Breaking up concert monopolies: Weeshing offers fans a piece of the action
Weeshing, a growing startup with roots in Chile, has set to changing the concert-landscape drastically. Their platform has put true fans back in charge of music events by allowing individual fans to invest in the upcoming concerts of their favourite artists, and even share in the profits of the gig.
With Radiohead’s announcement that they are headed for the first time to Colombia, The Rolling Stones’ heading to Belgium, and U2 finally performing in Mali, the recent announcements of concerts worldwide have brought up the question, how are concerts organized these days, and how do your favorite artists choose where to put on their next big show?
In general, concert events are determined by a multinational like Live Nation. They are big enough to pull intercontinental strings and organize who is playing where. They set the conditions and decide ticket prices, sometimes leaving dozens of passionate fans without a seat.
Another problem with current concert events is they are vulnerable to third party ticket monopolies like ticket tout scavenge sites. Through these sites and automated bots, all available tickets to popular shows often get scooped up within minutes of going on sale and sold back to real fans at inflated prices.
The outcry to combat these monopolies has been increasing, and Weeshing has recently come on the scene with an interesting solution. It was started in 2011 in Chile by a group of investors, passionate about music. After funding and producing events on the ground for three years, they decided to aim higher.
They evolved the idea in 2015 and launched online Crowdinvesting platform, which quickly gained momentum. The platform enabled investors, promoters, and artist to pull resources towards reaching the same objective: to enjoy and profit from exceptional gigs.
Through the platform fans and investors can finance the events of their choice. By lending concert promoters some of the funds needed to successfully produce a show. For their contribution, fans and investors of any size obtain a VIP status (front seats!) at the event. They get soundcheck invites, receive signed media and get meet-and-greets with the band. And, to top it all off, the fans get a potential return on investment. If the gig is successful, they share in the profits.
Weeshing’s business model represents a virtuous cycle, where all interested parties contribute to an increased likelihood of a sold-out show and higher Return On Investment.
By partnering with Weeshing, bands and their promoters enjoy low-risk capital from dedicated fans, who are incentivized to proactively market and promote the event.
So far, Weeshing holds an impressive track record in a range of countries across Latin America. It has helped more than 700,000 fans attend concerts they’d never had seen otherwise. Moreover, the company has raised over $8,000,000 USD from over 12,000 members to help finance the shows.
“We all know that true music fans prefer more intimate experiences with the artists they love, and artists naturally prefer to play to their superfans. Our platform makes this possible and gives fans the opportunity to actually profit from their passion,” concludes Scott McIntyre, Weeshing’s CEO.