When it comes to the ticket selling industry, there are many outlets to purchase tickets for the hottest sports events, concerts and other entertainment. However, when buying from ticket vendors like Ticketmaster, there's no choice but to pay the set attendance price if you want to attend and scalpers might literally clear out your child's college fund. Zigabid, a new online startup lets ticket buyers and ticket sellers negotiate based on supply and demand, to get the best ticket prices and make their own entrepreneurial profit.
The Zigabid process is relatively simple - buyers list their tickets; but unlike EBay, they don't have to provide a selling price; instead buyers and sellers engage in negotiation to haggle their way to the best price! Buyers interested in purchasing tickets can use the negotiation tool on Zigabid to set their price, which then gives sellers the option to counteroffer or reject the cost suggested for the tickets. Naturally, for the less popular events where multiple buyers just don't seem interested in paying the sellers costs for the tickets, tickets might actually be purchased for a far lesser value than that initially suggested. For extremely popular tickets to events, the costs can soar substantially higher than where they started.
Of course, in order to get their own piece of the ticket pie, Zigabid does take a commission from buyers and sellers - a charge over and above that negotiated at 15% from the sellers and 10% from the buyers. However, it's hard to gauge their success these days; after their inception in 2008, press was a plenty and business seemed to be booming; however, today even the most popular events don't seem to have any activity going on.
Zigabid seems like a great business idea, is it an affect of the recession that is causing people to steer clear from the service for fear of never turning a profit with decreased demand; or is it just a little fish in a big sea of competition?