TodayTix, a cell ticketing firm that makes it straightforward and comparatively reasonably priced to go to Broadway exhibits and different stay performances, is asserting a brand new $73 million spherical of funding led by personal fairness agency Nice Hill Companions.
The corporate was based in 2013, and it served initially because the cell equal of New York’s TKTS cubicles for discounted, last-minute theater tickets. TodayTix says it’s now offered greater than four million tickets, representing eight % of annual Broadway ticket gross sales and four % for London’s West Finish.
Past that, co-founder and CEO Brian Fenty mentioned that a little bit over 10 % of the tickets offered now fall exterior “theater and performing arts, narrowly outlined,” masking issues like comedy exhibits and experiential theater.
“I feel to the buyer, we can be a holistic ecosystem to interact within the metropolis’s artwork and experiences,” Fenty predicted. “Nonetheless tradition is outlined … we wish to be their companion in discovering these issues.”
To try this, TodayTix will add extra cities to its present checklist of 15 markets. Fenty mentioned this enlargement is pushed by present partnerships (like launching in Australia by means of its partnership with “Harry Potter and the Cursed Little one”) and by seeing the place individuals are already downloading the TodayTix app. His final aim is to be “geographically agnostic.”
Fenty additionally mentioned the corporate will proceed investing within the TodayTix Presents program, by means of which the corporate places on its places by itself exhibits (albeit at a a lot smaller scale than a Broadway manufacturing).
And naturally he desires to enhance the app itself, introducing extra personalization and curation — Fenty pointed to Netflix and Amazon as fashions. In any case, he mentioned TodayTix is at the moment providing tickets to 297 exhibits in New York alone, so it must methods to “successfully information folks by means of that.”
“We’re really a media firm, with our personal content material and perspective — not on the standard of the exhibits, however to have a viewpoint on how customers ought to and will interact with this content material,” he mentioned.
He added that these enhancements will embody extra basic items, like the method of buying a ticket: “The toughest half is to finish the acquisition in 30 seconds or much less, as in comparison with the typical ticketing platform, which is someplace between three and seven minutes … How we proceed to squish that conversion?”
Fenty can also be hoping to work extra intently with present producers, offering them with knowledge about which exhibits are promoting, in addition to serving to them use knowledge to search out the simplest methods to advertise themselves.
TodayTix says it’s raised a complete of $90 million because it introduced its Sequence B again in February 2016. Fenty instructed me the brand new spherical features a direct funding within the firm, in addition to secondary purchases of TodayTix shares from earlier buyers.
“TodayTix is quickly altering the best way millennials and different shoppers join with stay cultural experiences,” mentioned Nice Hill Managing Accomplice Michael Kumin in a press release. “We look ahead to working with Brian, [co-founder] Merritt [Baer] and their gifted administration staff to develop the Firm’s product and repair choices and speed up its push into new geographies.”