A new tech startup and potential disruptor in the live event ticketing industry is now calling St. Pete home. Relic is a block chain-based tech company set to take on giants like Ticketmaster by putting power back in the hands of the people actually attending and hosting the events.
At a year-end celebration for the St. Petersburg Economic Development Corporation yesterday, founder Hunter Abramson announced that the company is setting up its first headquarters right here in St. Pete, a result of the city’s inclusive community, embrace of technology companies, and growing economy. As for the company itself, the goal of Relic is fairly straightforward – eliminate fraud, counterfeit, and re-sale price gouging, for the benefit of both customers and event hosts alike.
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As the consumer is concerned, perhaps the most exciting thing is that Relic takes control of re-sales through its digital and NFT ticketing platform, meaning it can apply limits to how much people can charge when they re-sell tickets. For an example, take the recent Taylor Swift/Ticketmaster issues. On a hot ticket such as that, Relic can impose, say, a max markup of 10% of the original purchase price for any re-sold ticket. Could be higher, could be lower, and it can be decided based on individual events. But in doing so, Relic prevents bots or digital scalpers from getting tickets quick and then gouging actual Swift fans on the re-sale.
On the other side of this approach, Relic’s system benefits the event hosts, too (be it venue, musical artist, sports team – whoever is the one actually selling the tickets). By controlling the re-sale, Relic is able to send a percentage of every re-sold ticket back to the host. So by keeping prices down for customers, and encouraging good faith re-sales, Relic also boosts revenue for musicians, sports teams, and local venues.
Just imagine a Super Bowl with ticket prices in the hundreds. “Heart first, wallet second,” Abramson said of his concept at the EDC event.
Relic chose St. Pete over many of the country’s largest tech hubs
Relic has already formed partnerships across the country with music festivals, sports teams, musicians, big event venues, and plenty more. As they continue their drive into the ticketing space, Relic is set to become a huge disruptor at a time when the industry desperately needs it. And as they do so, it’ll be happening from here in St. Pete.
Previously, the company had been fully remote, with employees scattered across the country. But as they’ve grown, they realized the need for a physical headquarters and place to work together in person. The obvious places were discussed, from Silicon Valley or Los Angeles, to Miami or Austin.
And in fact, Austin, Texas was their original pick, until the St. Pete EDC called and told them about the Burg. Intrigued, Abramson looked deeper into what St. Pete had to offer. He started calling other tech companies who, making the same choice between Austin and St. Petersburg, chose the Sunshine City. As we now know, the answer became clear: St. Pete was the place for Relic to call home.
Abramson credited three pillars in particular for the decision: the collaborative nature of the city and its people and businesses, the overall quality of life his employees would be able to enjoy, and the type of inclusive community in which any Relic employee will be able to thrive regardless of culture, identity and background.
Learn more about relic at relictickets.com.
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