| I agree that they most likely co-mingled funds, something that goes unnoticed until you hit a crisis (e.g., a pandemic). I don't agree that their model is hard to understand. Considering what a bare bones online ticketing service has to do, a 2-3% net on the value of the tickets processed is enough to get rich on (assuming you have enough volume which they did). Please note that return on sales is a meaningless metric as they don't have a dime invested in those sales. They are not providing the level of service and support that, say, Jordan Roth is looking for, but for their market, this no-cost-to-poor-seller/low-cost-to-possibly-poor-buyer model is a viable one. |
