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Lyte - the reservations technology platform that is transforming e-commerce for live events - has played a key role in the return to live music. It has partnered with a host of major festivals, venues and artists to make the ticket buying and returning process simple for fans, particularly in a time of unprecedented demand. Following partnerships with artists including Jacob Collier and Jackson Browne, Lyte worked with Billy Strings on last weekend’s sold-out two-night album release celebration Renewal in Buena Vista, CO on September 24 & 25. Strings’ new album Renewal was released on September 24; he won a GRAMMY Award for his previous project, Home, and was recently named Pollstar’sBreakthrough Artist of the Pandemic.
Lyte’s proprietary technology enabled Strings’ event to launch before ticketing was in place, making it easy and risk-free for fans to reserve tickets without a traditional on sale. 67% of total demand for the weekend event was captured in the first week of the reservation period. 12.4% of total reservations included groups: fans planning their experience together in a shared shopping cart.
Renewal is the latest event to embrace the alternate universe that Lyte has created. Not only can events launch without ticketing in place, fans can also reserve tickets to events that have sold out, and are given access to those tickets once more become available. Furthermore, 56% of unfulfilled reservations made by fans during the Renewal event pre-sale were then purchased by fans that had signed up on the waitlist after the event was sold out. Lyte’s technology is crucial to filling every seat. Collecting reservations from fans prior to an on-sale allows promoters to see which experiences fans desire before selling tickets. This enables promoters to accommodate their fans better, which in turn increases conversions and reduces no show rates.
Lyte’s alternate universe also enables fans to return tickets with the click of a button if their plans change. For Renewal, Lyte accepted returns for 184 tickets and resold 183 of them to the waitlist, showcasing the platform’s flexibility and fan first-approach.
One more additional element of Lyte’s technology is fraud prevention. As part of managing every fan event ticketing exchange, Lyte tracks the number of charges that are marked as fraudulent or flagged by payment provider systems. Billy Strings’ Renewal had only one confirmed fraudulent charge, 0.03%, vs the average of 0.45% for events where Lyte does not power reservations.
Lyte’s technology has delivered millions of dollars in savings by enabling fans to reserve, return and exchange tickets through its proprietary risk-free reservations system that top live entertainment brands are also now using to confront the uncertainty created by the pandemic. While the concert industry shut down last year, Lyte sprinted into the uncertainty, eventually landing their CEO Ant Taylor on Rolling Stone’s Future 25 list, as one of the talented and forward-thinking execs in the field.
Festivals partnering with Lyte in 2021 include Newport Folk Festival, Pitchfork Music Festival, WinterWonderGrass, Levitation, Treefort, Desert Daze, Beachlife, Riot Fest, Under The Big Sky, Broccoli City, Woodsist, Baja Beach Fest and many more. Venues include the 9:30 Club, The Anthem and Merriweather Post Pavillion in the D.C. area, Levon Helm Studios, Higher Ground in Burlington, Teragram Ballroom in Los Angeles and more.
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