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FanFetch was conceived in 2006 by pioneers in the secondary ticketing industry. After years of experience operating in a sub optimal business environment, the founders identified a number of core problems in the industry and attempted to rectify them. Pricing inefficiency was the primary concern that needed to be alleviated. Secondary market vendors obtain tickets in the primary market months before the event occurs, and hence months before participants transact in the secondary market. As any student of economics knows, a deep market is essential for accurate pricing, and no such market is present at the time when brokers set initial prices on their inventory. This inefficiency of pricing led to two substantial negative consequences:
FanFetch offers a solution to this pricing dilemma. By allowing buyers to place offers on specific inventory items, legitimate pricing data is communicated back to the sellers from the moment they post their inventory. In response to this unprecedented data, brokers will be able to adjust their prices to equilibrium, market-clearing levels. It is expected that this will bring a significant order of efficiency to pricing in the secondary ticket market. FanFetch additionally offers logistical advantages to the prevailing exchanges, eliminating the heavy dependence on outdated telephone technology to reserve items and consummate transactions. For vendors, FanFetch digitizes the entire process from "flip" to "purchase order". The founders of FanFetch are serial entrepreneurs, having successfully operated a technology-based ticket brokerage since 2003 in both the wholesale and retail secondary markets. They hold degrees in business and technology from leading institutions, among them the Wharton School, and the University of Pennsylvania School of Engineering and Applied Sciences. With this latest venture they hope to build on their previous success and improve the experience of all participants in the ticket industry. |
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