TodayTix, a six-year-old purveyor of tickets for Broadway shows and theater and other arts and culture events in several international cities, has gotten a $73 million equity investment led by Great Hill Partners.
The infusion of capital will enable the firm to continue growing and brings the amount of total capital raised since its last public financing round to $90 million.
Founded in 2013, TodayTix has sold about 4 million tickets to date, accounting for 8% of all Broadway tickets sold and 4% of London’s West End. The overall theater industry in the U.S., by the firm’s reckoning, is a $17.5 billion annual business. In all, TodayTix has worked with 1,300 partners and more than 900 productions, offering lotteries and rush tickets in a bid to appeal to younger users.
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The company plans to use the investment to fund internal modifications, including closing out secondary purchases of original investors. In the official announcement, it said it will focus more on outward-facing growth and utilizing the company’s proprietary data-driven audience feedback to offer new shows, arts and cultural experiences. It will make further commitments to personalization and discovery technology.
“By understanding the ways next-generation audiences purchase and experience shows, we can forever change the way people discover art in their cities,” TodayTix CEO Brian Fenty, who co-founded the company with Merritt Baer, said in a press release. “Our audiences, married with a community of visionary content creators, establish an unprecedented ecosystem of engagement between the two sides of live entertainment. While ticket sales are the bedrock of our relationships, these are only the beginning of our content and discovery ambitions.”
The Great Hill Partners investment was facilitated with guidance from Methuselah Advisors.
“TodayTix is rapidly changing the way millennials and other consumers connect with live cultural experiences,” Great Hill Partners managing partner Michael Kumin said. “We look forward to working with Brian, Merritt and their talented management team to expand the Company’s product and service offerings and accelerate its push into new geographies.”
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