SeatGeek aims to challenge StubHub and other secondary ticket brokers by offering something more. SeatGeek helps determine whether the price of a ticket has hit its possible lowest price by monitoring other secondary party websites and accounts for previous conditions such as the weather, who was pitching (baseball), and if the game was on a weekend.
Consumers can be notified when the price drops substantially so they can swoop in and make a buy. Sellers can use the service to determine when a good time to sell the device would be. SeatGeek would keep 7-10% of all ticket sales. SeatGeek is even working on a “ticket insurance” service that compensates users would do not receive accurate forecasts. The size of the secondary ticket market is about $15 billion per year.
SeatGeek has about $20,000 in funding from DreamIt Ventures. The founders of the company are Russ D’Souza, and Jack Groetzinger.