This 3-year-old startup has sold $100 million in Broadway tickets, and it's just getting started
If you stand outside just about any Broadway show in New York City, you'll see a few cheerful people in bright red "TodayTix" t-shirts handing out tickets to theatergoers as they walk inside.
For the past three years, TodayTix has sold tickets to Broadway and Off-Broadway shows through its mobile app. Rather than delivering the tickets digitally, the New York-based startup's concierges hand-deliver them to buyers outside of shows before they walk in.While TodayTix has yet to disclose any of its financials, CEO and cofounder Merritt Baer recently told Business Insider that the app has sold $100 million in tickets to date. And on Monday, TodayTix unveiled a complete redesign of its app and branding to help fuel its expansion in the U.S. and internationally.
"We had taken a lot of time as a company being a product, being a utility to buy tickets for Broadway shows," Baer said, noting that TodayTix "now wants to be a consumer brand around theater and arts culture."
Tapping into a $50 billion market
The new TodayTix app makes it easier to browse shows on and off Broadway in New York City as well as the 9 other cities the startup operates in. Shows can now be purchased up to 30 days in advance, and curated lists such as Broadway shows with Tony nominations are available to browse. The new TodayTix branding, which will be featured in a new ad campaign and on its iconic red concierge t-shirts, showcases Broadway actors from well-known shows like "Hamilton' and "Significant Other."
"Our look and feel felt like we were just trying to be a theater ticket app, and not actually trying to help people discover or get enthusiastic or be inspired by theater," Baer said.
With 60 employees, TodayTix has raised $16 million in VC funding to date. The startup isn't yet profitable, according to Baer, but he sees the app eventually becoming the Fandango of ticketing for the roughly $50 billion theater market."Some people don't see the scale of the opportunity," he said. "Wherever there's theater you want to see, we'll have it."