Update May ‘19
This month we’re going to give you insights into our business development, release some anticipated news and talk about new features being built.
Because it’s a long one, here’s an overview of what this blog has to offer:
1.) Media round-up
The latest news, mentions and publications.2.) Protocol announcement
News from the adoption side of the protocol.3.) Token announcement
An update about the GET token and its usage.4.) Business development insights
Looking at our past, present and future.5.) Technology development insights
What are the developers working on?
Alright, ready? Here we go!
Media round-up
GUTS Tickets is now recognized and named by the Dutch police as a safe platform for purchasing event tickets. The reference can be found on the website of the Dutch police (point #25) as part of the online fraud prevention segment.
This official acknowledgement is a very welcome stamp of approval, as it solidifies and expands the public trust in our system and the positive effects it is having on the people who actually buy tickets.
We aim to build on this recognition and keep improving consumer protection through the further development of our innovative technology.
The founder and CEO of GET Protocol & GUTS, Maarten, was interviewed on the Dutch crypto podcast ‘Satoshi Radio’. It’s a long interview, ranging in content from anywhere between the GET ICO, the way of doing business, and the direction in which GET is headed. Click on Maarten’s face below to check out the episode on Spotify. If you don’t have Spotify, you can listen here. (The actual interview about GET and GUTS starts around the 44th minute.)
For the non-dutch speakers; An interesting and important takeaway from the interview is Maarten’s explanation of the relation between GET Protocol and GUTS Tickets. At the moment it may seem that there is a lot of focus on GUTS instead of GET Protocol. In the podcast Maarten expands on this perception.
A rough summary of some relevant points:
GUTS showcase
GUTS Tickets is more or less the ‘shop window’ of GET Protocol. While we are obviously convinced of what the protocol can do; we need to prove this in the field in order to tangibly showcase its innovative features and how they work.
Sustainable growth
This is the reason our focus has been on selling tickets and building features rather than endlessly hyping the concept of our project. Real sustainable growth comes from conducted business and repeated proof of stability and reliability in the field. We strongly believe this is the way to long-lasting success for GET Protocol. In a few years, we not only plan to have more and more ticketing companies using the protocol, we also want to make it easy for everybody to start their own ticketing company. The end goal is to open source our entire code base.
Token price
We have a price target in mind for the token as related to volume of tickets sold, but we have chosen not to communicate this yet. We are proud of the support from our community, who really understand and believe in the utility value of the token. Our goal is to the be the most bonafide project out there, and this is something we are fully committed to.
At the beginning of this month there was a big soccer game which we refuse to remember and shall not be named. It was a big milestone for some people though, and caused a lot of interest and excitement throughout The Netherlands. Besides The Game With No Name, there were also some cultural events that night, such as a Jochem Myjer show.
Despite his support for one of the teams that apparently played that night that no one remembers or should try to remember, his show went on as scheduled. He publicly stated this across his social media channels with the message that devoted soccer fans (Was it even soccer? I’m not sure to be honest…) could easily put their tickets up for sale with GUTS Tickets. His posts were picked up by a couple of mainstream news outlets, which also mentioned GUTS and a description of our honest ticketing system. Here’s one:
We missed it last month, but ‘On The Block’ made a brief mention of GUTS in their blog about hypeworthy crypto projects:
As was the case last month, we are always updating the GET Protocol Youtube channel (don’t forget to subscribe!) with new brief explainer video’s. Here are the video’s released this month:
Announcing the second ticketing company to make use of GET Protocol: ITIX
ITIX is the second ticketing company to make use of the GET Protocol! Since launching in 2007, the aim for ITIX has been to become ‘a user-friendly and flexible online ticketing system’. They have sold 14.000.000 tickets to date.
Currently ITIX does ticketing for 23 theaters throughout the Netherlands, and sells more than 2 million tickets per year.
The integration of these honest tickets for the clients of ITIX will be done in phases. Starting later this quarter, ITIX will offer their clients the possibility to provide consumers the comfort and benefits of GET Protocol’s digital tickets.
Total integration for all tickets sold by ITIX is the mutually agreed goal which both parties are working towards. This is a process that will gradually be completed over the next couple of years.
From GET Protocol CEO Maarten Bloemers:
‘Our partnership with Dutch ticketing company ITIX is very exciting in various ways. Not only will we learn how to make the technical onboarding for ticketing companies as easy as possible with a committed local partner, also the opportunity costs for choosing not to service theaters directly but through an established brand are virtually non-existent. GET Protocol is extremely committed in helping ITIX grow in market share with our unique features, to both our benefit.’
Needless to say, this is a big milestone and an important step for the growth and adoption of GET Protocol in the world of ticketing. We look forward to this process of integration, the expansion of honest tickets and the doors this will open. More details and relevant information will be shared as it becomes available.
Are you list(en)ing? GET will be listed on Nocks
As has been speculated on already somewhat; on June 5th GET will become tradable on the Nocks exchange. Nocks is an ambitious and growing exchange. This news is exciting for several reasons.
Euro pairing
Having a direct GET-EUR pairing is a big benefit. Not only does this make things easier for European traders, it’s also a plus for the usage of the protocol. Most users of the protocol and their clients conduct business in Euro, hence having this direct pairing readily available opens doors for an easier adoption of GET.
Easy onramp
Nocks has made it very easy for beginners or those interested in cryptocurrency to start trading. Besides the real-time trading markets, there is also a broker-service on the website where people can easily pay with iDeal or Bancontact in order to receive their GET. It has never been easier to buy GET, whether you are a crypto trader or simply a supporter of the project.
The full list of pairings that will become tradable:
GET — EUR
GET — BTC
GET — ETH
GET — NLG
For more information about Nocks and to set up your account there, click the image below:
And now, let’s talk business (and numbers)
As our core business and value proposition is centered around transparency, we want to provide some insights and address the often brought up topic of the projected 1 million tickets sold in 2019.
To go forward, we must go back
Let’s start with a quick recap. In January 2018, the projection for a million tickets sold through GUTS Tickets was first made in this blog, as part of the Q&A section.
Here’s the excerpt:
This projection has been reiterated several times since, as more and more artists started using GUTS and our mainstream adoption was showing exponential promise. The demand for honest ticketing was -and still is- undeniable, as any artist or fan will tell you. Our focus on establishing a solid foothold in the theater market, while further improving and battle-testing our system, is still growing. Hence this early projection was a manageable milestone to work towards. Besides, it was also a great point on the horizon that matched our ambition and growing real-life traction, of which there has already been quite a lot.
Nevertheless, we were too optimistic. It is likely that GUTS Tickets will not reach the 1 million ticket goal set for 2019.
A ‘not-very-brief’ analysis of the changed projection
We‘d like to show you some insights into our business development progress and findings to date. But before we do so, it is important to say first that we don’t place the blame for the missed target on anyone but ourselves. As we grow and discover more about the business we are in every day, we are also learning some lessons through experience.
With the current crypto market still being dominated by projects that thrive off of false hype and immature business conduct, it is important to us that we stand out by remaining honest and transparent. This is how we’ve done it before and how we will continue to do it.
We are in it for the long run, which means we have to continuously check whether our ongoing activities in every department match the long-term vision and roadmap.
I’ll address two big factors for the less-than-hoped-for sales numbers and hopefully provide some insights, followed by an explanation of how we have adjusted our strategy accordingly. “Adjusted” is written in past tense, as we are already well underway with this new approach, as seen by the ITIX news and also explained in more detail in the text to come.
What might be important to state again, is the fact that this is an adjustment projection made quite some time ago, due to changes in timing. It does not mean there are less deals on the table, it is actually quite the contrary.
Factor 1: Surprisingly long sales cycles
It’s no surprise we had a fantastic start, with loads of exposure in mainstream media and heaps of potential leads, delivered in large part by our three ambassadors Jochem, Youp and Guus.
Having these well-respected artists as the faces of our system made it possible for us to ticket hundreds of events in venues throughout the country. This was extremely beneficial for the development of our system, as it gave us the chance to finetune our service by actually selling thousands upon thousands of tickets to real people with real demands.
Being a real, relevant ticketing company and continuously selling loads of tickets for a variety of events requires you to be solid across the board. It’s not a matter of adding a ‘buy’ button to your website and then waiting for the money to come in.
- You need to have a robust support system to help ticket holders with their wishes and concerns 24/7.
- You need to have a dynamic and efficient team of developers that can juggle last-minute client demands, as well as keep the focus and ambition to create innovative features.
- Last but not least, you need to actually develop and run a one-of-a-kind, ticketing system that is so reliable that venues, artists and managements are willing to trust their entire revenue streams to it.
We have all of these things.
With our current, active ticketing system -and not counting the additional innovative features we are currently building- we are a serious player within the ticketing market. Not the blockchain ticketing market; the ticketing market in general.
On both technical aspects and user experience, we match or trump the current ticketing systems out there. (Not to mention our honest ticketing features and proposition that protects ticket buyers and event organizers from the perils of fraud and dishonest reselling.)
Please excuse the moment of bragging, but it’s important to also state where we stand within the bigger picture, as this directly relates to what we have to offer to our prospective clients and our future approach to business development.
It’s also why we are surprised by the lack of speed we’ve encountered during sales cycles. We are fully aware deals aren’t closed over one cup of coffee, but the time it is taking to go from an initial introduction to actually selling tickets for artists/venues/agencies (especially those who are more than willing to work with us) is much longer than expected.
In all fairness this can probably be chalked up in part to our own naivety with regards to how long these things take. Our excitement for our features and their benefits makes our fingers itch to put our system to work and sell all the tickets in the world right now. In reality, there are many time-consuming factors at play during the cycles of acquisitions. A few examples:
- Existing contracts
We’ve encountered venues with ongoing contracts with ticketing companies that range in length anywhere between 2 and 15 years. Breaking open these contracts is nearly impossible for venues or artists, even if they are unhappy with their current ticketing system. We have had countless talks with parties who are more than interested, but simply can not make the switch at this point. Thus, these leads require some patience. - Extensive technical overhaul
Especially for larger venues — stadiums and the like — committing to a new ticketing system can require a lot of man hours and restructuring. It is simply not something to be taken lightly, as it impacts a lot of layers within the company. In some cases, where venues have not been set up very future-proof, it can mean a complete overhaul on their technical system, requiring significant restructuring in the way their business works.
These parties usually do see the necessity of making their ticketing honest (besides usually being very impressed with features such as direct communication), but have to incorporate this into their multi-year strategy and carefully find a way to integrate this. Often this requires successfully conducted pilots and many more assurances. - Fear of innovation
For some of the ‘old dogs’ in the business, change is sometimes seen as a threat. They’ve always done things the old way, and either don’t see the benefit of renewal, or simply would rather not deal with the hassle themselves.
The first examples above are completely understandable, and something we will simply have to work with. The last point is something that we take issue with. We refuse to accept the unsubstantiated reluctance to commit to changes that benefit practically everyone. This Jochem Myjer tweet from last month is directly in line with our own sentiment on the matter.
Translation:
“Weird how some theaters still don’t get how great GUTS is. They are afraid of change. It’s easier for the audience. For artists there is no more reselling. And there are maaaany other advantages. #Gowiththetimes”
It is remarkable to see the friction and resistance that certain parties still have when it comes to implementing a system that guarantees true transparency and drastically improves a major source of frustration and loss of money. Fear of innovation is hurting consumers and can seriously harm the future of certain venues — especially in the theater sector — where the average age of attendees is very high and the demands from the visitors of the future are being ignored.
Honest ticketing is coming one way or the other, whether those people who are against it agree or not. Unfortunately, in some cases our appeals and suggestions for an honest system falls on deaf ears. This is where you can make a major difference.
If more and more consumers let venue employees and event organizers know that they want — and need — a better ticketing system that protects them, the message will start to resonate. Public demands from consumers (like on social media) are extremely valuable and have more impact than you might think. So please, make your voice heard! We will keep up our part and always find new ways to present our message and change the world of ticketing for the better.
Factor 2: Niche demands from theaters
We have been in serious talks with dozens of theaters about integrating our system. Besides the obvious element of honest ticketing, using our digital tickets would provide plenty of incredibly valuable benefits. Things like direct communication with all ticket holders, major marketing opportunities thanks to 100% relevant data and custom referral options. Especially for the rapidly aging theater markets, GUTS has some great features that speak to the audiences of the future and provide valuable tools for business continuity.
These features have not always proven to be enough for theaters, as many have presented their own lists of demands for features they would like to have upon integration. This has resulted in endless lists of venue-specific edgecase-features that would take years to fully complete.
Building in the right direction
Please don’t see this as complaining. Clients are clients, and updating entire systems that visitors, employees and managements have been using for years requires a lot of flexibility from both sides. That’s a given.
What’s more, if we really wanted to service these prospects, we could. It would, however, mean that we devote all of our development resources to delivering a wide range of venue-specific features (things like allergy notifications for the restaurant next door) and fully commit ourselves to the theater sector. It would also mean that we would have to put all larger leads on hold, stop working on improving our system to be applicable for bigger and different events, and just do slight variations of the same thing over and over.
It would probably also mean that we’d end up losing all joy and ambition for what we do.
We have a global mission as a digital ticketing company — meaning that we we are building for scale — and every step we take should fit within this bigger picture.
With our initial artists and ambassadors, we were somewhat forced to tackle the most tricky vertical, theaters, first. We knew this was going to be a challenge, but as mentioned above, we were still surprised by the level of friction we encountered.
This is why GUTS will not be focussing on servicing theaters directly, but rather servicing artists — at whichever venue they perform.
This does not mean that we’ll turn our back on ticketing theater venues or shows. It simply means we are choosing to go bigger, as was planned for this stage in our existence.
So how many tickets are you going to sell?
Taking away the 1M tickets promise doesn’t mean we aren’t going to sell any tickets — we still might sell a lot of tickets for that matter. The amount of tickets lined up in the pipeline easily exceeds 1 million, but, due to the factors described above, we simply can not guarantee that they will be sold this year.
As we still want to provide maximum transparency about our progress and the business development, we will provide the number of tickets sold at the end of each quarter in the announcement for each buyback — or ‘burnback’, depending on the market price of GET.
Also, moving forward we won’t be disclosing any information sales or partnership-news before contracts are signed and sealed. We won’t hype or create rumors, there will be enough serious news to be shared.
While we fully understand that this walk-back on numbers is a possible disappointment, rest assured that all choices and strategies are weighed with the GET holders in the back of our mind. After all, the support received through our ICO has made it possible to even get to this point.
It’s important to remember that we have carefully crafted the utility aspect of our token, and believe its related tokenomics stand out from most crypto projects due to the relevance of their application. A brief reminder:
For every ticket sold, a (part of a) GET token is required from the open market. More tickets sold by a ticketing company (currently GUTS Tickets and ITIX) using GET Protocol will result in more demand for GET, it’s as simple as that.
Technical update
There have been plenty of interesting new things that were worked on this month on the development side.
Bigger events, bigger challenges
In line with our focus on larger events, we have started the mapping and development of stadium seating. This will allow for easier processing of larger events and it’s an important step, both for business development as for our dev team on the technical side.
When it comes to selling tickets large stadiums are a whole different game compared to events or theatres. Just to name a few things: standing vs seated tickets, huge amount of sections and tiers, and crowd management via different entrances. Many things that you need to take into account when designing an optimal webshop and ticket experience.
Considering 50–70% of ticket purchases are done on mobile (this percentage is growing yearly), it’s surprising to see that none of the bigger ticketing companies have a truly user-friendly and efficient ticketing flow — especially for bigger venues with more complex ticketing types.
We plan on changing this.
Don’t be a tool
It is now also possible to use marketing and analytics pixels in the integrated ticketshop widget. This makes it easy to track the conversion per step in the ticketflow using Google analytics. Or you can use the facebook marketing pixels to detect who has successfully purchased tickets and remove these people from your marketing campaigns. What’s most important is that event organizers can now see the percentage of converted sales — a valuable data point to have.
Events that make use of these pixels will automatically show a cookie bar notification to the visitor. It is only once the visitor accepts the cookies, that they are placed. This way we allow our clients to apply advanced and custom marketing approaches within the guidelines set by GDPR.
That was it for this time, see you next month, or somewhere in between. See you next time, or, as they say in Korea: 다음 번에!
More about the GET Protocol
Any questions or want to know more about what we do? Join our active Telegram community for any questions you might have, read our whitepaper, visit the website, join the discussion on the GET Protocol Reddit. Or get yourself a smart event ticket in our sandbox environment. Download the GUTS Tickets app on iOS or Android.
