Taylor Swift is breaking records with her high ticket prices this year. Despite having 52+ tour locations at some of the biggest stadiums in the world, prices for a single ticket will cost concert-goers an average of $500 resale compared to the original $245 price. This price surge is not typical, so why is this happening? Ticket resellers have dominated ticketing websites and utilize the popularity of Taylor Swift, and other performers, to take advantage of fans on the resale market. According to Smart Pricer, ticket resellers charge excited concert-goers an average of 158% of the original ticket sale price.
Fangarde's Innovative Approach: Reclaiming Control of the Secondary Ticket Market
To address the continuous increase in ticket resale prices, David Banda and John Hau started Fangarde, a new ticketing software focused on providing control of the secondary ticket market, where re-sellers sell their ticket. The start-up emerged from the Leeds School of Business at the University of Colorado Boulder’s New Venture Launch Class run by Faculty Director Brad Werner. The class aims to push start-ups to the next level and grow their company. New Venture Launch teaches students to pitch their company, scale it and get funding. Founder David Banda says that his experience with the class was extremely useful in taking Fanguard to the next level. With Fangarde, venues can set a cap for how much a ticket can be re-sold for. This is a win-win for both concertgoers and venues because it not only drives the re-sale price down of a ticket but also allows venues to use data-driven software to maximize control and regulate the ticketing marketplace.
Empowering First-Generation Dreams: David Banda's Inspirational Journey
David was born in Colorado to Mexican immigrants and is no stranger to what it takes to work hard for the goals he wants to accomplish. He takes inspiration from his dad, who grew up in a small village where he was selling gum on the streets and shining shoes to make money at six years old. He had dreams of doing something big in life and moving to the United States. When he was 18 he moved out of Mexico to America where he eventually met David’s mom. Together they had 6 children and sacrificed everything they had to give their kids the best education possible. Now, David and all of his siblings have successfully graduated from CU Boulder as first-generation students, and draw inspiration from the hardships that their family ensued. David gives his all to anything he sets his mind to, and Fangarde is no exception.
Three Pillars of Success: David Banda's Ideologies for Achieving the American Dream
David shares that because of his dad’s struggles, he has three messages that push him towards his version of the “American Dream” and success in his life. They include:
“First is the knowledge of what's possible. So that's being surrounded by the right people, and having those people who show you what's possible.
Second, strong belief in yourself. You need to have people building you up and telling you what's possible. You, yourself can accomplish those things.
The third is just you just have to grind incessantly forever.”
David relates these three ideologies to entrepreneurship and says that mentors can help you towards this belief. One of his mentors, David Brown, is one of the main people pushing him to see what’s possible for him in terms of entrepreneurship as well as his co-founder. FanGarde wouldn’t be possible if he didn’t have these ideologies.
Joining the Journey: Getting Involved with FanGarde's Entrepreneurial Pursuit
Currently, Fangarde is connecting with venues and working to become part of their future ticketing. They are always on the lookout for people who want to be a part of their journey. To keep up to date with what they are doing weekly, you can sign up for their newsletter where they share more information and insight on what it’s like being an entrepreneur.
No one should have to pay 158% of the ticket price to see their favorite artist. David says that
“Being a fan is ultimately connecting to art. Right? It's about something beautiful that you enjoy. It is the connection to their art, that beauty that an artist created.”
Connecting with this art is extremely important, and Fangarde is the solution to fix the current broken system of ticketing. With perseverance, the knowledge of what’s possible, and a strong belief in himself and those around him, David hopes to make major changes to this industry.