Founded in May 2011, PeaTiX is a self-service event and ticketing platform, which allows event organizers to create, sell and manage events of various sizes and categories. If there’s an EventBrite in US, you have PeaTiX in Japan. To date, PeaTiX has served over 10,000 sporting events, concerts, trade shows, conferences, meetups and many more.
Traction and revenue model
So how does PeaTiX generate revenue? It charges a ticketing fee of 2.5 percent + US$0.99 per ticket order in the US and a 2.9 percent + S$0.99 (US$0.78) per ticket order in Singapore. This is similar to EventBrite, which charges 2.5 percent + US$0.99 per ticket. When asked why there is a difference in the percentage fee in Singapore, Emi Takemura, co-founder and PeaTiX head of Asia shared that they are still experimenting with the pricing model and will tweak accordingly. PeaTiX also charges a 2.9 percent rate for all ticket fees in Japan and it seems to work out well, so far.
On thing to note on the pricing model though. With EventBrite, if you are transacting using credit card or PayPal (default option), the organizer is charged 2.5 percent + US$0.99 + a 3 percent credit card fee. For PeaTiX, the ticket price is all inclusive. That means there are no credit card fees.
Other than the pricing difference, PeaTiX also claims to build their service with “mobile first” philosophy and focuses on simple user interface. As a result, over 60 percent of event attendees on PeaTiX buy tickets through their mobile devices, which is quite appropriate in the startup’s home market of Japan.
Some of the more notable events that were hosted through PeaTiX include TechCrunch Tokyo 2011, as well as Unreasonable at Sea (Ted X). e27 hosted our monthly Founders Drinks with PeaTiX in August 2012, too, when the team visited Singapore. Fast forward to almost one year later today, PeaTiX has now launched its service in the US and Singapore.
The US$3 million funding is led by Fidelity Growth Partners Japan. Also participating in the round are 500 Startups, Digital Garage, Draper Nexus Ventures, Itochu Technology Ventures, SunBridge Global Ventures and ZenShin Capital. This investment will fuel its international expansion efforts in the US and Southeast Asian markets, especially to hire talent across Japan, the US and in Asia.
Prior to this, PeaTiX has managed to raised a total of US$1.62 million in pre-series A funding from backers such as 500 Startups, DG Incubation and Itochu Technology Ventures, among others.
Pricing innovation among tickets platform
Setting up an office in Singapore effectively lets PeaTiX compete against other ticketing platform such as FlickEvents, EventNook and zeguestlist. Singapore-based FlickEvents has been around since 2009, although we have not heard much from the team recently. The ticketing platform charges a 2.5 percent + S$1.50 (US$1.19) per attendee. This is slightly more expensive that other ticketing platforms.
EventNook on the other hand, was founded in 2011, and was part of the Singapore Founders Institute. It charges the normal 2.5 percent + S$0.30 (US$0.24) + 2.9 percent credit card fee + S$0.30 credit card transaction charge. Zeguestlist takes a different pricing approach: they use a “volume discount based pay-as-you-go model,” charging a small fee per functionality used. For Zeguestlist, there is a fee per invitation, registration, per check-in and so on, and the more you use the system the lower these fees become. Basically, customers pay for what they use. On top of this, there is also a small setup fee and small account maintenance fee per year for recurring customers.
Other than the pricing differentiation, PeaTiX has a strong mobile focus.
“Freeing ourselves from the mindset of squeezing profits out of ticketing has been our best move,” said Taku Harada, Co-founder and CEO of PeaTiX.”We believe there are effective ways to generate profits by connecting events and constituencies through our mobile app.”
With multiple events ticketing platform in Singapore, we are starting to see some fragmentation in this industry. For event organizers, the platform that provides the best analytics tool to help them make sense of the attendees background would definitely be more appealing. From an event attendee’s perspective, I would be drawn to an events platform that is easy to use and which can recommend similar events based on the past events I have attended. Both these will suggest that events platforms have a high stickiness once you have a satisfied user.
We are definitely going to see more active customer acquisition from all these ticketing platforms in Singapore, and PeaTiX seems to have had a good start already with a strong backing from Fidelity Growth Partners.
More stories on ticketing platforms:
- EventNook makes self-service event registration simple and easy
- Zeguestlist is a cloud-based cross-platform mobile guestlist and event management solution
- PeaTiX at August Founders Drinks – How Japan’s Eventbrite raised US$1.62M and what’s hot in SEA
- [echelon 2010 Launchpad] FlickEvents Makes Event Management a Snap