Marty Pompadur Interview
Marty Pompadur, chairman of News Corp Europe joined Seatwave.com as non-executive director to its board in July 2008. Here, Marty tells us more about his role at Seatwave.com and the challenges the company faces…
1. What does your role at Seatwave involve?
As a non-executive director on the Board of Seatwave, I contribute to the strategy and development of the business in conjunction with the executive team. The role differs from an executive position in that I provide support, counsel and perspective to the Board, based on my industry and corporate experience.
2. What do you consider to be the most exciting challenge for Seatwave?
Seatwave is an entrepreneurial, fast-developing business that is creating the market in which it is developing. The team is vibrant, with international ambitions and have many similarities with the companies I have worked with in the past. The key dynamic is being one step ahead of the game and this team is consistently achieving that.
3. How much time do you spend with the Company as opposed to your other commitments?
As a non-executive director, I contribute on an ongoing basis, but particularly around key events surrounding the Company’s growth. Generally, 10-20% of my time is focused on Seatwave.
4. How do you see the secondary market developing over the next few years?
We are witnessing a major shift in the way consumers gain access to live entertainment and sport. Where once they had little opportunities to attend the hottest events, now they can. Where once they had no other options if they were unable to use tickets they purchased, now they can. Ticketing is moving from being a systems-led business that allowed producers to control a market to an open marketplace that provides fans a multitude of choices.
5. How much of an issue to the market does the economic downturn present?
In the current climate, it is more important than ever that people have peace of mind and market-sensitive prices when buying tickets. One goal of Seatwave is to offer consumers the broadest range of tickets at the best prices. In the theatre world, our recent partnership with Encore is an example of providing a greater choice for fans. The additional scale to Seatwave’s marketplace will help continue to drive down prices overall, ensuring that the theatre experience is more affordable for consumers in today’s uncertain economy. In fact, consumers can now buy tickets for great West End shows on Seatwave at prices near or below face value.
6. Do you expect to see increasing convergence with the primary market going forward?
A fair market – primary and secondary – will ensure that people have an opportunity to buy tickets at a price they are willing to pay. As we say in our manifesto and elsewhere on the site, one reason why Seatwave was established was that the company felt that ticketing agencies were treating consumers badly. That is where Seatwave has helped to lead the market, and developments over the last year (for example, Ticketmaster’s acquisition of Get Me In) have shown that the primary market is now chasing Seatwave.
7. How much level of concern is there at Seatwave about the DCMS/“Crown Jewels” issue?
Government intervention in the ticketing market has historically had horrible consequences for fans. If you look at the 1994 restrictions on the resale of football tickets, it’s been disastrous. The legislation was designed to eliminate hooliganism. Today, there are hundreds of websites illegally selling Premier League tickets at irrational prices. These businesses are incorporated offshore so consumers have no rights if they get ripped off and fans are able to purchase tickets to sit anywhere in the ground so there is no segregation. Hooliganism has been reduced because of the increase in prices from the clubs themselves over the past 14 years and the great work of the British police, it has nothing to do with the Act itself. Our view is that any legislation that would restrict the resale of tickets will ultimately harm consumers the most and we think that’s bad policy.
8. How are the international expansion plans and integration processes progressing?
The Seatwave business is growing rapidly in all the markets we operate. In fact, according to the third-party research firms Alexa and Hitwise, Seatwave is the market leader in each and every country we operate. The business is very well positioned to continue to expand this leadership position as the resale category grows over the coming months and years.
9. Have you been involved in the international expansion?
The international plans have been in place for some time, but I have been involved in helping management think about the particular dynamics of each market and connecting them with the industry leaders in media and entertainment.
10. Are you a Seatwave shareholder?
Yes. Being involved in a fast-growing, exciting business is a real opportunity and, as shareholders, we participate in the success of the business as well as demonstrating our commitment to moving it forward.
11. What changes would you make to the business moving forward?
My role is not to make fundamental changes to the business. There is an excellent management team in place that is driving the business to new levels in terms of its offering and its diversity. As a non-executive, I provide that team with advice, grounding, corporate balance in a fast moving world and a quasi-external check on developments for all stakeholders.
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