Live Nation hails biggest Q1 in company history
Live Nation boss Michael Rapino says the company’s Q1 business “greatly surpassed” expectations after delivering its best Q1 performance ever.
The promoter recorded operating income of $27 million and AOI of $209m for the first three months of the year, while its Ticketmaster division posted another record quarter, with big growth in operating revenue, AOI and transacted GTV compared with the last pre-pandemic year of 2019.
Sponsorship operating income and AOI were also up 83% and 75%, respectively, on three years ago.
“Artists are back on the road and fan demand has never been stronger”
“Momentum has picked up for all of our businesses over the course of the first quarter,” Rapino told investors during yesterday’s earnings call. “And as a result, we have delivered financial performance that greatly surpassed our previous expectations with AOI of $209 million.
“Artists are back on the road and fan demand has never been stronger. The reflection of live events remain a clear priority for consumers as our social lives restart.”
Ticketmaster reported sales of 70 million tickets for its 2022 concerts – up 36% compared to the same point in 2019, and Rapino said all leading indicators pointed towards double-digit growth and fan attendance for LN over the course of the year.
“Ticket sales were at record levels in Q1 with momentum building over February and March,” he said. “We sold almost 20 million more tickets to our concerts this year in this point in time in 2019, with large number of tours still to go on sale and concert fans are showing no sign of slowing down.
“Ticket buying serves as a leading indicator to our overall business. Ticketmaster’s strong first quarter performance drove the company’s overall profitability and shows how well our concert and sponsorship businesses are positioned to deliver record results this year.
“Despite some markets taking longer to reopen, the quarter was our second highest ever we transacted GTV, excluding refunds, trailing only Q4 2021 with March being our highest transacted GTV month ever.”
He added: “Our sponsorship activity fully returned in Q1, delivering financial results that well exceeded 2019. We’re seeing growth across a number of dimensions, expansion of existing relationships, new categories expanding our breadth to partners and new ad units being created both onsite and online.”
“We continue to build our flywheel with over 70 million tickets now sold for shows in 2022”
Rapino also referenced the firm’s partnerships with brands such as Verizon and Snap.
“Much of our focus with brand partners is how we collectively elevate the fan experience. We’ve had great success with this in recent years. And so far this year through our partnership with Verizon, we started powering our Venues with cutting edge 5G connectivity and are launching initiative with Snap to give artists augmented reality capabilities at shows and festivals.
“But more importantly, we continue to build our flywheel with over 70 million tickets now sold for shows in 2022, up to 36 million, compared to 2019 and committed show count is up 44% through the end of April, relative to 19%, setting us up for continued ticket sales over the year.
“We have over 60 tours already under discussion for 2023, our earliest indicators of next year in great positioning for ongoing growth.”
I continue to expect this just to be the start of our run”
Rapino said the no-show rate at gigs – a common complaint the first few months after the restart – had returned to normal levels.
“We’re seeing no challenges at all,” he said. “People are showing up to the shows. We are showing similar to 2018, ’19, your regular low digit no-show rate of people that don’t make it to the show. But back to normal, people come and drum to those shows no issues at all in terms of showing up.”
He added that while the US and UK had driven much of the company’s activity over the past year, the rest of the world was now rapidly opening up.
“Both Latin America and Western Europe are expected to have record attendance for our concerts this year,” he concluded. “I continue to expect this just to be the start of our run, the global addressable markets for concerts, ticketing and sponsorship, all provide a long runway for continued growth.”
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ILMC 34: Inside ticketing’s new normal
International ticketing executives have given a mixed picture on live music markets around the world as the business bids to pick up where it left off pre-pandemic.
ILMC’s Ticketing: All change please! session heard from Ticketmaster UK’s Sarah Slater, Marcia Titley of Eventim Norway & Sweden, John Talbot of AXS Europe, Dice’s Amy Oldham and TicketSwap’s James Fleury, with Michael Hosking of Singapore-based Midas Promotions offering a promoter’s perspective.
Quizzed on the state of play by chair Richard Howle of The Ticket Factory, the panel reported contrasting fortunes to date.
“In Scandinavia, restrictions were lifted in December in Denmark, in January in Norway, and February in Sweden, so we’re about three, four months in,” noted Titley. “When the restrictions were lifted, ticket sales jumped, which was great, we were all thrilled. And then they kind of plateaued.”
“We’re making progress, but it’s slower than I think we all had hoped”
While observing a week-by-week improvement, she added that Covid has appeared to have triggered a change in purchasing habits, with a shift towards buying tickets later in the day.
“They’re waiting, and I think we can all understand why,” she said. “I think we’re all holding our breath a little bit wondering if some new variant’s going to pop up tomorrow. And shows aren’t selling out, so that sense of urgency isn’t there.
“One thing we’re starting to see in Scandinavia as well is uncertainty if shows and festivals are actually going to happen. Just recently, last week, one of our biggest festivals in Norway had to cancel because of Covid complications… So this has also affected consumer behaviour.
“Also, I think we’re trying to find ways to get people to go back to live. I think people have got a little bit stuck on their couches and we need to try to find a way to get them to remember what live was all about. If we can get them into the shows then we will be able to build up that kind of credibility in the market. We’re making progress, but it’s slower than I think we all had hoped.”
“One of the greatest impacts of Covid is it has made people, generally, quite lethargic”
Citing sold-out stadium shows by Justin Bieber in Singapore and Malaysia, Hosking stressed that demand was visible for certain artists, but returned to the theme of audience lethargy.
“The real test will be maybe the B and C-listers,” he offered. “I think one of the greatest impacts of Covid is it has made people, generally, quite lethargic. The old days of having to do everything immediately seems to have waned. And of course, Asia’s not one country, it is several countries and there are still very different restrictions about touring. But Justin is living proof that if the people want you bad enough they’ll go out and buy tickets.”
Talbot, who joined AXS last summer, said the business had faced an “existential threat” and attempted to put its travails into perspective.
“To use a hospitalisation analogy, we were hit by a truck and now we are in the recovery from that period, and it’s not going to happen overnight. We’ve got a cost of living crisis. People can see the alternatives to going out – because they were denied so long, they’ve got other options and they can entertain themselves in different ways.
“We do need to teach the market that going out, congregating, seeing live events is a really, really important part of our culture and they should come back to it. But those challenges are nowhere near as existential as what we were facing only a matter of months ago, so I think there’s a lot of reason to be very cheerful.”
“Half of our customer services activity at the moment is reuniting customers with the tickets they bought in 2019 and 2020”
He added: “We’re finding that a lot of our best customers are holding four or five tickets to shows that are yet to play off… So how do you sell to the market new events, when they’ve already got commitments, and sometimes they’ve forgotten that they’re holding these tickets?
“Half of our customer services activity at the moment is reuniting customers with the tickets they bought in 2019 and 2020. So when that clog disappears, as it will, I think that’s when we can really start to see new on sales not being buffeted by those market forces.”
Slater and Oldham suggested the state of affairs in the UK was more favourable across the board, in part, due to being able to press ahead with a partial festival season in 2021.
Slater, who received the Golden Ticketer gong at the 2022 Arthur Awards, pointed to Ticketmaster’s stellar business in the final quarter of last year.
“We were really able to capture that pent-up demand that the pandemic brought,” she said. “Q4 was absolutely huge: We had Reading & Leeds sell out; Creamfields sell out; we’ve got new sites for festivals; there are lots of tickets out there, but we’re selling all our tickets as well.
“We’re really positive; we were lucky that we got the summer  in the UK, so we’re in a slightly different position to everyone else.”
“People are demanding to have choice and flexibility now when it comes to buying tickets”
“The market’s certainly buoyant,” added Oldham, Dice’s VP of content, Europe. “We had over a million people go out in London last month, which is extraordinary. The place where it’s the most buzzy is with emerging talent – the waitlist for artists like Fred Again is astronomical. People are buying really early because they’ve got the protection of knowing that they can give their ticket back if they can’t go.”
James Fleury of price-capped ‘ethical’ ticket marketplace TicketSwap said the Amsterdam-based firm had already twice broken company records in the first four months of 2022, and backed up Oldham’s point on flexibility.
“People are demanding to have choice and flexibility now when it comes to buying tickets,” he said. “Buying a ticket anymore isn’t necessarily a commitment to attend that specific event. It is for the top four or five artists that I really love, but for the other artists where we maybe like one single or a couple of tracks… I think it’s important that we also promote that flexibility.
“Our challenge this year as a company is to educate both fans, but also partners – promoters and festivals – about why having that choice and flexibility is important on the fans’ side.”
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Ticketmaster enters South Africa
Ticketmaster is expanding to South Africa, opening a new headquarters in Cape Town.
Sporting teams, artists, promoters, festivals and venues will be able to take full advantage of Ticketmaster’s suite of products and digital ticketing tools.
The official announcement follows Ticketmaster’s highly successful on-sale for Justin Bieber’s Justice World Tour, the first-ever major international tour to sell all tickets online in South Africa, and the Rugby World Cup Sevens 2022 on sale which is set to deliver the country’s first-ever 100% digital sporting event.
“As a popular stop for the world’s biggest artists and major international sporting events, South Africa is a natural choice for us,” says Mark Yovich, president of Ticketmaster.
“As a popular stop for the world’s biggest artists and major international sporting events, South Africa is a natural choice”
“Our unparalleled technology and continued investment in innovation will enable our South African team to provide the best ticketing experience to event organisers, venues and fans across the country.”
Justin Van Wyk, managing director of Ticketmaster South Africa, says: “Our local team of experts have been living and breathing live events for 20+ years and are ready to bring their industry-wide knowledge coupled with the world’s largest ticket marketplace to clients and fans here.
“As a country rapidly adopting digital technology, South African fans are sure to embrace Ticketmaster’s industry-leading digital ticketing innovations.”
Ticketmaster’s move into South Africa brings the company’s operations to 31 countries worldwide.
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How organisers can benefit from the hotel demand they create
When a major act’s tour dates are revealed, it is not just their fans who get excited as they jump online to snap up tickets. Tour announcements are music to the ears of hoteliers, who can hear the beautiful melody of their cash tills ringing months in advance of a band or performer coming to town.
“Putting on an event requires a huge amount of planning, forward investment and risk, but hotel operators are free to increase prices and enjoy a surge in bookings on the back of the hard work of others,” says Bayon.
The balance of risk and reward between the different parties does not seem fair. “It’s crazy that artists and promoters have been missing out on the demand their events create. We understand why and it’s mainly down to it not being core to the model of selling tickets and adding roll dates.”
Sound Travel recognised that many music fans were booking hotels near music venues once they’d bought their tickets and after the hotels had taken advantage of the announcement and increased their prices. So Sound Travel saw the opportunity to make things easier for customers and create incremental revenue for the ticketing ecosystem with its innovative packaging model.
Leveraging its deep experience in the hospitality sector, Sound Travel has developed a comprehensive portfolio of partnerships with the UK’s major hotel groups, including Hilton, Marriott, and Accor. In addition, through strategic ticket agent partnerships, Sound Travel can offer concertgoers a seamless ticket and hotel package via its proprietary technology platform.
Sound Travel has developed a comprehensive portfolio of partnerships with the UK’s major hotel groups
These partnerships ensure that Sound Travel’s clients, including rights holders, promoters, venues, sports associations and ticket agents – all benefit from the extra revenue generated. In addition, the hotels also prosper from their association with the events.
“Everyone wins,” Bayon said. “It’s a data play using the ticket as the trigger point. We secure rooms in bulk from hotels close to the venue before they even know events will occur and then focus demand on these hotels. Then, when gigs are announced, and hotel prices surge, we have already locked in low prices, allowing us to generate extra revenues for the organisers whilst offering convenient, price competitive packages of hotel and tickets to customers.
“We have had a very positive response from all parties. For rights holders and organisers, our service is entirely de-risked. They don’t have to do anything other than provide an allocation of tickets for which we share a healthy profit share.
“Hotels like it because they get bookings maybe six to nine months in advance, they receive upfront payment from us, and notwithstanding the challenges of the last two years, hotel bookings are pretty much guaranteed as fans normally do not cancel.
“Most importantly, the customer enjoys a much simpler booking experience as they can buy their event ticket and a convenient and well-priced hotel room in a single transaction. In addition, they know if the event is cancelled or deferred, Sound Travel as a bonded package provider, will either return their money or rearrange everything. Covid-19 disruption has opened customers’ eyes to the benefit of this packaged approach.”
Sound Travel will be attending this year’s ILMC34 event. If you’d like to meet and discuss how you could earn more from your tickets through a brand new revenue stream then please contact [email protected]
See how it works below:
Ticketmaster condemns Russia’s invasion of Ukraine
Ticketmaster has “strongly condemned” Russia’s invasion of Ukraine, which has raged on for almost three weeks.
The ticketing giant follows in the footsteps of its parent company, Live Nation, which recently said it would not do business with Russia.
“Ticketmaster joins the world in strongly condemning Russia’s invasion of Ukraine,” a spokesperson from Ticketmaster tells IQ. “We are taking care of our employees in the region with assistance and support, and many of our markets, including Ticketmaster Poland, have started initiatives to support local non-profits assisting the crisis.
“The team is also working on a variety of concerts where money from ticket sales will be donated to foundations supporting Ukraine’s fight for freedom.”
Ticketmaster Poland is providing ticketing services for a number of concerts, from which the profits will be allocated to the Polish Medical Mission and carried out by humanitarian aid to the residents of Ukraine.
“The team is also working on a variety of concerts where money from ticket sales will be donated to foundations”
The concerts, organised by a number of domestic promoters, will take place across Poland between 4 April and 1 May, under the banner ‘Free Ukraine’. Fans can choose to pay between 75 PLN (€15) and 300 PLN (€63) for a ticket.
Ticketmaster, which is in 30+ countries worldwide, says it will announce global efforts early this week.
Ticketmaster and Live Nation aren’t the only live music behemoths that have denounced the actions of Russia’s president, Vladimir Putin.
Venue management and services company ASM Global, whose portfolio includes Moscow Convention Center and MTS Live Arena, says it “stands with the people of Ukraine and condemns Russia’s actions”.
Sports and entertainment firm Oak View Group (OVG) pledged to “not do business in or with Russia, nor serve Russian brands in any of our venues on a global basis, effective immediately”.
In the world of recorded music, all three major music companies (Universal, Sony, and Warner) have announced they are halting their own business activities in the market.
Other major music companies to take action include streaming platforms Spotify and Apple, publishers Kobalt Music Group and Downtown, and collection societies PRS For Music (UK), CISAC (France) and SoundExchange (US).
Ticketmaster and Snapchat partner on event discovery
Snapchat users can now discover live events in more than 20 countries, thanks to a new partnership with Ticketmaster.
The multimedia instant messaging app now features a first-of-its-kind Map Layer and Mini (a bite-sized third-party app) to help users discover events they might like.
The Ticketmatcher Mini will suggest upcoming shows based on a user’s preferences, allowing them to swipe left or right on events (mimicking popular dating apps).
Users are able to see whether their Snapchat friends have ‘matched’ with the same event and are then able to initiate a conversation through the camera. They can also invite friends, start a guest list and post directly to their story to express interest in the event.
Snapchatters will also be able to peruse upcoming events at venues nearby through a new Layer on Snap Map, a highly popular feature within Snapchat that reaches more than 250 million users each month.
“Working with Snap enables us to deeply engage a new generation of eventgoers”
To purchase tickets to a live event, Snapchatters will be transferred to checkout on Ticketmaster.
This is the first time Snapchat has integrated a partner to Snap Map through the new Layers technology, which superimposes all sorts of content or information about locations on the map.
“Ticketmaster builds partnerships and product solutions that put our clients’ live events in front of the most engaged, likely ticket buyers,” says Dan Armstrong, EVP of Distributed Commerce at Ticketmaster.
“Working with Snap enables us to deeply engage a new generation of eventgoers. Discovering a cool show on your Snap Map, and sharing it with your friends via the Ticketmatcher Mini, provides a whole new way for us to help artists, teams and venues connect with this important demographic.
“Live events are inherently social and with this partnership we are able to incorporate social connectivity from the very beginning of event discovery to purchase through the experience at the show or game.”
Ticketmaster teams with Redeam on travel bundles
Ticketmaster has partnered with technology provider Redeam on a “one-stop-shop” to help fans buy tickets to live events when booking trips.
Promoters can create special packages and promotions that travellers can combine with other experiences as they book their trip. Redeam shares special packages and promotions created by event organisers across hundreds of global travel sites including Expedia, Viator, TUI Musement and GetYourGuide.
The link-up helps organisers of concerts, festivals, sports games and other events reach fans actively looking to add a live component to their trip while creating a “seamless booking experience”, according to the companies.
“With Redeam, we can fundamentally shift the way fans discover and buy tickets to live events when booking travel, whether for a vacation or even a business trip,” says Dan Armstrong, Ticketmaster EVP of distributed commerce.
“Organisers have the opportunity to reach people as they actively search for events to bundle with their travel experience”
“People want to book it all in one place – a flight to New York City, a hotel room in Soho, and tickets to a live event. By tapping into the vast inventory that exists on Ticketmaster’s global marketplace, Redeam partner sites can be a true one-stop-shop for fans, and event organisers have the opportunity to reach people as they actively search for events to bundle with their travel experience.”
Concerts and live events welcomed more than 142 million out-of-town attendees in 2019 in the US alone, according to a report compiled by Oxford Economics. This included 67.3m daytrip attendees and 75.6m overnight attendees.
“Our relationship with Ticketmaster exemplifies Redeam’s mission: to empower experiences through innovation to inspire more people to travel and enjoy more of the world,” says Melanie Meador, Redeam president and CEO. “This relationship proves our market strength and brings a huge audience to all our distribution partners as well as to our operator customers. As we continue to expand our solution set, we look forward to growing a significant and fruitful partnership with Ticketmaster.”
MSE, Ticketmaster detail esports-centric venue
Monumental Sports & Entertainment (MSE), owner of several sports teams, venues and enterprises, has announced plans for a new multi-purpose live-event venue.
District E Powered by Ticketmaster will span nearly 14,000 square feet and comprise an Esports competition studio and a 150-capacity venue expected to host over 200 events per year.
The venue is expected to open this autumn in the Chinatown neighbourhood of downtown Washington D.C, adjacent to Capital One Arena, home of the NHL’s Washington Capitals and NBA’s Washington Wizards.
MSE, which owns both the arena and the aforementioned sports teams, will offer District E Powered by Ticketmaster as a competition and training venue for its esports franchises, which include Wizards District Gaming and Caps Gaming.
“Given the rapid rise in the popularity of esports, we believe the time is right to build an esports-centric venue”
Additionally, the venue will establish an East Coast satellite office for global esports outfit Team Liquid and host state-of-the-art streaming pods to tap into the streaming sector.
Zach Leonsis, president of media and new enterprises at MSE, said: “We are excited to invest in this first-of-its-kind venue for esports and other immersive experiences and know it will quickly become the preferred destination for pre- and post-event attendees with one-of-a-kind programming and food and beverage offerings.
“And given the rapid rise in the popularity of esports and the growing audience for gaming in general, we believe the time is right to build an esports-centric venue that serves as a rallying point for the gaming community in the Mid-Atlantic.
“The wide-scale, international appeal of esports brands is well documented. We believe that developing deep, grassroots-level connections within our local community is the natural next step for esports as the genre develops into a major league aside other traditional sports.”
NL gains new rock festival Headbangers Parade
The Netherlands is set to gain a brand new one-day rock and metal festival, Headbangers Parade.
The inaugural edition is slated to take place at Klokgebouw (cap. 9,000) in Eindhoven, south Netherlands, on 21 May with ten blockbuster acts from the genres.
Architects, Ghøstkid, Tesseract and Stake have already been confirmed, with more names to be announced in the coming months.
According to the organisation, Headbangers Parade – a nod to the ‘Headbangers Ball‘ programme which aired on MTV in the 1990s – offers “a contemporary program, with room for new sounds, but also for established names”.
The festival’s name is a nod to the ‘Headbangers Ball‘ programme which aired on MTV in the 1990s
Dutch promoter Mojo, rock festival franchise Impericon and Ticketmaster are listed among the supporters on the festival’s website.
The festival is launching a membership – which is free for the first year – and will include discounts on Headbangers Parade events, tickets for other festivals, merchandise and more.
Membership tickets cost €59.00 each but are limited to two per customer. Regular tickets for Headbangers Parade cost €64.00 each and are limited to 10 per customer.
Friday round-up: World news in brief 7/1/22
Welcome to IQ‘s weekly round-up of news from around the world. Here, in bite-sized chunks, we present a selection of international stories you may have missed from the last seven days…
Dead & Company and promoter CID Presents have cancelled their Playing in the Sand destination festival less than 24 hours before it was due to take place. The annual event had been set for Riviera Cancun over two weekends from 7-10 and 13-16 January, but has been axed due to a spike in Covid cases. “Dead & Company and CID Presents tried everything possible to bring normalcy and to deliver a great experience and amazing music, but with each day it became increasingly clear that cancelling is the correct thing to do for the fans and for our crew,” says a statement on the band’s Instagram page. Dead & Company frontman John Mayer had earlier pulled out of the festival after testing positive for coronavirus.
A woman has filed a lawsuit against California’s The Forum, promoter Live Nation and ticketing platforms Ticketmaster and StubHub, alleging she was injured in a crowd crush at a Harry Styles concert at the venue in December 2019. According to court documents obtained by TMZ, the plaintiff claims the venue, promoters and ticketing services “failed to provide sufficient seating, lighting, security, supervision and crowd control”.
A US judge rejected Goldenvoice’s bid to extend a restraining order against Live Nation in its trademark infringement lawsuit over a rival music event called ‘Coachella Day One 22’. The event’s promoter, Native American Tribe Twenty-Nine Palms, was not listed as a defendant in the lawsuit after claiming sovereign immunity, but Live Nation was accused of “contributory infringement” due to tickets for the New Year’s Eve event being sold on Ticketmaster. The event listing had already been changed to ‘Day One 22’ on Ticketmaster, which was permitted to continue selling tickets for the festival after the judge concluded it was no longer directly infringing the Coachella trademark. Tribal chairman Darrell Mike praised the ruling as “a win for the tribe, the community and our ticketing partners at Live Nation”.
Bengi Ünsal, head of contemporary music at London’s Southbank Centre, is switching to The Institute of Contemporary Arts in March as its new director. Ünsal was artistic and managing director of Istanbul’s Salon IKSV venue prior to joining the Southbank Centre in 2016, where she has overseen the annual Meltdown festival with guest curators MIA, Robert Smith and Nile Rodgers. This year’s Grace Jones-helmed edition is set for June.
Well-being organisation Music & You has teamed up with beauty cosmetics firm Lush, entrepreneur Zoe Sugg, aka Zoella, and mental health campaign #IAmWhole to create a fund providing free therapeutic support to people who are working, or used to work, in the live music sector pre-pandemic. To apply, individuals should complete this application form by no later than midnight on Thursday, 20 January. Applicants will be notified of a decision by 22 January.
TodayTix Group has acquired live events ticketing platform Goldstar. The deal marks the latest move for TodayTix, which has been on an acquisition spree since 2020, purchasing four companies including theatre specialist Show-Score; London-based Encore and Broadway Roulette.“We are focused on unlocking as much potential as we can so when the industry returns we can be a big part of its recovery,” the company’s co-founder and CEO, Brian Fenty, tells Variety. “We are live events purists through and through. We really do believe that despite the toll of the pandemic, there’s going to be a Roaring ’20s. We believe that people are desperate for arts and culture and are eager to get back into theatres.”
Britvic has been named as The O2’s new Official Soft Drinks partner in a five-year deal, brokered by AEG Global Partnerships, with Pepsi Max served and seen across the London venue. The partnership will mean pouring and supply rights across all bars at Indigo at The O2 and concourse bars, suites and premium bars including The Deck, AMEX Lounge, O2 Blueroom and Sky Backstage bars at The O2 arena. The deal will also welcome a takeover of the level 1 bar which is to be rebranded as The London Essence Company bar. In addition, Britvic will have activation opportunities at the venue and access to tickets for Up at The O2 for promotional use. Meanwhile, Birmingham-based NEC Group has announced a multi-year deal with Molson Coors Beverage Company, which is responsible for a portfolio that includes Pravha, Staropramen, Rekorderlig and Coors. The deal will see Pravha being named as the official beer of Utilita Arena Birmingham and Resorts World Arena with bars across both venues carrying the Pravha branding.
Dice has ramped up its North American expansion by becoming the ticketing partner of the Newport Jazz Festival and Newport Folk Festival. The partnership will see the events, which will be held in Rhode Island in July, offer digital ticketing for the first time. “Every year of the event, we work with our partners to innovate beyond traditional ticketing,” says Newport Folk executive producer Jay Sweet. “In a year where fans deserve to get out and go see the music they love, we know Dice is the right partner to make things as easy as possible, fair, transparent and intuitive for our Newport Family. We want these tickets in the hands of our fans and not on the secondary market.”