LOS ANGELES (Hypebot) – Peer-to-peer ticketer The Physical Network has acquired competitor We Represent and renamed the combined company StreetTeam, in a deal valued at $3.5 million. The new company counts more than a hundred festivals in 14 countries like Bestival, Electric Daisy Carnival, Reading and Bonarroo as clients.
StreetTeam enlisted social influencers or "ambassadors," who get rewards in exchange for selling tickets. "The number-one reason someone attends a festival is because their friends are going," CEO Callum Negus-Fancey told Billboard. "So it's all about trying to find those ring leaders and have them bring their mates."
The combined company has offices in London, Poland and Los Angeles and is in the process of raising Series A funding. UK based StreetTeam says that 50% of its revenue comes from the US.