The Chainsmokers, alongside their manager Adam Alpert, (also CEO at Disruptor Records) are backing a new ticketing platform called YellowHeart, founded by music executive Josh Katz.
The YellowHeart platform is fully decentralized and runs on a public blockchain – which enables artists and teams to identify, market and sell directly to their fans.
The platform is set to launch in 2020.
Artists can define a set of rules to govern how their tickets are sold, traded and who shares in the profits.
Using YellowHeart, artists can also set maximum resale prices, ensure tickets are distributed to ‘genuine fans’ and elect to earn a share of tickets resold in YellowHeart’s secondary marketplace.
“Blockchain offers us the unique ability to track the entire ticketing lifecycle, which means the tickets end up in the hands of the fans, and no one else.”
Josh Katz, YellowHeart
“The plague of the scalping industry is something I’ve talked to artists and friends about for years, and with the unprecedented growth of this underground system, we knew it was time to find a real solution,” said Josh Katz, YellowHeart Founder and CEO.
“While technology and secondary ticketing sites are to blame for the growth of scalpers, we believe that technology is also our solution.
“Blockchain offers us the unique ability to track the entire ticketing lifecycle, which means the tickets end up in the hands of the fans, and no one else.”
Adam Alpert, CEO at Disruptor Records and The Chainsmokers’ manager said: “With The Chainsmokers, we’ve been outspoken about the issue of scalpers for years, and are excited to partner with YellowHeart to provide a smart and effective solution that gives control back to artists and fans.
“As we continue to build this platform, we are focused on the issues that matter to us and our peers across genres.”
Adam Alpert, Disruptor Records
“As we continue to build this platform, we are focused on the issues that matter to us and our peers across genres.
“As you would expect, we’ve received incredible support from others in the industry who plan on joining our mission over the coming year.”Music Business Worldwide