Two independent music festivals that had hoped to generate approximately $70,000 in revenue by quietly scalping their VIP tickets through the since-shuttered ticketing company Lyte now each face more than $300,000 in losses, court records show.The festivals are represented in two lawsuits — one filed by organizers of Chicago’s North Coast Music Festival in New York court and the other, Ohio’s Lost Lands Festival in Los Angeles court.
Lyte was able to scalp those tickets on its own marketplace and generate $426,912 in revenue — a price lift of nearly 48%, or approximately $139,162 total — which it would then split 50-50 with the promoters. North Coast Music Festival’s cut of the action was to be $69,581, which represents a 24% increase in revenue over their original allocation.
The team behind Lost Lands Music Festival, which takes place each September in Legend Valley, Ohio says its owed $330,000 for the tickets it sold on Lyte, plus the upside it generated from the markups. According to the Lost Land’s lawsuit , Lyte paid APEX a $100,000 advanced fee for using the ticketing platform, which APEX repaid by early September.
대한민국 최근 뉴스, 대한민국 헤드 라인
Similar News:다른 뉴스 소스에서 수집한 이와 유사한 뉴스 기사를 읽을 수도 있습니다.
Ticketing Company Lyte Shuts Down SuddenlyTicketing company Lyte, which has increasingly embraced ticket reselling in recent years, shut down its website with no warning last week.
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