TodayTix has become synonymous with Broadway and for good reason. This six-year-old NYC startup is responsible for selling 8% of all Broadway tickets. The design and data-centric platform is being used to discover and purchase discounted tickets for the hottest shows in major cities that include London, Los Angeles, and Sydney. Already used by 5 million people in 15 markets, the platform is constantly getting smarter by analyzing user behavior to bring relevant theater and live entertainment content to the masses.
AlleyWatch chatted with founder and CEO Brian Fenty to learn how TodayTix is streamlining the process of purchasing theater tickets, how the company is leveraging data to deliver a better experience for its users, and the company’s recent funding round.
Who were your investors and how much did you raise?
TodayTix announced a $73M growth equity investment led by Great Hill Partners, a leading growth-oriented private equity firm.
Tell us about the product or service that TodayTix offers.
TodayTix is the premier digital gateway to shows, arts, and cultural experiences. Through its mobile-first, design-focused ticketing platform, TodayTix is the place for audiences to discover, explore and engage with the best entertainment their city has to offer.
What inspired you to start TodayTix?
My cofounder, Merritt Baer, and I met at theater camp at 12 years old, and that’s truly where this idea began. After high school, we went on to follow different career paths, but we were always theater fans and determined to make a dent in the archaic day-to-day.
In 2013, there was no mobile-first platform to buy Broadway tickets and getting young people and new audiences to Broadway was not a priority for the incumbent players. We knew that had to change, and TodayTix was born. Now, we sell 8% of Broadway tickets and 4% of West End tickets – and have expanded beyond theater into comedy, opera, dance, and immersive experiences in 15 markets around the world.
How is TodayTix different?
TodayTix sets itself apart in the industry because we are a transaction-first platform. We pay attention to how our 5 million users purchase tickets – where they are seeing shows, when they purchase a ticket, what kind of photos and video they engage with – and can cater to their interests based on this data.
Our users also use TodayTix to discover and explore offerings. More than 70% of TodayTix users view five or more shows during their time on the platform. So unlike other ticketing platforms, our users are not single-intent buyers. They explore. They learn. They make informed choices, and our job is to be a helpful guide.
Oh, and did we mention best prices, best seats and 30 seconds or less.
How are you using data in the business?
Data informs everything we do. TodayTix operates an ecosystem for engagement among consumers and partners – on Broadway and beyond – powered by the company’s technology, the trove of data, dedicated customer base, and expanding media services. We know exactly what our customers want and respond to and use that information to help both audiences and our partners. The smarter we are, the more organic the experience is for our users.
Data informs everything we do. TodayTix operates an ecosystem for engagement among consumers and partners – on Broadway and beyond – powered by the company’s technology, the trove of data, dedicated customer base, and expanding media services. We know exactly what our customers want and respond to and use that information to help both audiences and our partners. The smarter we are, the more organic the experience is for our users.
What market does TodayTix target and how big is it?
Since its 2013 launch, TodayTix has successfully ushered in a new, mobile-first, design-focused ticketing platform and next-generation customer demographic to the $17+ billion theater industry, where it now accounts for 8% of all Broadway tickets sold annually.
What’s your business model?
At the end of the day, our business is fairly simple. We work with producers to display the best available inventory at all price points for thousands of shows across the globe. You can sort by price, genre, or other dimensions. Then, in 30 seconds or less, you’ve made your purchase in a secure fashion and can pick up your tickets at the theater or through the app. In New York, we even have a concierge service that hand delivers tickets outside Broadway theaters.
What was the funding process like?
As TodayTix grows, we have had many investors, buyers and partners come to us with interest in helping the company expand even further. We viewed Great Hill Partners as an ideal partner to support our future growth.
What are the biggest challenges that you faced while raising capital?
Time! The hardest part is managing a growing business and ensuring that you have one hand on the wheel of the business, and another hand on the wheel of the finances. Mastering that isn’t easy, and while I’m pleased with this outcome, I’m so excited to get back to the day-to-day of running the business.
What factors about your business led your investors to write the check?
TodayTix has carved out a niche in performing arts ticketing and cultivated more than 1,300 partnerships within the arts community, while winning over consumers with a buying experience that’s convenient and easy to use. We are able to captivate both the consumer and content creators for a dual-sided benefit, which drives incremental growth and new demand for shows.
What are the milestones you plan to achieve in the next six months?
To continue attracting new audiences and introducing them to new and existing partners to bring the experience of shows to the masses. Customers need a place to discover, explore and engage with relevant shows and experiences and find the best deals on tickets, and our partners need access to data, tools, and insight to elevate the impact of each production and deepen relationships with customers. We want to be the media company that facilitates the information and connections by utilizing our proprietary data-driven audience feedback to offer new shows, arts, and cultural experiences and double down on expanding its technologies in discovery and personalization for both consumers and partners.
We want to be the media company that facilitates the information and connections by utilizing our proprietary data-driven audience feedback to offer new shows, arts, and cultural experiences and double down on expanding its technologies in discovery and personalization for both consumers and partners.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
Stay focused on running a great business. At the end of the day, that’s where the capital goes. We’ve been really lucky, but our team works tirelessly to ensure that the train not only stays on the tracks but also increases its speed. Then, when you feel good about where your businesses, and have a real need for capital, start early and raise capital when you least expect it.
Where do you see the company going now over the near term?
We have a lot of big plans for growth. At the forefront, we strive to add more of the hardest-working, passionate, creative individuals to our team.
Additionally, we want to build an even more user-friendly platform for both consumers and content creators – like implementing geographically agnostic technology and offering more payment options- and continue to grow our original programming arm, TodayTix Presents, to amplify partner talent and shows in all markets
What’s your favorite restaurant in the city?
I used to be a foodie, but now my wife and I opt for cozy meals in with our Bernedoodle, Mercer! When we do go out, we love sitting outside Via Carota and watching the city stroll by.
