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Paypal Holdings and Live Nation Entertainment Inc. announced on Monday, April 3, that they have signed an agreement that will make the American financial technology company the preferred payment partner of Ticketmaster.
PayPal and Live Nation Entertainment agreed to a multi-year strategic partnership that will make buying tickets easier for fans. People will now have more payment options when they buy tickets in about 21 countries.
As per RTT News, with the collaboration, ticket buyers can pay using PayPal, including its PayPal Pay Later option. They can also choose Venmo, the mobile payment service owned by the Palo Alto-headquartered fintech firm, to pay for tickets across Ticketmaster's platform.
Moreover, it was mentioned that PayPal Braintree would become the main payment processor of Ticketmaster, and this will give fans direct access to event add-ons such as products and parking for purchase. The deal between PayPal and Live Nation also includes a scaled-up global marketing program to push wider engagement in addition to fan loyalty via offers and experiences.
For instance, a limited number of ticket buyers will be given discounts and cashless credits when they buy tickets for Lollapalooza, Bottlerock, and Bonnaroo music festivals. This offer is being given so fans can make the most of the live events that they will be attending.
"PayPal's scale and ability to provide payments options in global markets comes from the company's experience over several decades and has resulted in a strong reputation among consumers as a trusted payment method2," PayPal’s executive vice president of global sales, Peggy Alford, said in a press release.
She added, "Our data shows that consumers are nearly three times more likely to finish buying a ticket to a live entertainment event when they see PayPal as a checkout option, demonstrating the value the PayPal brand brings to this partnership3.”
Ticketmaster’s president, Mark Yovich, also commented, "Our goal is to seamlessly connect artists and event organizers with fans wherever they are in the world, and PayPal helps us take that to the next level with a truly global-reaching payments solution.”
