New product provides full money back for cancelled concerts and travel chaos
First product of its kind in the marketplace
LONDON, July X, 2007: Seatwave, the UK’s largest fan-to-fan ticket exchange, has launched a brand new product, Ticketcover™, for customers purchasing tickets for concerts, theatre, sports and many other live events. The very first product of its kind within the secondary ticketing market, Ticketcover™ provides a full refund if an event is cancelled and even covers buyers for a range of circumstances that may prevent them from attending their performance such as severe transport delays, an accident or illness. Seatwave will be giving this product away free of charge with all tickets purchased on Seatwave.com
If an event is cancelled, Ticketcover™ ensures customers receive the full cost of what they paid for their tickets and not just the face value. This is in sharp contrast to buying tickets on eBay where, if an event is cancelled, the buyer will generally only receive a refund on the face value of their ticket – not on the amount they paid.
Joe Cohen, CEO and Founder of Seatwave said: “The passion for live entertainment in this country is exploding. This summer, around 2 million Britons will attend festivals. Right now, customers have little protection if unforeseen circumstances prevent them from attending an event with concert promoters rarely, if ever, giving a refund. We don’t see why people should be left out of pocket because they couldn’t attend due to situations out of their control. No other service industry would treat consumers so unfairly and it’s just not good customer care. Ticketcover™ makes sure our customers are not left out of pocket if an event is cancelled or they are prevented from attending. We are calling on all other providers to raise the bar and to do the same.”
Working with Seatwave on the product is Mondial UK, a leading provider of customer support services to the motor, travel industries and insurance companies. Mondial will be responsible for handling all customer claims and will service the contract.
Launched officially in February 2007, Seatwave’s main objective is to improve the consumer experience within the secondary ticketing market across the UK and Europe. Operating in a safe and secure environment, consumers can buy and sell tickets for concerts, theatre, sports and many other live events. With the existing secondary ticketing market currently worth around £1 billion in the UK, and between £3.5 - £5 billion across Europe, Seatwave is in a uniquely strong position to capitalise on this market by offering consumers a more transparent and safer way to buy and sell tickets.
1 Dow Jones News, 2007
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For further information please contact
Louise Rutter / Katie Thompson
Portland PR
T. 020 7404 5344
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Notes for editors
Seatwave
Seatwave is the UK’s largest fan-to-fan ticket exchange, an online marketplace for buying and selling tickets for theatre, sports, music and other live events. The company was launched in February 2007 by Joe Cohen, ex Ticketmaster and ex match.com and early stage Venture Capital firm, Atlas Venture. Seatwave has more than 400,000 tickets on sale at any one time, 20 times more than eBay. Seatwave guarantees that tickets come only from legitimate sources and will represent them accurately and honestly. Seatwave operates two types of customer protection. TicketintegrityTM guarantees that buyers will receive the tickets they ordered and in good time for the event. If not Seatwave refunds 150% of what was paid. All tickets bought on Seatwave are also covered by TicketcoverTM This provides for a full refund if an event is cancelled and even covers buyers for a range of circumstances that may prevent them from attending their performance. The company is based in London. www.seatwave.com
Scenarios covered by Ticketcover™ include:
* A breakdown or transport failure stops you from getting to the venue
* You encounter a delay of 3 hours or more in reaching the venue
* Illness, injury or death
* Death of an immediate family member
* You are called for jury service
* You need to stay at home because of a fire, an accident or because of a police request
* Storm or environmental damage stops you from attending
* You are called for military service (territorial army requirements)
* You are mugged or assaulted within 10 days of the event
How does Seatwave work?
Selling Tickets
Sellers can list their tickets for free on Seatwave. If their tickets sell, they pay a 10% commission to Seatwave. Sellers set their own price for their tickets. Seatwave provides sellers with the average sale price of their tickets so they can make an informed choice as to their value. Once they have sold, Seatwave guarantees payment through its Ticketintegrity™ scheme. In order to protect the buyer of the tickets, Seatwave takes the credit or debit card number of the seller. If they fail to deliver authentic tickets, their card will be debited to provide replacement tickets for the buyer. Sellers are not paid until after the event, ensuring that they cannot successfully market counterfeit or invalid tickets on Seatwave.
Buying tickets
Once buyers have located the event they want to attend, picked their seats and the number of tickets they want, they pay for the tickets through Seatwave’s secure payment system. Seatwave tracks the delivery of the tickets and ensures they reach the buyer in plenty of time for the event. Should the seller of the tickets let the buyer down, Seatwave will endeavour to provide replacement tickets.
Seatwave operates two types of cover to ensure comprehensive customer protection. TicketintegrityTM guarantees that buyers will get the tickets they ordered and get them in good time for the event. If not Seatwave refunds 150% of what was paid. All tickets bought on Seatwave are also covered by TicketcoverTM This provides for a full refund if an event is cancelled and even covers buyers for a range of circumstances that may prevent them from attending their performance.
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