LOS ANGELES, CA--(Marketwire - June 2, 2010) - TixTrack formally announced today the latest release of TixTrack Professional™, a software solution for planning, tracking and optimizing revenue from event sales. TixTrack Professional™ is unique in its ability to help venues, sports teams and event promoters save time as well as maximize revenue from ticket sales. TixTrack, though founded less than two years ago, has a number of brand name customers such as STAPLES Center, Air Canada Centre, The Verizon Center, The Los Angeles Clippers, The Washington Capitals, and promoters such as the Harlem Globetrotters, Feld Entertainment, and Cirque du Soleil.
For years, one of the biggest challenges facing companies within the entertainment business has been the ability to track and understand ticket sales data. A second major challenge has been establishing optimal pricing prior to an event or season and adjusting those prices based on actual demand. TixTrack provides pricing guidance by analyzing primary and secondary ticket sales data and determining prices that accurately reflect market demand. TixTrack Professional works in conjunction with virtually any ticketing system, including Ticketmaster Classic, Archtics, Paciolan, Veritix, and Tickets.com.
TixTrack for Venues -- Increasing Efficiencies
TixTrack Professional is Web-based software that allows venue managers to track sales inventory easily: TixTrack creates unique, custom-made maps of floor plans for any event. The TixTrack Professional software then updates the maps with fresh data, providing the venue with an easy to understand visual display of all ticketing information including ticket status, detailed hold information, pricing and promotions for sold inventory, and package information. Venue managers also can create custom graphs of inventory changes as a function of time, including the tracking of individual promotions or ticket types.
The Web-based software also makes it extremely easy for venues to share this data internally or with promoters, avoiding the laborious process of hand drawing updated seating maps, scanning and distributing the maps by fax or email. TixTrack Professional has already been used in more than 100 venues and 1000 events.
"With TixTrack, a lot of the guesswork is gone," stated Donna Henderson, Director of Ticket Operations for the Air Canada Centre. "As a venue operator, we can adjust deployment of our event staff to efficiently allocate resources and save money by viewing an actual visual map of our arena. With a keystroke, TixTrack allows us to save time and provide more accurate maps so that promoters can quickly see their data."
TixTrack for Promoters -- Increasing Efficiencies and Revenue
Promoters share in the same efficiency improvements as venues but in addition, a promoter can use the software to track activity for an entire tour even if venues utilize different ticketing systems. Promoters benefit by seeing all of their ticket data online in a single, centralized, uniform format.
One such example is the Harlem Globetrotters. Michael Kenney, the Globetrotters' senior vice president of live event marketing, recently commented on the benefits of using TixTrack: "The Harlem Globetrotters used TixTrack Professional for nearly half of our 269 shows in North America in 2010, greatly simplifying our interaction with box office personnel and allowing us to see our inventory in a common view for all venues, regardless of ticketing system."
Another significant benefit to promoters is the software's ability to quickly analyze ticket data to predict inventory trends before they are evident and to recommend optimal pricing. The software can determine prices at any level of detail, either by seat, section or row and can quickly provide optimal pricing decisions, even at the early stages of an on-sale. Additionally, TixTrack's software helps companies to maximize revenues by integrating primary and secondary ticket data to provide an accurate view of prices on a row by row basis. To this point, Kenny explained that, "The Globetrotters' 2010 North American tour grossed the highest tour revenue in the 84-year history of the team, setting 73 local box office records, and TixTrack helped by allowing us to better track our inventory and make more informed decisions regarding promotions and pricing."
Sports teams -- It's a New Ball Game
TixTrack also works closely with traditional sports teams -- including NBA and NHL franchises -- to integrate primary and secondary market data to maximize these clients' revenues. TixTrack analytically determines optimal season ticket pricing, package pricing, and single game pricing, including variably pricing games for different opponents. This same combination of technology and services can be used to adjust pricing mid-season.
Stated Carl Lahr, Sr. Vice President of Sales and Marketing for the Los Angeles Clippers, "We have been working with TixTrack for more than a year. We have been very impressed with their capabilities and their recommendations have uncovered thousands of dollars in potential untapped revenue. Their analysis of ticket demand provides the Clippers with new insight as to the pricing of tickets. TixTrack is a valuable partner in our ticket sales and revenue yield strategy and well worth our investment."
"We started TixTrack with one goal in mind: to make our customers more money by providing a single product that tracks inventory and also provides pricing guidance in an intuitive, visual framework," said Steven Sunshine, CEO of TixTrack. "By embedding sophisticated technology and services in a simple-to-use product, we believe we address the critical need to better manage and price inventory."
About TixTrack
TixTrack provides Web-based software for planning, tracking, and optimizing revenue from events. The company's proprietary data analysis tools increase its clients' revenues
by accurately displaying inventory status in easy to understand arena maps and by applying sophisticated algorithms to track demand and recommend optimal prices.
Contact Information:
MEDIA CONTACTS:
Michael Arya
TixTrack
michael@tixtrack.com
(626) 825-9345
Michael Lindenberger
BOCA Communications
michael@bocacommunications.com
(415) 531-1449