US dollars money

British firm Festicket built a business around selling festival tickets and helping fans book accommodation and travel for them. However, that business has come crashing down in 2022, with the company recently going into administration after failed rescue attempts. Now its assets, as well as those of Event Genius, which it acquired in 2019, have been bought by ticketing tech firm Lyte.

“The acquisition represents significant immediate growth for Lyte, with a broad expansion of their services and team worldwide, and brings much-needed stability and solutions to the global promoter community,” said Lyte in its announcement. That’s a reference to the number of festivals who’ve been left in the lurch by Festicket’s recent troubles, with CMU recently reporting on those problems.

Lyte sees the acquisition as a springboard for its global expansion beyond the US. However, in the short term it will have some firefighting to do to make sure the promoter clients of Festicket and Event Genius are set back on their feet. Festicket’s problems followed the recent collapse of another events+travel firm operating in music: Pollen.

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