refund using any of Lyte's tools, we can take the manual effort out of this process and provide a file with fulfillment information for fans that have opted into your offer.
- Credits - Lyte takes the manual process out of issuing credits to fans. We can offer credits to use across events on Lyte or credits to use within your events.
- Rollover - Obviously we can provide a list of all of the tickets that patrons choose to hold onto and are valid for the rescheduled event.
- Waitlist - We’ve launched a waitlist for many festivals for their sold-out tiers and were able to capture enough demand to cover their refunds.
Lyte is a modular solution, it is your choice to use one or all of these solutions. Each event/venue is different and Lyte wants to offer the right solution for you.
We’re seeing results, too. With one prominent festival that implemented Lyte, we were able to reduce the refund requests to 9% while capturing new demand through our waitlist. This means all returned tickets were seamlessly scooped up by new buyers - there was no ticket money lost as a result of moving the event to 2021. Even crazier, this event only announced the 2021 edition, not even the exact date. The appetite for the live experience is as strong as ever.
We’re also seeing an average of 11% of fans choose a charitable donation, further diminishing cash flow needs for returns.
Fans want to see shows again, whenever the shows will happen.
Related Posts
