PRESS RELEASE

NEW FIGURES SHOW OVER 90 PERCENT OF SEATWAVE TICKET SELLERS ARE GENUINE FANS - FIGURES DESTROY MYTH OF TOUTING GANGS

London, 02 January 2008, Seatwave.com, the UK's largest online fan to fan ticket exchange has today released new figures which indicate that over 90 per cent of its on-line ticket sellers are fans, who find they can no longer attend the event for which they had bought tickets, rather than professional touts making a living out of selling tickets.

Research indicates that 91 per cent of Seatwave consumers have sold fewer than 10 tickets in 2007. 81 per cent sold fewer than six tickets and 60 per cent sold fewer than three tickets during the same period.

These figures illustrate that genuine fans use Seatwave to sell tickets when they can no longer attend an event, allowing those who were unable to purchase tickets the first time around a second chance. It was in this way that hundreds of English Rugby fans were able to buy tickets for the World Cup final, from fans of defeated teams.

Figures also indicate that 30 per cent of tickets on the Seatwave website are resold at or below face value refuting claims that tickets are sold to fans at rip-off prices. Indeed the transparency of the on-line market place means that prices quickly find their market clearing level.

The figures are released in response to wild unsubstantiated claims about the secondary market by promoters in advance of the publication of the DCMS Select Committee report into the issue. Promoters are trying to secure more restrictions on the resale of tickets. Currently promoters often do not put on sale to the general public up to 40% of the tickets for a show, holding them back to supply the corporate, VIP and fan-club markets at much higher prices. Promoters fear that a vibrant, well-functioning, safe, secure and transparent secondary market might make it more difficult for them to price discriminate the market as they do now.

Joe Cohen, CEO of Seatwave.com, said "Contrary to the wild allegations of criminal gangs put about to MPs and journalists by the promoters, the truth about the secondary ticket market is simple: thousands of regular, hard-working people every week use legitimate online marketplaces like Seatwave to sell tickets in a safe, secure and transparent environment when they can no longer attend the event.

"Of course promoters want to restrict what consumers can do with their tickets once fans have bought them; fewer tickets in the market means promoters can continue to raise prices for high-demand events. That way the promoters can keep more of the VIP and corporate market for themselves. But let's be absolutely clear: restricting consumer rights by preventing the resale of property cannot possibly be in the interests of consumers. The only people that benefit from resale restrictions are the promoters. The ticket-buying public has consistently stated they want a strong secondary market and do not want government getting involved in this arena. It's our hope that the committee acts in the interest of the large majority of voters and not the interests of a small cartel of promoters."

Mr Cohen refused to comment on industry rumours that promoters themselves supply ticket touts directly for events they claim are "sold out."

- Ends -

For further information please contact

Louise Rutter
Portland PR
T. 020 7404 5344
E.

About Seatwave
Seatwave is Europe's largest online fan to fan ticket exchange where fans can buy and sells tickets for concerts, theatre, sports and any other live events. Launched by Joe Cohen in February 2007, Seatwave already has more than 500,000 tickets on sale at any one time, 25 times as many as available on eBay, and is the top website selling entertainment tickets.

Seatwave allows fans to buy tickets in a safe and secure environment, offering two market leading consumer protection products - TicketIntegrity™ and Ticketcover™ free of charge with our service. Ticketintegrity™ 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 Ticketcover™ which 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

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