Chainsmokers back blockchain ticketer YellowHeart
Electronic dance music (EDM) stars the Chainsmokers, along with manager Adam Alpert, have lent their support to YellowHeart, a blockchain ticketing platform led by music industry executive Josh Katz.
Katz, a former record company executive and the founder of corporate subscription music provider El Media Group, plans to launch YellowHeart next year, as a “socially responsible live event ticketing platform”.
YellowHeart allows artists, organisers and venue operators to set a maximum resale price and dictate how profits are divided.
The platform is fully decentralised and runs on a public blockchain, allowing those selling the tickets to identify and sell directly to fans.
“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,” says YellowHeart founder and CEO Katz.
“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”
“While technology and secondary ticketing sites are to blame for the growth of scalpers, we believe that technology is also our solution,” continues Katz. “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.”
Alpert, CEO of Disruptor Records and the manager of Alex Pall and Drew Taggart, known as the Chainsmokers, adds that the duo have been “outspoken” about the issue of ticket touting.
“We are excited to partner with YellowHeart to provide a smart and effective solution that gives control back to artists and fans,” says Alpert.
Blockchain is one of a range of new technologies changing the ways tickets are sold. Read more about the different tools ticketing firms are using in IQ‘s International Ticketing Yearbook 2019.
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