Ticketing platform Gametime has generated US$30 million in funding round involving co-managing partner of the Philadelphia 76ers and New Jersey Devils David Blitzer, as well as San Francisco Giants owner Jeff Mallet.
The round also included Golden State Warriors owner John Burbank, as well as Nimble Partners, Maven Ventures, Accel, GV, Bolt Ventures, Tenere Capital, Blitscaling Ventures, Next Play Capital, Alumni Ventures, University Growth Fund, Palapa Ventures and numerous influential individual investors.
Gametime said the investment will accelerate product development and expand its efforts to reach younger ticket buyers.
Gametime, an aggregated ticketing marketplace which is designed for last-minute buyers, confirmed it has now generated more than US$1 billion of sales since its launch, with its growth accelerating. The company is projecting sales to exceed US$500 million in 2022, with ten of Gametime’s highest revenue days occurring in 2022.
According to Statista, ticketing revenue for music and sporting events alone could reach US$54 billion globally in 2022, a 142 per cent growth from five years ago and a 443 per cent increase over 2020 when the pandemic halted events for almost nine months, dropping industry revenue to just US$12 billion.
“We’re in a golden age of live entertainment as pent-up demand from the pandemic is fuelling record growth for attendance at sporting events, concerts and shows,” says Brad Griffith, chief executive of Gametime.
“This investment means Gametime can rapidly accelerate our product development and can continue to help teams, leagues and artists rebound from a challenging few years. On the fan side, it’s one of the most important times in history to make it easier for people to connect with friends, families and communities.”
Jeff Mallett, principal partner of the San Francisco Giants and chairman and co-owner of the Vancouver Whitecaps, added: “Gametime makes it extraordinarily fast and easy to connect fans with events.
“Team owners see opportunities to expand the market and future proof the industry with Gametime’s younger audience as season ticket holders age. With ticket sales closer to the start of the game or concert skyrocketing in popularity, Gametime has defined the last minute category and is the brand of choice for answering the questions: what’s up tonight?”