TodayTix, a Broadway-born mobile ticketing startup, is seeking to expand into a larger global media and trade enterprise using a capital infusion of $73 million headed by the private-equity company Great Hill Partners.
The investment attracts TodayTix’s total funds increased to over $100 million, according to CEO and co-founder Brian Fenty. Part of this new financing will be used to”clean up existing investments from different investors” and purchase their bets. The majority of it’s going to go toward enlarging TodayTix’s proprietary data-driven audience comments technology platform to boost its own customization and discovery attributes, and to expand the lineup of displays, arts and cultural experiences available in the program.
“The next great generation of media companies will be built around data and transactions,” Fenty said.
Fenty, with a background in venture capital and generating Broadway shows, co-founded TodayTix in 2013 with manufacturer Merritt Baer. The duo found a gap in the market — in the moment, there wasn’t any simple way to purchase Broadway tickets onto a cell program. “There was very little transparency around pricing,” Fenty said.
So far, TodayTix has offered over 4 million tickets. Based on Fenty’s quotes, the business now accounts for 8 percent of all Broadway tickets offered yearly and 4 percent of these at London’s West End.
Even though TodayTix does compete with conventional event-ticket agents like Ticketmaster and Telecharge, Fenty said the organization’s strategy is fundamentally different because it aims to become an on-ramp that attracts customers to reside experiences they might not be conscious of. It is more of a driven networking program with a loyal user base of some 5 million customers, ” he said.
“We don’t compete with other ticketing companies. We compete with Netflix and a pitcher of margaritas,” said Fenty. “It’s more like, ‘I have 100 bucks. What can I see in my town?’”
TodayTix functions in 15 cities worldwide, including New York, L.A., Chicago, San Francisco, Seattle, London, Toronto, and Sydney and Melbourne, Australia. It functions with 1,300 place and manufacturer partners and thus far has run a lottery and also last-minute reduction ticket promos for at least 900 productions.
In 2015, TodayTix established its initial lottery, for “Hamilton,” providing users an opportunity to land $10 tickets to the Broadway smash hit. “This was an effort we came up with to get a sold-out show free of ad budget that needed to make awareness and attention,” Fenty said.
In accordance with Fenty, 70 percent of TodayTix’s users seem no less than five shows before they make a choice. This gives it a chance to assist partners to burnish their messaging and connect with a target market, tapping into TodayTix’s information analytics. The business has established”TodayTix Gifts,” a set of curated occasions and relevant content.
The funds from Great Hill Partners was eased with advice from Methuselah Advisors. Boston-based Great Hill, centered on mid-market development companies, recently directed that the buyout of Gizmodo Media Group in Univision and has invested in businesses such as Ziff Davis, IGN, Momondo Group, Wayfair along with The RealReal.
“TodayTix is rapidly changing the way millennials and other consumers connect with live cultural experiences,” Michael Kumin, a managing partner at Great Hill Partners, said in a statement. “We look forward to working with Brian, Merritt and their talented management team to expand the company’s product and service offerings and accelerate its push into new geographies.”
TodayTix, located in New York’s Tribeca area, has 90 fulltime workers. Fenty said hiring strategies will consist of expanding the organization’s analytics and insights staff, together with product developers to construct personalization characteristics and TodayTix’s recommendation motor.