Meet CashorTrade's Brando Rich, the Man Who Will Change the Way You Buy Tickets
Have you ever tried seeing your favorite artist in concert but couldn’t because of pesky and annoying scalpers who only care about lining their own pockets?
Well, if you’re a fan of EDM favorite Bassnectar, or star-studded events like the Disc Jam Music Festival, you’re in for a real treat. CashorTrade is a movement of real people who are disrupting the secondary ticket market by trading tickets at face value for a fraction of the fees that are found on other platforms. With over 168,000 members from every state across the country, CashorTrade is changing the way people experience live music with its pending partnerships.
The numbers don’t lie, either: over $6MM was transacted on CashorTrade last year, with users gravitating towards jam-band acts like Dead & Company. Last month, CashorTrade announced they are practicing trader's protection, offering a 100% money back guarantee on all tickets purchased through their unique fan-based service. Previously, the company used PayPal for all transactions. Creating their own escrow service, CashorTrade added a new level of protection for all purchases. They are keeping their fees at under 10%, with each ticket going for its face value.
Music & Mojitos caught up with Brando Rich, one of the co-founders of CashorTrade. Rich, along with his brother Dusty, started off as Phish fans. The duo wanted to see the legendary performers at the Hampton Coliseum, but were unable to because tickets were being unfairly resold online for thousands of dollars. That's when the Rich brothers had the extraordinary vision to build their own community so other people wouldn't have to go through the hassle they did in order to see their favorite artists.
“I loved the whole scene of seeing great music and catching up with old friends. The love that I had for the band Phish played a role into the eventual development of CashorTrade. It was something I wanted to continue to be a part of,” Rich tells Music & Mojitos. “Phish went on hiatus, and when they returned in 2009, their tickets sold out immediately, and they were $2K a piece. That really shook us. We realized what changed is that everything is online. The average broker does this to put food on their table for their families.”
Armed with high-tech hacking programs called scalper bots, cunning brokers buy up all of the tickets before real fans had the opportunity to make a purchase. Rich realized that an urgent change was necessary in the industry. Both fans and artists were suffering because of the dirty politics of ticket reselling.
The exploration of the music industry was ruining what should have been amazing experiences for the performers, their loyal followers, and the venues hosting them. Fans didn’t have the chance to see their favorite artists because of outrageously high ticket prices, the venues would find themselves being half empty because nobody could afford to pay what the scalpers were harshly demanding, and ultimately the artists weren’t seeing any of those extra proceeds that brokers were making on their endless blood, sweat, and tears. The system was beyond broken, and Rich couldn’t stand for it any longer.
“Fans would lose out. What started off as a super loving and exciting experience for them would be tarnished from the get-go. They were stuck paying exorbitant prices,” says Rich.
CashorTrade started off as a simple hobby for years. When the community grew to over 100,000 users, Rich knew he was on to something bigger than just a passive interest he would work on during his spare time. The Rich brothers restructured the company and hired a developer. Rebuilding the entire platform last summer, CashorTrade’s biggest accomplishment is hosting a community who’s honest with each other. 99.58% of transactions on the service happen without a single question being directed to their support department. With integrity playing a central component in CashorTrade’s growing success, the sky is the limit for the ticket-buying disruptor.
“It’s always been a dream to partner with artists and festivals to help close the gap and help their customer base avoid the sketchiness of scammers.” Rich states. “We are providing a safe space for fans to come together.”
Growing at a rate of 3,000 new users every month, Rich is building a loyal army that is benefiting the music industry at large.
“My brother and I built this platform, helping maintain it. CashorTrade has become a social network. It’s about fan participation,” Rich reveals to Music & Mojitos. “It would not be what it is without the fans being so involved and active on it. We are honored to be a part of it. Together, we are the change that this industry so badly needs.”
You can learn more about CashorTrade here.
Banner Photo by Matthew Thorsen.