Investment Will Accelerate Product & Platform Development and Focus on Growing Younger Fan Base; Signals Turnaround in Ticketing and Events Industry Estimated to Reach $54.26 Billion for Music and Sports Alone
SAN FRANCISCO, May 26, 2022 — Gametime, the leading platform for last minute game, concert and show tickets, today announced it has secured $30 million in new funding. The round is led by Nimble Partners (including Golden State Warriors owner John Burbank), with additional investment by Maven Ventures, Accel, GV, Jeff Mallett (San Francisco Giants principal partner and Vancouver Whitecaps chairman and co-owner), Palapa Ventures, Bolt Ventures (David Blitzer, owner of Philadelphia 76ers and New Jersey Devils), Tenere Capital, Blitzscaling Ventures, Next Play Capital, Alumni Ventures, University Growth Fund and other influential individual investors.
Analysts estimate that ticketing revenue for music and sporting events alone could reach $54 billion globally in 2022, a 142% growth from five years ago and a 443% increase over 2020 when the pandemic halted events for almost nine months, dropping industry revenue to $12 billion. (Statista) This signals growing consumer confidence with fans getting out and enjoying in person events at a record pace.
The investment will accelerate product development and expand Gametime’s efforts to reach younger ticket buyers. Additionally, the funding will help Gametime enhance its platform, making it even faster and easier, which is especially valuable at the last minute. The Gametime experience aims to make it increasingly attractive for fans to choose going to live entertainment instead of the couch.
“We’re in a golden age of live entertainment as pent-up demand from the pandemic is fueling record growth for attendance at sporting events, concerts and shows,” says Brad Griffith, CEO 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.”
“Gametime makes it extraordinarily fast and easy to connect fans with events,” explains Jeff Mallett, San Francisco Giants principal partner and Vancouver Whitecaps chairman and co-owner. “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?”
Gametime today also announced that it has now sold over $1 billion in tickets to date. Driven by younger buyers seeking a faster and easier ticket buying experience, the company is experiencing record-breaking ticket buying volume and revenues and is projecting sales to exceed $500 million in 2022. Gametime’s 10 highest sales days, since the company launched, have all occurred in 2022.
Gametime’s mission is to unite the world through shared experiences. Founded in 2013, Gametime provides consumers with a seamless and transparent way to buy and sell tickets for live events including sports, concerts, theater, and comedy shows. Gametime specializes in last-minute tickets, allowing customers to purchase up to 90 minutes after the event start time. Gametime emphasizes mobile ticket delivery as an easy and environmentally friendly alternative to paper tickets and believes in going above and beyond for customers. The company was founded by current CEO Brad Griffith. Download Gametime at www.Gametime.co/app. Follow GT on Facebook @gametime, Twitter @Gametime and Instagram @gametimeapp.