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YellowHeart is trying to solve a problem that should be familiar to anyone who’s ever tried to buy a ticket to a popular concert: Those tickets will often get snatched up by scalpers, who then resell them at a much higher price.
In fact, the startup’s CEO, Josh Katz, said he founded the company because he’s a music “megafan” himself, and he was “just tired of getting ripped off by scalpers.” At the same time, he said this isn’t just a problem for concertgoers. Instead, he painted it as a “lose-lose for the fan and the artist,” because the musicians aren’t sharing in the profits from the marked-up tickets, either.
YellowHeart - Venue - Event - Initiator - Rules
So YellowHeart can allow a musician, concert venue or other “event initiator” to set up rules for how their tickets are resold. Katz said he’s hoping that some brave artists will simply say that tickets can’t be sold at a marked-up price, but he predicted that many more will set-price ceilings and dictate that any resale profits are then split between the seller, the artist and/or a charity of the artist’s choosing.
“No matter where the tickets are sold, they have to abide by those rules,” Katz added. That’s because the ticket sales run...
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