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Business News Deals Live Business
Lyte confirms acquisition of Festicket and Event Genius assets
By Chris Cooke | Published on Thursday 29 September 2022
Lyte – the US-based platform that allows event promoters to manage ticket reservations and resale – has confirmed it is acquiring the assets of collapsed UK ticketing firm Festicket, including its Event Genius ticketing tech subsidiary.
Festicket formally fell into administration earlier this month, following a board decision at the end of August that administration proceedings were now the best option for the struggling business, which was seemingly unable to deal with the long-term challenges created by the shutdown of live music during the COVID pandemic.
As the administration process got underway, Event Genius – which Festicket bought back in 2019 – told its clients that Lyte would be buying the company’s assets. And Lyte itself confirmed that acquisition yesterday, saying that it was buying the assets of both Festicket and Event Genius in a deal that will result in a “truly global e-commerce solution”.
It added: “For several years, both independently and since joining forces in 2019, Festicket and Event Genius worked with hundreds of festivals and events across the UK, EU, Australia and Latin America, and this acquisition enables Lyte to offer unique and beloved experiences to fans attending live events across the globe, while building upon our successful partnership integration model with ticketing platforms in the United States”.
Confirming the deal, Lyte founder and CEO Ant Taylor noted that he got the idea for his ticketing business while visiting the London Olympics in 2012.
“Ten years ago I visited London for the 2012 Olympic games”, he said. “The events were sold out, there were no tickets on the streets, but the venues were half-full. I was just a fan but that empty seats problem stuck with me and led me to start Lyte a couple years later”.
“To be launching Lyte’s international expansion from the place where it all started, is truly special”, he went on. “Our company vision is to make the live events e-commerce experience magical for fans and event creators, the world over … This is a step in that direction. Now the real work begins”.
Lyte’s Chief Commercial Officer Lawrence Peryer added: “With the assets we have acquired in this transaction – and all of the new team members in the UK, Europe and Australia who we welcome as part of it – we are bringing global opportunities to our existing employees and partners while extending an offer of access to our alternate universe to all promoters, ticket platforms and fans worldwide. The future of live events is here”.
The Lyte deal should mitigate the impact of the collapse of Festicket on some of the company’s employees and clients. Though that impact is still likely to be felt by some in the live music sector, with a number of promoters and venues expressing concerns about monies they are owned from tickets sold via the Festicket platform and its other ticketing site Ticket Arena.
Meanwhile, those ticket-buyers owed refunds from Festicket or Ticket Arena may well have to rely on their credit card companies to get their money back.
